Resolution No. 4713 - Laserfiche WebLink

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(5) Undertake to provide continuing disclosure for each series of Bonds in accordance with Rule 15c2-12 of the United States Securities and Exchange Commission. (6) Apply for ratings on each series of Bonds, determine whether to purchase municipal bond insurance or obtain other forms of credit enhancements for the Bonds, enter into agreements with the providers of credit enhancement, and execute and deliver related documents. (7) Execute and deliver each series of Bonds to their purchaser. (8) Execute and deliver any agreements or certificates and take any other action in connection with each series of Bonds which the City Official finds is desirable to permit the sale and issuance of that series of Bonds in accordance with this Resolution. Section 3. Security for Bonds. The Bonds shall be general obligations of the City. The City hereby pledges its full faith and credit to pay the Bonds, and the City covenants for the benefit of the Bondowners that the City shall levy annually, as provided by law, in addition to its other ad valorem property taxes and outside the limitations of Sections 11 and 11 b of Article XI of the Oregon Constitution, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after considering discounts taken and delinquencies that may occur in the payment of such taxes, to pay the Bonds promptly as they mature. Section 4. Form and Execution. Each Bond shall be in substantially the form attached as Exhibit A of this resolution, with such changes as may be approved by the City Official. The Bonds shall be executed on behalf of the City with the facsimile or manual signatures of the City Official. Section 5. Reimbursement. The regulations issued under Section 150 of the United States Internal Revenue Code of 1986, as amended, requires that an issuer of tax-exempt obligations declare its intention to use proceeds of tax-exempt obligations to reimburse expenditures. The City Council hereby declares its intention to use Bond proceeds (or the proceeds of any interim financing) to reimburse the City for costs of the fire facilities which are eligible for financing with the Bonds. The City Council hereby delegates to the City Official the authority to make future reimbursement declarations under Section 150 of the Internal Revenue Code and any successor prOVISIon.