Ordinance No. 19627 - Laserfiche WebLink

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not be required ~1} to transfer ar exchange any certificate after the close of business on the 15th day of the month next precedin g any interest payment date, or ~2} to transfer or exchange any 1989 Refunding Certificate called or being called for redemption. Section 7, Budget Levy and Appropriation. Each year the City shall in the manner and within the tame provided by law take all such action as is necessary to estimate in its budget documents and appropriate for expenditure during the budget year the amount of Basic Rent necessary to pay maturing principal and interest on the 1959 Refunding Certificates and any Additional Rentals which will be payable during such budget year, and to keep the appropriation in full force and effect during the year . Such estimates shall include estimates of revenues to be provided by the Urban Renewal Agency of the City of Eugene {the "Agency" } . By the date required by Section 294.G35 of the Oregon Revised Statutes for any similar law} for submitting a proposed budget document to the Budget Committee for any successor entity} and by the date required by law for the adoption of its budget and the making of such appropriations, the City .shall furnish to the Trustee certified copies of the proposed and adopted budgets, respectively, and of the action of the City Council approving and adopting the budget and making the appropriation. The City shall apply to the appropriations made, any funds received from the Agency for Rental Payments, but the City may use any other sources of funds for payment of Rental Payments but shall not be required to levy additional property taxes for the payment of Rental Payments. Section 8. Special Trust Funds. Pursuant to the Refunding Indenture, certain Special Trust Funds were created. The City shall deposit annually to the Interest Fund, as provided in the Lease, as amended, an amount not less than the amount required to pay the interest due on the 1989 Refunding Certificates on the next two ~2} forth coming interest payment dates. The City shall deposit annually to the Principal Fund, as provided in the Lease, as amended, an amount not less than the amount required for the payment of the principal of the 1989 Refunding Certificates to be retired at the next forthcoming principal maturity date, In determining the amounts required for the deposits the City may consider any other sums then on deposit in the respective fund for the payment of principal of and interest on the 1989 Refunding Certificates. The City shall deposit to the Debt Service Reserve Fund cash or a Reserve Equivalent in an amount equal to the Reserve Requirement. The funds so deposited are pledged irrevocably to be used only to pay the interest of and the principal on the 1989 Refunding Certificates. Section 9. 1989 Escrow Deposit Fund. ,The City hereby authorizes the creation of a special, segregated and irrevocable trust fund designated as the City of Eugene, Oregon 1989 Advance DRDINANCE - Page 5.