Resolution No. 4594 - Laserfiche WebLink

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1.5 enter into an agreement to provide continuing financial disclosure for the benefit of the owners of the Bonds in accordance with the applicable rules of the United States Securities and Exchange Commission; 1.6 prepare, execute and deliver any other documents and take any action, including the appointment of a paying agent, which is reasonably required to issue, sell and deliver the Bonds in accordance with this Resolution. Section 2. Security. The City has assessed benefited properties for the costs of local improvements, and has received applications to pay assessments in installments. The Bonds shall be issued in an amount not greater than the unpaid balance of all such applications, plus reserves and costs of issuing the Bonds. Each assessment is exempt from the limitation provided in Section 11 b, Article XI of the Oregon Constitution, because each assessment constitutes an assessment for a "local improvement" within the meaning of Section 11 b(2)( d), Article XI of the Oregon Constitution. All installment assessment payments, delinquent payments and foreclosure proceeds shall be placed in the Series 1999-S Account of the Special Assessment Debt Service Fund and applied to the payment of principal and interest on the Bonds. In addition, the full faith and credit of the City are pledged to the successive owners of each of the Bonds for the punctual payment of such obligations, when due. The Bonds shall be limited tax bonds of the City, and, to the extent that the assessment payments (and any available general funds the City may elect to provide) are not sufficient to pay the Bonds, the City shall, if and to the extent permitted by Section 11, Article XI of the Oregon Constitution (as it exists on the date of this resolution), levy a tax on all taxable property within its boundaries as authorized by ORS 223.235(4). Section 3. Bond Book-Entry Only Form. The Bonds shall be initially issued in book-entry only form, with no physical Bonds being made available to Bondowners, in accordance with the Blanket Letter of Representations between the City and The Depository Trust Company, New York, New York ("DTC") for the Bonds, in form and substance satisfactory to DTC. Section 4. Notice of Redemption of Bonds. 4.1. Notice of Redemption (DTC). So long as the Bonds are in book-entry only form, the Paying Agent shall notify DTC of any early redemption not less than 30 days prior to the date fixed for redemption, and shall provide such information in connection therewith as required by a letter of representations submitted to DTC in connection with the issuance of the Bonds. 4.2. Notice of Redemption (No DTC). During any period in which the Bonds are not in book-entry only form, unless waived by any Owner of the Bonds to be redeemed, official notice of any redemption of Bonds shall be given by the Paying Agent on behalf of the City by mailing a copy of an official redemption notice by first class mail postage prepaid at least 30 days and not more than 60 days prior to the date fixed for redemption to the Owner of the Bond or Bonds to be redeemed at the address shown on the bond register or at such other Page 2 - Resolution