Resolution No. 4760 - Laserfiche WebLink

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(3) Execute and deliver a bond declaration for each series of Refunding Bonds, specifying the terms under which each series of Refunding Bonds are issued, and making covenants for the benefit of Bondowners, including covenants to protect the tax-exempt status of the Refunding Bonds. (4) Solicit competitive proposals for the purchase of any series of Refunding Bonds and award the sale of that series to the proposer offering the most favorable terms to the City, or select one or more underwriters, negotiate the terms of the sale of any series of Refunding Bonds, and sell that series to those underwriters. (5) Undertake to provide continuing disclosure for each series of Refunding Bonds in accordance with Rule 15c2-12 of the United States Securities and Exchange Commission. (6) Apply for ratings for each series of Refunding Bonds, determine whether to purchase municipal bond insurance or obtain other forms of credit enhancements for each series of the Refunding Bonds, enter into agreements with the providers of credit enhancement, and execute and deliver related documents. (7) Engage a verification agent and an escrow agent, enter into one or more escrow deposit agreements, and deposit the proceeds of each series of the Refunding Bonds pursuant to the escrow deposit agreements. (8) Defease and call for redemption any Refundable Bonds that are refunded by the Refunding Bonds. (9) Execute and deliver each series of Refunding Bonds to their purchaser. (10) Execute and deliver any agreements or certificates and take any other action in connection with each series of Refunding Bonds which the City Official finds is desirable to permit the sale and issuance of that series of Refunding Bonds in accordance with this Resolution. Section 4. Security for Refunding Bonds. The Refunding Bonds shall be general obligations of the City, and the full faith and credit of the City are hereby pledged to pay the Refunding Bonds when due. The City covenants for the benefit of the Bondowners that the City shall levy annually, as provided by law, in addition to its other ad valorem property taxes and outside the limitations of Sections 11 and 11 b of Article IX of the Oregon Constitution, a direct ad valorem tax upon all of the taxable property within the City in sufficient amount, after considering discounts taken and delinquencies that may occur in the payment of taxes, to pay the Refunding Bonds promptly as they mature. The City covenants with the owners of the Refunding Bonds to levy such a tax annually during each year that any of the Refunding Bonds are outstanding. Section 5. Tax-Exempt Status. The City covenants to use the proceeds of the General Obligation Refunding Bonds, and to otherwise comply with the provisions of the Internal Revenue Code of 1986, as amended (the "Code"), so that interest paid on the General Obligation Refunding Bonds will not be includable in gross income of the Refunding Bondowners. The City Official may enter into additional covenants on behalf of the City to protect the tax-exempt status of the General Obligation Refunding Bonds. Section 6. Form. The Refunding Bonds shall be in substantially the form attached hereto as Exhibit A, with such changes as may be approved by the City Official. The Refunding Bonds