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<br />2.2 All borrowings which are made for costs of Projects shall be due not later than <br />one year after the estimated completion date of those Projects; <br />2.3 All borrowings to refinance interim financing for Projects shall be due as soon <br />as the Manager deems practicable, but not later than eighteen months after the refinancing. <br /> <br />Section 3. Security. Interim financing authorized by this Resolution may be secured by a <br />pledge of: <br />3.1 The assessment payments for Projects and any amounts the City receives from <br />foreclosing assessment liens; <br />3.2 The proceeds of any bonds or other permanent financing for the Projects; and, <br />the City's full faith and credit and taxing power within the limitations of Article XI, Sections <br />11 and 11 b of the Oregon Constitution. <br /> <br />Section 4. Delegation. The City Manager or the person designated in writing by the City <br />Manager to act under this Resolution (the "City Official") may, on behalf of the City and without <br />further action by the Council: <br />4.1 Circulate requests for proposals to potential providers of interim financing and <br />select one or more providers; <br />4.2 Negotiate all terms of, and execute and deliver one or more series of notes, <br />loan agreements, credit agreements, or lines of credit, subject only to the limitations in <br />Section 2, above, and in the Act; <br />4.3 Pledge the assessment payments for Projects, the proceeds of any bonds or <br />other permanent financing for the Projects, and the City's full faith and credit and taxing <br />power to secure interim financing authorized by this Resolution; <br />4.4 Renew, extend or replace any interim financing obtained under the authority <br />of this Resolution; <br />4.5 Finance Projects and refinance interim financing for Projects; and, <br />4.6 Execute any documents and take any acts which the City Official reasonably <br />determines are desirable to obtain and maintain interim financing for Projects in accordance <br />with this Resolution and the Act. <br /> <br />The foregoing Resolution adopted this 13th day of September, 1999. <br /> <br />!r - #1t7 <br /> <br />City Re{order <br /> <br />Resolution - 2 <br />