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Note Book: R.C
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CS_Courthouse Square
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Note Book: R.C
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Last modified
9/19/2012 3:29:14 PM
Creation date
9/6/2011 2:25:15 PM
Metadata
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Building
RecordID
10376
Title
Note Book: R.C
Company
Marion County
BLDG Date
11/4/1998
Building
Courthouse Square
BLDG Document Type
Finance
Project ID
CS9801 Courthouse Square Construction
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~ (b) second, to the extent the moneys held by the Trustee in the Rebate Fund are <br />insufficient to pay all Rebate Amounts then owing with respect to the Certificates, to the <br />payment of all such Rebate Amounts; <br />(c) third, to the payment to the Owners of the Outstanding Certificates of all <br />unpaid principal components of the Financing Payments, ratably without preference or <br />priority of any kind, according to the amounts of unpaid principal components evidenced <br />by the Outstanding Certificates; <br />(d) fourth, to the payment to the Owners of the Outstanding Certificates of all <br />unpaid interest accruing on the principal components of the Financing Payments, ratably <br />without preference or priority of any kind, according to the amounts of unpaid interest <br />accruing on the principal components evidenced by the Outstanding Certificates; and <br />(e) fifth, the balance, if any, remaining after payment in full of the amounts <br />described in paragraphs (5)(a), (b), (cj, and (d) above shall be remitted by the Trustee to <br />the County; and <br />(6) neither the Trustee, the Owners of the Certificates, any Credit Provider nor any other person shall <br />have any further recourse whatsoever against the County or be entitled to institute or maintain any action or <br />proceeding to compel the County, and the County shall have no obligation whatsoever, to pay any Financing <br />Payments (other than Appropriated Financing Payments). <br />Whenever moneys are to be applied pursuant to the Agreement as a result of a Nonappropriation Event, the moneys <br />shall be applied at such times, and from time to time, as the Trustee shall determine, having due regard to the <br />amount of such moneys available for application, the likelihood of additional moneys becoming available for such <br />application in the future and potential expenses relating to the exercise of any remedy or right conferred on the <br />Trustee by the Agreement. Whenever the Trustee shall apply such moneys, it shall fix the date upon which such <br />application is to be made, and upon such date interest on the amounts of principal to be paid on such date shall cease <br />to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with it of any such moneys <br />and of the fixing of any such date, and (except as may be otherwise required with respect to Certificates subject to <br />the Book-Entry System) shall not be required to make payment to the holder of any Certificate until such Certificate <br />shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. <br />THERE CAN BE NO ASSURANCE THAT ANY INTEREST COMPONENTS PAID TO THE OWNERS OF THE 1998 <br />CERTIFICATES FOLLOWING A NONAPPROPRIATION EVENT WILL BE: (1) EXCLUDABLE FROM THE GROSS <br />INCOMES OF SUCH OWNERS FOR FEDERAL INCOME TAX PURPOSES, OR (2) EXEMPT FROM PERSONAL INCOME <br />TAXES IMPOSED BY THE STATE OF OREGON. THE OPINION OF SPECIAL TAX COUNSEL TO BE RENDERED IN <br />CONNECTION WITH THE EXECUTION AND DELIVERY OF THE 1998 CERTIFICATES EXPRESSLY EXCLUDES ANY <br />OPINION ON THE TAX STATUS OF ANY INTEREST COMPONENTS PAID TO THE OWNERS OF THE 1998 CERTIFICATES <br />FOLLOWING A NONAPPROPRIATION EVENT. See "TAX MATTERS" herein. <br />Additional Certificates <br />The County reserves the right in the Agreement to direct the Trustee to execute and deliver Additional Certificates <br />in one or more series for one or more of the following purposes: <br />(1) to provide funds sufficient to pay the County's Share of completing the Project in accordance <br />with the original plans and specifications therefor, pius any Costs of Issuance incurred in connection therewith <br />(any Additional Certificates executed and delivered for such purpose are referred to in the Agreement as <br />"Completion Certificates"); <br />~ (2) to refund all or any portion of the Outstanding Certificates, plus any Costs of Issuance incurred in <br />connection therewith (any Additiona- Certificates executed and delivered for such purpose are referred to in <br />the Agreement as "Refunding Certificates ); or <br />10 <br />
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