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<br />Date <br /> <br />Principal <br />Amount <br /> <br />Interest Rate <br /> <br />Date <br /> <br />Principal <br />Amount <br /> <br />Interest Rate <br /> <br />(2) The issuance of the Pool Bonds and the City's participation in the Program shall not <br />obligate the City to pay any portion of another government's pension bonds or liabilities <br />to OPERS or allow any proceeds of the Pool Bonds or any payment made by the City <br />with respect thereto to be diverted to any purpose other than to satisfy the City's <br />obligation to make payment of principal, interest and premium, if any, due under the Pool <br />Bonds plus the City's proportionate share of the reasonable costs of administration of the <br />Program. <br /> <br />(3) Bond proceeds shall be used to pay the City's unfunded pension liability to OPERS and <br />to pay costs of issuing and selling the Bond, including any costs of the Program Trustee. <br /> <br />(4) The Bond shall be a "federally taxable bond" which bears interest that is not excludable <br />from gross income under Section 103(a) of the Internal Revenue Code of 1986, as <br />amended. Interest will, however, be exempt from Oregon personal income taxation. <br /> <br />Section 3. Security for Bond. <br /> <br />(1) The City hereby pledges its full faith and credit and taxing power within the limitations of <br />Sections 11 and 11 b of Article XI of the Oregon Constitution to pay the Bond, and all <br />Bond Payments and Security Payments due thereunder. The Bond shall be a limited tax <br />bond of the City as defined in ORS 288.150, and the City shall pay the Bond from its <br />Available General Funds. The City is not authorized to levy additional taxes to pay the <br />Bond. <br /> <br />(2) In addition, the City shall make the Security Payments as required by the Bond. <br /> <br />(3) This Bond Declaration shall constitute a contract with the Trustee, and the owners of the <br />Program Obligations shall be third-party beneficiaries of this contract. <br /> <br />Section 4. Prepayment. <br /> <br />(1) The principal components of the Bond Payments due after _ shall be subject to <br />prepayment on and on any date thereafter, in any order or maturity and by lot <br />within a maturity, at the following prices: <br /> <br />Redemption Dates Redemption Price <br /> <br />Exhibit A, Page 3 <br />