Resolution No. 4704 - Laserfiche WebLink

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[insert terms] (2) To prepay any principal component of the Bond Payments the City must notify the Program Trustee in writing not less than 50 days prior to the prepayment date, and must deposit with the Program Trustee an amount sufficient to pay all Bond principal which is to be prepay, plus accrued interest to the prepayment date, not less than 45 days before the prepayment date. The accrued interest payment shall be credited against the Security Payment due on that date. The Program Trustee may treat any amounts which are credited to a defeasance escrow and held by the Program Trustee to prepay Bond Payments as being deposited with the Program Trustee when the Bond Payments are defeased in accordance with Section 8(1 )(A)(ii) of this Bond Declaration. Section 5. Covenants. The City hereby covenants and agrees with the Owner of the Bond as follows: (1) The City shall promptly cause Security Payments and the principal, premium, if any, and interest on the Bond to be paid as they become due in accordance with the provisions of this Bond Declaration and the Bond. (2) The City covenants for the benefit of the Program Trustee to pay the Additional Charges reasonably allocated to it by the Program Trustee, in accordance with the invoices for such Additional Charges which are provided by the Program Trustee pursuant to the Program Trust Agreement. (3) To the extent permitted by law, the City covenants and agrees to indemnify and save the Program Trustee harmless against any loss, expense or liability which is reasonably allocable to the City and which the Program Trustee may incur arising out of or in the. exercise or performance of its duties and powers under the Program Trust Agreement relating to the Bond, including the costs and expenses of defending against any claim or liability, or enforcing any of the rights or remedies granted to it under the terms of the Program Trust Agreement in connection with the Bond, excluding any losses or expenses which are due to the Trustee's breach of fiduciary duties, negligence or willful misconduct. The obligations of the City under this Section 5(3) shall survive the resignation or removal of the Program Trustee under the Program Trust Agreement and the payment of the Program Obligations and discharge under the Program Trust Agreement. The damages claimed against the City shall not exceed the damages which may be allowed under the Oregon Tort Claims Act, Oregon Revised Statutes Section 30.260, et seq., unless the provisions and limitations of such act are preempted by federal law, including, but not limited to the federal securities laws. [Barbara's deletion of the last clause is restored.] Section 6. Amendment of Bond Declaration. The City may amend this Bond Declaration only with the consent of the Program Trustee. Exhibit A, Page 4