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SECTION 1. AUTHORIZATION OF FINANCING; COUNTY'S OBLIGATION SUBJECT TO ~ ANNUAL APPROPRIATION. Reference is made to the form of Financing and Trust Agreement that ~ .~.o ~,....,.,,:..~:,,.. ' has been placed on file with the ~aun~,Clerk m connection with the adoption of this resolution (the "Agreement"). All terms used in this resolution and not otherwise defined herein shall have the respective meanings assigned thereto in the Agreement. In the exercise of the authority conferred upon the County pursuant to ORS 271.390 and subject to the limitations set forth herein, the County is hereby authorized to finance its share of the costs of the Project by entering into the Agreement pursuant to which the County shall borrow a sum not to exceed Twerity Twa million dollars ($~~i,D~~3,~~1U.~0). The funds needed for such financing shall be raised by means of the execution and delivery of certificates of participation as provided in the Agreement (the "1998 Certificates"), which 1998 Certificates shall evidence undivided interests in the County's obligation to make financing payments pursuant to the Agreement (the "1998 Financing Payments"). Notwithstanding anything expressed or implied herein or in the Certificates or the Agreement to the contrary, the County's obligation to make the Financing Payments due in each Fiscal Year shall be and remain subject to the County's having duly budgeted and appropriated, in accordance with applicable law, funds for the purpose of paying such Financing Payments. SECTION 2. APPOINTMENT OF TRUSTEE; SECURITY FOR THE COUNTY'S OBLIGATION. is hereby appointed to act as trustee under the Agreement (the "Trustee"). ~, As security for the County's obligation to make the Financing Payments due under the Agreement, and also to secure the repayment of the moneys loaned to the County pursuant to the Agreement in the case of an occurrence of a Nonappropriation Event: (A) the County shall grant to th~ Tru~t~e "'",.n`°° ."`~~ +~,~~~~~t~~}~~ "~, a mortgage on the County's undivided interest in the Site, which mortgage shall be granted pursuant to the Site Mortgage, which Site Mortgage shall continue in effect until such time as the Condominium Mortgage is executed and delivered by the County to the Trustee in lieu of such Site Mortgage; (B) at such time as the County's condominium interests in the Project come into existence, the County shall grant to the Trustee a mortgage on the County's interest in the condominium units in the Project, which mortgage shall be granted pursuant to the Condominium Mortgage (as more particularly described below); provided that concurrently with the execution and delivery of the Condominium Mortgage by the County to the Trustee, the Trustee shall release and discharge the Site Mortgage; and (C) in accordance with the terms and conditions set forth in the Financing Agreement, the County shall pledge its right, title and interest to and in: ~ RESOLUTION AUTHORIZING FINANCING PAGE 2