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