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1998 FINANCING PAYMENTS, AND THE TRUSTEE MAY PROCEED TO FORECLOSE ITS INTEREST IN THE PROJECT <br />UNDER THE MORTGAGE A\D ENFORCE ITS RIGllTS AC.4INST THE IYSURER UNDER THE INStiRANCE POLICY. <br />FOLLOWING ANY SUCH TERMINATION OF THE AGREEMENT, NEITHER THE TRUSTEE, TNE INSURER NOR THE <br />OWNF.RS OF ANY CERTIFICATES SHALG HAVE ANY RECOURSE AGAINST THE COUNTY OR ANY ASSETS OR <br />PROPERTIES OF THE COUNTY TO ENFORCE PAYMENT OF ANY UNPAID 1998 FINANCING PAYMENTS OTHER THAN <br />TO FORECLOSE THE LIEN OF THE MORTGAGE ON THE PROJECI': See " T'HE I 998 CERTIFICATES - The <br />Security" herein. <br />Authorization <br />The County is authorized under ORS Section 271.390 to enter into the Agreement and cause the Trustee to execute <br />and deliver the 1998 Certificates. <br />Prepayment <br />The 1998 Certificates are subject to optional, mandatory and extraordinary prepayment by the County. See <br />"PREPAYMENT" herein. <br />Tax Exempt Status <br />In the opinion of Stoel Rives LLP, Special Tax Counsel to the County, under existing laws, court decisions, rulings <br />and regulations and subject to certain exceptions described herein: (i) assuming continuing compliance by the <br />County with its covenants relating to the federal tax-exempt status of the interest component of the 1998 Financing <br />Payments, under Section 103 of the Internal Revenue Code of 1986, as amended, the interest components of each <br />1998 Financing Payment paid by the County pursuant to the Agreement and received by the Owners of the 1998 <br />Certificates is not includable for federal income taac purposes in the gross incomes of the registered Owners of the <br />1998 Certificates; and (ii) such interest is exempt from present personal income taxes imposed by the State of ~ <br />Oregon. See "TAX MATTERS" herein. <br />Denominations <br />The 1998 Certificates will be issued in denominations evidencing principal components of $5,000 or integral <br />multiples thereof. <br />Book-Entry Certificates <br />The 1998 Certificates will be issued as fully registered certificates and, when issued, will be registered in the name <br />of CEDE & Co. as Owner and as nominee for The Depository Trust Company ("DTC"), New York, New York. <br />DTC will act as securities depository for the 1998 Certificates. Individual purchases and sales of the 1998 <br />Certificates may be made in book-entry form only in minimum denominations of $5,000 and integral multiples <br />thereof. Purchasers ("Beneficial Owners") will not receive certificates representing their interest in the 1998 <br />Certificates. The principal of and interest on the 1998 Certificates will be payable by the Trustee to DTC which, in <br />turn, will remit such principal and interest to the DTC Participants for subsequent disbursement to the Beneficial <br />Owners of the 1998 Certificates. Interest on the 1998 Certificates shall be credited to the Beneficial Owners by the <br />DTC Participants. See "BOOK-ENTRY ONLY SYSTEM" herein for additional information. <br />Delivery <br />It is expected that the 1998 Certificates will be available through the facilities of The Depository Trust Company in <br />New York, New York on or about December 16, 1998. <br />~ <br />*Preliminary, subject to change <br />