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<br />The City may defease the Bonds by setting aside, with a duly appointed escrow <br />agent, in a special escrow account irrevocably pledged to the payment of the Bonds to be <br />defeased, cash or direct obligations of the United States in an amount which, in the opinion of a <br />certified public accountant satisfactory to the escrow agent, without reinvestment, is at least equal <br />to the principal amount of the Bonds to be defeased, plus interest which will accrue thereon until <br />maturity or any earlier date for which the issuer has given irrevocable instructions for redemption. <br />Such Bonds shall be paid hereunder, and shall cease to be entitled to any lien, benefit or security <br />under this Bond Resolution except the right to receive payment from such special escrow <br />account; such Bonds shall not for any purpose of this Bond Resolution be deemed outstanding. <br /> <br />Section 9. Bank Designation. <br /> <br />The City does not designate the Bonds as "qualified tax-exempt obligations" <br />pursuant to Section 265(b)(3) of the Code. The City (and all subordinate entities thereof, ifany) <br />reasonably expects to issue more than $10,000,000 of tax-exempt obligations during the current <br />calendar year. <br /> <br />Section 10. Reimbursement. <br /> <br />The City hereby declares its official intent to reimburse its expenditures for land <br />and other public safety facilities with the proceeds of the Bonds. <br /> <br />ADOPTED by the City Council of the City of Eugene, Lane County, Oregon on <br />"'tYl <br />the~ day of APal L- 1996 <br />City of Eugene <br />Lane County, Oregon <br /> <br />/1'- 1 ,,~ <br /> <br />City Recorder <br /> <br />Page 7 - Resolution <br /> <br />J :\HWR \CITIES\EUGENE\G096\G096RES.DOC <br />