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<br />Section 6. Improvement warrants, short-term promissory notes and other evidence of <br /> <br />indebtedness authorized by Chapter 902, 1991 Oregon Session Laws, issued to finance the <br /> <br />construction of the Improvements shall be indebtedness for them. When improvement warrants are <br /> <br />issued they may be general obligation warrants or limited general obligation warrants or other <br /> <br />similar instrument. Such indebtedness shall bear interest at a rate set by Council resolution <br /> <br />authorizing the debt. The interest shall be paid upon redemption. <br /> <br />Section 7. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens <br /> <br />based on the Improvements and from other budgeted funds including ad valorem taxes, if levied, to <br /> <br />pay the debt shall be deposited in the Short Term Debt Fund until the indebtedness issued to finance <br /> <br />the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness <br /> <br />issued to finance the Improvements. <br /> <br />Section 8. The Mayor, City Manager, and Finance Officer may sign the evidence of <br /> <br />indebtedness herein authorized by facsimile signature with a check signing machine. The Finance <br /> <br />Officer shall cause the seal of the City to be printed on the evidence of indebtedness when required <br /> <br />by law or by the purchaser. <br />The foregoing Resolution adopted the/~~~,t?%.6&t , 199~ <br />If -- t?- I' ~ <br /> <br />City Recorder <br /> <br />Resolution - 3 <br />