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Item 2D-Res.for Long-Term Finan
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Item 2D-Res.for Long-Term Finan
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9/9/2004 9:55:07 AM
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9/13/2004
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Section 2. Security for Interim Financings. Interim Financings may be secured by a <br />pledge of: <br /> <br /> 2.1. All or any portion of the assessment payments for Projects, and any <br /> amounts the City receives from foreclosing assessment liens; <br /> <br /> 2.2. The proceeds of any Bonds or other permanent financing for the Projects; <br /> and, <br /> <br /> 2.3. The City's full faith and credit and taxing power within the limitations of <br /> Article XI, Sections 11 and 1 lb of the Oregon Constitution. <br /> <br /> Section 3. Authorization and Limitation on Bonds. The City is hereby authorized to <br />issue one or more series of bonds pursuant to this Resolution and ORS Chapter 223 (the <br />"Bonds") to provide permanent financing for Projects that receive Interim Financing or were <br />financed under the authority of Resolution No. 4602, subject to the following limitations: <br /> <br /> 3.1. The principal amount of each series of Bonds shall not exceed the unpaid <br /> balance of all final assessments for the Projects that are refinanced by the series, plus the <br /> amount of any debt service reserves for the series, plus the costs of issuing the series; and <br /> <br /> 3.2. Each series of Bonds shall mature no later than one year after the final <br /> scheduled assessment payment for the Projects that are refinanced by the series, and shall <br /> comply with the limitations of ORS Chapter 223. <br /> <br /> Section 4. Security for Bonds. Bonds may be secured by a pledge of: <br /> <br /> 4.1. All or any portion of the assessment payments for the refinanced Projects <br /> and any amounts the City receives from foreclosing assessment liens for the refinanced <br /> Projects; and, <br /> <br /> 4.2. The City's full faith and credit and taxing power within the limitations of <br /> Article XI, Sections 11 and 1 lb of the Oregon Constitution. <br /> <br /> Section 5. Delegation. The City Manager or the person designated in writing by the City <br />Manager to act under this Resolution (the "City Official") may, on behalf of the City and without <br />further action by the Council: <br /> <br /> 5.1. Circulate requests for proposals, obtain competitive bids, or select banks or <br /> underwriters for each series of Interim Financings and Bonds, and enter into agreements to <br /> sell Interim Financings or Bonds; <br /> <br /> 5.2. Establish the principal amounts, interest rates, security and all other terms <br /> of, and execute and deliver, one or more series of Interim Financings and Bonds, subject <br /> only to the limitations in this Resolution; <br /> <br /> 5.3. Renew, extend or replace any Interim Financings obtained under the <br /> authority of this Resolution, and issue Bonds to refund any Bonds issued under this <br /> Resolution; <br /> <br /> 5.4. Obtain bond insurance or other credit enhancements for Interim Financings <br /> or Bonds, and enter into agreements with credit enhancers; <br /> <br />Resolution - 2 L:SCMO52004 Council Agendas~M0409135S0409132D-attA.doc <br /> <br /> <br />
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