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<br />(6) Negotiate, execute and deliver one or more indentures of trust among the signatories of <br />the Program IGA and the Program Trustee that authorizes the Program Trustee to issue <br />the Program Obligations and that sets forth the terms and conditions for their payment <br />and for the investment, administration and disbursement of the various funds and <br />accounts established thereunder and the various bond payments made by the <br />governmental units participating in the Program. <br /> <br />(7) Negotiate the terms of, and enter into a bond purchase agreement with Seattle-Northwest <br />Securities Corporation which provides for the acquisition of the Pool Bonds by the <br />Program Trustee. <br /> <br />(8) Solicit competitive proposal for the purchase of the Pension Bonds and award their sale to <br />the proposer offering the most favorable terms to the City, or select one or more <br />underwriters, negotiate the terms of the sale of the Pension Bonds, and sell the Pension <br />Bonds to those underwriters. <br /> <br />(9) Execute and deliver any other agreements or documents which may be required for <br />participation in the Program <br /> <br />(10) Undertake to provide continuing disclosure for each series of Bonds in accordance with <br />Rule 15c2-12 of the United States Securities and Exchange Commission. <br /> <br />(11) Apply for ratings each series of Bonds or the Program Obligations and purchase <br />municipal bond insurance or other obtain other forms of credit enhancements for the <br />Bonds or the Program Obligations, enter into agreements with the providers of credit <br />enhancement, and execute and deliver related documents. <br /> <br />(12) Execute and deliver each series of Bonds their purchaser. <br /> <br />(13) Transfer the net proceeds of the Bonds to OPERS. <br /> <br />(14) Execute and deliver any agreements or certificates and take any other action in connection <br />with each series of Bonds which the City Official finds is desirable to permit the sale and <br />issuance of that series of Bonds and any Program Obligations in accordance with this <br />Resolution. <br /> <br />Section 7. Security for Bonds. <br /> <br />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 Bonds. The Bonds shall <br />be limited tax bonds of the City as defined in ORS 288.150, and the City shall pay the Bonds <br />from its Available General Funds. The City is not authorized to levy additional taxes to pay the <br />Bonds <br /> <br />Resolution, Page 4 of 5 <br />