Resolution No. 5139 - Laserfiche WebLink

Home Browse Search

H. The outstanding Series 2005 Bonds maturing on and after August 1, 2016,are subject to redemption at the option of EWEB on and after August 1, 2015; I. The City, acting by and though EWEB, previously issued its Water Utility System Revenue Bonds, Series 2008 in original principal amount of $15,595,000 (the “Series 2008 Bonds”); J. The outstanding Series 2008 Bonds maturing on and after August 1, 2019,are subject to redemption at the option of EWEB on and after August 1, 2018; K. EWEB has determinedthat present value savings may be achieved by issuing refunding bonds for the purpose of refunding all or a portion of (i) the outstanding Series 2002 Bonds which may be called and redeemed on any date on or after August 1, 2012, without premium, (ii) theoutstanding Series 2005 Bonds which may be called and redeemed on any date on or after August 1, 2015,without premium,and (iii) the outstanding Series 2008Bonds which may be called on any date on and after August 1, 2018, without premium (collectively the “Refunded Bonds”). L. EWEB has requested by resolution that the City Council adopt this Resolution in part to set the terms for and authorize the issuance of not to exceed $35,000,000 water utility system revenue refunding bonds (the “Refunding Bonds”) for the purpose of refunding the Refunded Bonds, to fund necessary reserves and to pay costs of issuance of the Refunding Bonds(collectively, the “Refunding Project” which, together with the New Money Project is referred to as the “Project”). The New Money Bonds collectively with the Refunding Bonds are referred to as the “Bonds”. M. The Bonds will not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from revenues of the WaterUtility System which EWEB pledges to the payment of such Bonds pursuant to ORS Sections 287A.310 and 287A.325 and the resolution to be adopted by EWEB pursuant to this Resolution. N. EWEB has by resolution undertaken to cause to be prepared a plan showing that EWEB’s estimated WaterUtility System revenues are sufficient to pay the estimated debt service on the Bonds authorized by this Resolution. O. The City and EWEB anticipate incurring expenditures (“Expenditures”) to finance the costs of the New Money Project and wish to declare their officialintent to reimburse themselves for the Expenditures made on theNew Money Project from the proceeds of the New Money Bonds. To the extent that the Expenditures and the use of proceeds of the New Money Bonds may qualify under federal tax law and regulations, the City, including EWEB, intends for the interest on such bonds to be excludable from gross income for federal income tax purposes under §103 of the Internal Revenue Code of 1986, as amended. P. EWEB hasrequested by resolution that the City Council adopt this Resolution in part to authorize the publication of the Notice of Revenue Bond Authorization relating to the New Money Bonds, 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 Resolution -Page 2of 6