Item 6: URA - Resolution Authorizing Tax Increment Bonds for LCC Projects

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(8)Engage the services of bond counsel, financial advisor, verification agents, escrow agents, paying agents and any other professionals whose services are desirable for the financings. (9)Enter into one or more escrow deposit agreements, if necessary, for the refunding and take actions to prepay the Garage Bonds. (10)Make covenants for the benefit of the owners of the Bonds, including but not limited to covenants that: (i) require the Agency not to reduce collection of tax increment levels below specified amounts; (ii) prohibit borrowings that have a lien on the tax increment revenues of the Downtown District that is superior to the lien that secures the Bonds; (iii) limit the amount of borrowings that may be issued with a lien on the tax increment revenues of the Downtown District that is equal to the lien securing the Bonds; (iv) restrict the deposit and application of the tax increment revenues of the Downtown District to insure timely payment of the Bonds; and (v) limit the Agency’s ability to reduce the area of the Downtown District which would reduce District revenues, until the Agency has sufficient funds to pay off the Bonds. (11)Enter into such other covenants as are desirable to sell the Bonds on favorable terms. (12)Execute and deliver any other certificates or documents and take any other actions which the Agency Official determines are desirable to carry out this resolution. Section 4.Security for Bonds. The Bonds shall not be general obligations of the City or the Agency. The Bonds shall be payable solely from the tax increment revenues of the Downtown District that the Agency Official pledges to payment of the Bonds pursuant to the authority in Section 3 hereof. Section 5.Duration. The authority granted by this resolution shall remain in effect as long as necessary to permit the sale, delivery, administration and payment of all Bonds authorized by this resolution. Section 6.Effective Date. This resolution shall take effect immediately upon adoption. The foregoing resolution adopted the ___ day of _______, 2011. ______________________________________ City Recorder