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Ordinance No. 19551
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Ordinance No. 19551
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Last modified
6/10/2010 3:45:24 PM
Creation date
2/27/2009 1:32:51 PM
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Council Ordinances
CMO_Document_Number
19551
Document_Title
Authorizing the issuance of revenue bonds to pay costs of airport imp., prescribing terms of bonds & terms under which bonds payable from airport revenues may be issued in future; pledging & limiting use of revenues; & declaring emergency.
Adopted_Date
4/27/1988
Approved Date
4/27/1988
CMO_Effective_Date
4/27/1988
Signer
Brian B. Obie
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~a} the Trustee who shall not be the provider of the <br />collateral} or a third party acting solely as agent for the <br />Trustee has possession of the repurchase agreement securities and <br />the United States obligations; <br />fib} failure to maintain the requisite collateral levels <br />will require the trustee to liquidate the securities immediately; <br />~c} the Trustee has a perfected, first priority <br />security interest in the securities; and <br />~d} the securities are free and clear of third-party <br />liens, and in the case of an SIPC broker, were not acquired <br />pursuant to a repurchase or reverse repurchase agreement. <br />1.2.31.9. Prime commerical paper of a United .States <br />corporation, finance company or banking institution rated at <br />least "P-1" by Moody's and at least "A-1" by S&P. <br />1.2.31.10. Public housing bands issued by public <br />agencies. Such bonds must be fully secured by a pledge of annual <br />contributions under a contract with the United States government; <br />temporary notes, preliminary loan notes or project notes secured <br />by a requisition or payment agreement with the United States; or <br />state or public agency or municipality obligations rated in the <br />highest rating category by Moody's and S&P. <br />1.2.31.11. Shares of a diversified open-end management <br />investment company has defined in the Investment Company Act of <br />1940} or shares in a regulated investment company has defined in <br />Section 851~a} of the Internal Revenue Code of 1986, as amended} <br />that is ~a} a money market fund that has been rated in the <br />highest rating category by Nioody's and S&P or fib} money market <br />accounts of the Trustee or any state or federal bank that is <br />rated at least P-1 or Aa by Moody's and at least A-1 or AA by S&P <br />or whose one bank holding company parent is rated at least A-1 or <br />AA by S&P and at least P-1 or Aa by Moody's. <br />1.2.31.12. State of Oregon local government investment <br />pool operated under ORS 294.805 to 294.895 as amended, subject to <br />prior approval of BIG. <br />1,2.31.13. Any other investment approved by BIG. <br />1.2.32. "Project Certificate".means a certificate <br />signed by a City official and filed with the closing documents <br />for a series of Bonds: <br />~a} describing each project which is expected to be <br />completed with the proceeds of that series of Bonds, <br />Page 11 - ordinance <br />
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