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of the Oregon Constitution, a direct ad valorem tax upon all of the taxable property within the <br />City in sufficient amount, after considering discounts taken and delinquencies that may occur in <br />the payment of such taxes, to pay the Bonds promptly as they mature. <br /> <br /> Section 4. <br />Duration. 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 authorized <br />by this resolution. <br /> <br /> Section 5. <br />Effective Date.This Resolution is effective immediately upon its passage by <br />the City Council. <br /> <br />The foregoing Resolution adopted the 26th day of September, 2011. <br /> <br /> <br /> <br />______________________________________ <br />Deputy City Recorder <br />Resolution - Page 3 of 3 <br />