Resolution No. 4817 - Laserfiche WebLink

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not already authorized under the 2001 URBA Authorization), such notice being in substantially the form attached to this Resolution as Exhibit "A" (the "Notice"). The Notice shall specify the last date on which petitions may be submitted, and the City, acting by and through EWEB, shall cause the Notice to be published in The Register-Guard, a newspaper of general circulation within the boundaries of the City, in the same manner as are other public notices of the City. NOW THEREFORE, THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Authorization of Bonds and Publication of Notice; Purpose of Issue. Based on the above findings (but with regard only to the 2005 Improvement Bonds, subject to the prior publication of the Notice and the expiration of the 60-day period following the publication of the Notice without the receipt of a petition for an election questioning the issuance of the 2005 Improvement Bonds, which facts and circumstances shall be determined conclusively and for all purposes by any individual designated by EWEB), the Council hereby authorizes EWEB, on behalf of the City, to issue and sell "City of Eugene, Oregon Electric Utility System Revenue Bonds" (the "Bonds") in one or more series (being 2005 New Project Bonds and/or 2005 Improvement Bonds), in the aggregate principal amount of not to exceed $15,400,000, for the purpose of financing the costs of the design, construction, installation, acquisition, relicensing and equipping of the 2005 New Project and the 2005 Improvements, and to fund any required reserves and costs of issuance, and to publish the Notice as aforesaid. If petitions for an election, containing the valid signatures of not less than 5 percent of the City's qualified electors, are received within the time indicated in the Notice, the question of issuing that portion of the Bonds which are 2005 Improvement Bonds shall be placed on the ballot at the next legally available election date. If such petitions are received no Bonds which are 2005 Improvement Bonds may be sold until the question of whether to issue the Bonds is approved by a majority of electors living within the boundaries of the City who vote on that question. Any such petitions will be subject to ORS 288.815 and Sections 2.970-2.992 of The Eugene Code, 1971. Section 2. Conditions of Issuance and Sale. The City Council hereby prescribes that: (a) The Bonds of each series shall: (i) mature not later than thirty (30) years from the date of issuance of the series; (ii) be sold pursuant to public competitive bid pursuant to ORS §288.835 at par or with a net original issue discount or premium that does not exceed seven percent (7%) of the aggregate principal amount thereof; and (iii) have an effective interest rate of not to exceed nine percent (9%) per annum; and (b) The proceeds of the Bonds shall be used only for the following purposes: (i) An amount not to exceed $5,400,000 shall be used to finance the 2005 New Project, to pay related costs of issuance and to fund a reserve fund for the payment of Bonds issued to finance the 2005 New Project; and (ii) An amount not to exceed $10,000,000 shall be used to finance the 2005 Improvement Program, to pay related costs of issuance and to fund a reserve fund for the payment of Bonds issued to finance the 2005 Improvement Program. Resolution - 3