Item 4: URA resolution authorizing HUD 108 Revenue Bonds

Home Browse Search

3.2 The Agency hereby pledges the Tax Increment Revenues to the payment of the Subordinate Bonds. Pursuant to ORS 288.594, the pledge of the Tax Increment Revenues made by this Resolution shall be valid and binding from the time of the adoption of this Resolution. All Tax Increment Revenues so pledged and hereafter received by the Agency shall immediately be subject to the lien of such pledge without any physical delivery or further act. The lien of the pledge that secures the Subordinate Bonds shall be subordinate to the lien of all currently outstanding indebtedness of the Agency, and also shall be subordinate to the lien of any indebtedness subsequently issued by the Agency to the extent provided in those subsequent obligations. 3.3 The Subordinate Bonds do not constitute a debt or indebtedness of the City, Lane County, the State of Oregon or any political subdivision thereof other than the Agency. Section 4. Additional Obligations. The Agency may issue subsequent obligations that have a lien on the Tax Increment Revenues that is superior to, on parity with or subordinate to, the lien on the Tax Increment Revenues that secures the Subordinate Bonds. Section 5. Defaults and Remedies. 5.1 Failure to pay principal or interest on a Subordinate Bond shall constitute an “Event of Default” under this Resolution. 5.2 If an Event of Default occurs the City, as owner of the Subordinate Bonds, may exercise any remedy available at law or in equity. However, the Subordinate Bonds shall not be subject to acceleration. 5.3 Waivers of Default. The City may waive any Event of Default and its consequences. 5.4 Remedies Not Exclusive. No remedy provided in this Resolution is intended to be exclusive of any other remedy, and each remedy shall be cumulative and shall be in addition to every other remedy provided in this Resolution. Section 6. Amendment of Resolution. The Agency may amend this Resolution only with the consent of the City. Section 7.Rules of Construction. In determining the meaning of provisions of this Resolution, the following rules shall apply unless the context clearly requires application of a different meaning: 7.1 References to Section numbers shall be construed as references to this Resolution. 7.2 References to one gender shall include all genders. 7.3 References to the singular shall include the plural, and references to the plural shall include the singular.