Resolution No. 4757 - Laserfiche WebLink

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fund have been invested, the income from such investments and the application of such income; and (b) A report on bond payments describing amounts paid and amounts scheduled to be paid and the source of such payments. If the contents of the reports required by subsections (a) and (b) above are included in the EWEB's yearly audit report, EWEB may comply with this section by transmitting a copy of its yearly audit report to the City. Section 7. Appointment of Professionals. EWEB is authorized to appoint bond counsel, underwriters, financial advisors, a registrar and paying agent, an escrow agent and any other professional assistance that EWEB determines is necessary or convenient to accomplish the issuance and sale of any or all of the Bonds. Section 8. Official Statement. EWEB or any party designated by EWEB is authorized to prepare and distribute or direct the preparation and distribution of one or more preliminary official statement(s) or other disclosure document(s) for any of the Bonds or in connection with a preliminary official statement or other disclosure document for any other bonds, as determined to be necessary by EWEB, to obtain bond insurance or other credit enhancement, if required, and to obtain a rating on any or all of the Bonds from Moody's Investors Service, Inc., Standard & Poor's and/or Fitch Ratings, if required. Section 9. Approval of Plan of Advance Refunding and Submission to Oregon State Treasurer for Review and Approval. The Council hereby approves the advance refunding plan for the refunding of the Series 1996 Bonds and the issuance of the advance refunding bonds (the "Refunding Plan") presented to the Council that was prepared by EWEB's independent financial advisor, Seattle Northwest Securities Corp., in compliance with Oregon Administrative Rule 170-062-0000. Pursuant to ORS ~288.620, the Council hereby directs that the Refunding Plan be submitted to the State Treasurer for review and approval. In accordance with ORS ~288.620, the advance refunding bonds may not be sold until the State Treasurer has authorized or is deemed to have authorized the sale of such bonds. Section 10. Declaration of Intent to Reimburse. The City hereby declares its official intent to reimburse itself or EWEB, within the limits of the Code, with proceeds from the Bonds issued to finance the costs of the Project for expenditures incurred prior to the issuance of the Bonds issued to finance the costs of the Project. 5