Ordinance No. 19458 - Laserfiche WebLink

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Section 7. Budget Levy and Appropriation. Each year the City shall in the manner and within the .time provided by law take al l 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 1987 Refunding Certificates and any Additional Rentals which will be payable during such budget year, and to keep the appropriation in full farce 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 294.635 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 1987 Refunding Certificates on the next forthcoming interest payment date. 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 th e principal of the 1987 Ro f,~ndi ng Certificates to be retired at the next forthcoming principal maturity date. In determining the amounts required for the deposits the City may consider an other Y sums then on deposit in the respective fund far the payment of principal of and interest on the 1957 Refunding Certificates. The funds so deposited are pledged irrevocably to be used only to pay the ~ r_terest of and the pr~nci pal on the 1987 Refunding Certificates. The amount 1n the Debt Service Reserve Fund shall not exceed the maximum annual debt service due in any of the maturity years of the uncalled portion of the 1985 Refunding Certificates and the 1987 Refunding Certificates. Section 9. 1987 Escrow Deposit Fund. The City hereby authorizes the creation of a special, segregated and irrevocable trust fund designated as the City of Eugene, Oregon 1987 Advance Refunding Lease-Purchase Certificates of Participation Community Conference Center} Escrow Fund the "1987 Escrow Deposit Fund"}. The City shall cause ~ to be deposited to the Escrow Deposit Fund the Governmental obligations has defined in the 1987 Escrow Deposit Agreement dated as of May 1, 1987 between the City and the Trustee • ~ the "1987 Escrow Deposit Agreement" } } in such amount, term and_ rate of interest sufficient that the maturing principal and ORDINANCE - Page 5.