Resolution No. 4482 - Laserfiche WebLink

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1.5 prepare, execute and deliver any other documents and take any action, including the appointment of a paying agent, which is reasonably required to issue, sell and deliver the Bonds in accordance with this Resolution. Section 2. Security. The City has assessed benefited properties for the costs of local improvements, and has received applications to pay assessments in installments. The Bonds shall be issued in an amount not greater than the unpaid balance of all such applications, plus costs of issuing the Bonds. Each assessment is exempt frorn the limitation provided in Section 11 b( 1), Article XI of the Oregon Constitution, because each assessment either: constitutes an assessment for a "local improvement" within the meaning of Section 11 b(2)( d), Article XI of the Oregon Constitution; or, was levied prior to July 1, 1991. All installment assessment payments, delinquent payments and foreclosure proceeds shall be placed in the Series 1996-Q Account of the Bancroft Bond Redemption Fund and applied to the payment of principal and interest on the Bonds. In addition, the full faith and credit of the City are pledged to the successive owners of each of the Bonds for the punctual payment of such obligations, when due. Pursuant to ORS 223.235(4), the City shall levy annually, a direct ad valorem tax upon all of the taxable property within the City in an amount sufficient, with other available funds, to pay all principal of and interest on the Bonds which is due and payable in that year, provided that the amount of such tax shall not exceed the amount permitted under Section 11 b( 1), Article XI of the Oregon Constitution. The City covenants with the owners of its Bonds to levy such a tax annually during each year that any of the Bonds, or Bonds issued to refund them, are outstanding. Section 3. Bond Book-Entry Only Form. The Bonds shall be initially issued in book-entry only form, with no physical Bonds being made available to Bondowners, in accordance with the Blanket Letter of Representations between the City and The Depository Trust Company, New York, New York ("DTC") for the Bonds, in form and substance satisfactory to DTC. So long as the Bonds are in book-entry only form: 3. 1. Ownership of the Bonds shall be recorded through entries on the books of banks and broker-dealer participants and correspondents that are related to entries on the DTC system. Each maturity of the Bonds shall be initially issued in the form of a global Bond for each maturity. Each global Bond shall be registered in the name of Cede & Co. as nominee of DTC as the owner of the Bond, and such global Bonds shall be lodged with DTC until early redemption or maturity of the Bond issue. 3.2. The paying agent and registrar appointed by the City Official (the "Paying Agent") shall remit payment for the maturing principal and interest on the Bonds to DTC as owner of the Bonds for distribution by the nominee to the beneficial owners by recorded entry on the books ofDTC participants and correspondents. While the Bonds are in book-entry only form, the Bonds will be available in denominations of $5,000 or any integral multiple thereof 3 .3. In the event: Page 2 - Resolution J :\HWR\ClTlES\EUGENE\L TOT AX. 96\L TAXRES.OOC 4/11196