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<br />foreclosure of delinquent property owner payments) which are levied or imposed for the Project, <br />and for which Bonds are issued. <br /> <br />1.4. "Available Sewer Revenues" means the revenues of the City's sewer system <br />which are deposited in the Local Operations Subfund and the Capital Operating Subfund of the <br />City's Sewage Operations Fund and which remain after the payment of all operation, maintenance <br />and debt service (other than Debt Service on the Bonds) expenses of the sewer system. <br /> <br />1.5. "Bonds" means the 1996 Series N Bonds and the DEQ Obligations, which are <br />authorized by Section 11 of this Resolution. <br /> <br />1.6. "City" means the City of Eugene, Oregon, a municipal corporation of the <br />State of Oregon. <br /> <br />1.7. "Code" means the Internal Revenue Code of 1986, as amended. <br /> <br />1.8. "Council" means the governing body of the City. <br /> <br />1.9. "Debt Service" means any principal, interest or premium payable on Bonds. <br /> <br />1. 10. "Default" means any event specified in Section of this Resolution. <br /> <br />1.11. "Fund" means the Special Assessment Bond Fund established pursuant to <br />Section 2 hereof <br /> <br />Bond. <br /> <br />1.12. "Owner" or "Bondowner" means a registered owner of an outstanding <br /> <br />1. 13. "Reserve Account" means the Reserve Account established pursuant to <br />Section 3 hereof <br /> <br />1. 14. "Reserve Requirement" means ten percent of the principal amount of all <br />outstanding Bonds~ however, if the Code in effect upon delivery of a series of Bonds will not <br />permit sufficient proceeds to be added to the Reserve Account to make the balance in the Reserve <br />Account equal to ten percent of the principal amount of all outstanding Bonds, then the Reserve <br />Requirement in effect on issuance of the series of Bonds shall be the Reserve Requirement in <br />effect immediately prior to their issuance, plus the lesser of: <br />(a) 10 percent of the proceeds of the series of Bonds (as "proceeds" is defined in <br />Section 148 of the Code)~ <br />(b) maximum Annual Debt Service on the series ofBonds~ or, <br />(c) 125 percent of the average Annual Debt Service on the series of Bonds. <br /> <br />1. 15. "Resolution" means this Resolution. <br /> <br />Page 2 - Resolution <br /> <br />J :\HWR \ClTIES\EUGENE\SAB96\SAB96RES.DOC <br />