Laserfiche WebLink
<br />5. 1.3.3. The balance shall be paid to the City to reimburse it for its <br />administrative costs in carrying, settling and foreclosing the Assessments. <br /> <br />Section 6. Pledge. <br /> <br />The City hereby pledges the Assessments and amounts in the Fund to the payment <br />of principal and interest on all Bonds. All Assessments shall be deposited in the Fund promptly, <br />and shall be used only as provided by this Resolution. <br /> <br />Section 7. Covenants. <br /> <br />follows: <br /> <br />The City hereby covenants, represents and agrees with the Owners of the Bonds as <br /> <br />7. 1. That, to the extent the Assessments, the other amounts required by this <br />Resolution to be deposited into the Fund, and the Available Sewer Revenues are sufficient, it will <br />promptly cause the principal and interest on the Bonds to be paid as they become due. <br /> <br />7.2. That it will maintain complete books and records relating to the Assessments, <br />the Fund and the Available Sewer Revenues, in accordance with generally accepted accounting <br />principles, and will cause such books and records to be audited annually at the end of each fiscal <br />year, and an audit report prepared and made part of the City's public records. <br /> <br />7.3. That it will not issue bonds or other obligations having a claim superior to or <br />subordinate to the claim of the Bonds upon the Assessments or amounts deposited in the Fund or <br />the Reserve Account under this Resolution. <br /> <br />7.4. That it will promptly deposit into the Fund all sums required to be so <br />deposited by this Resolution. <br /> <br />Section 8. Amendment. <br /> <br />8. 1. The City may amend this Resolution without the consent of the Owners, but <br />only to provide additional security for Owners, to cure ambiguities, to correct defects, or to make <br />any other change which, in the judgment of the City, does not materially and adversely affect the <br />interests of the Owners. <br /> <br />8.2. The City I?ay amend this Resolution for any other purpose, but only if: <br /> <br />8.2.1. the amendment is approved by Owners representing a majority in <br />principal amount of the then outstanding Bonds~ and, <br /> <br />8.2.2. the amendment does not extend the date for payment to an Owner, <br />or reduce the amount payable to an Owner under the terms of any Bond, without the <br />written consent of the Owner of the affected Bond. <br /> <br />Page 5 - Resolution <br /> <br />J :\HWR \CITIES\EUGENE\SAB96\SAB96RES.DOC <br />