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<br />downtown. Electric customers could see an approximate 1% increase in 2009, with a zero to 0.5% <br />increase in 2011. Water customers could see an increase of approximately 4% to 9% in 2011. <br /> <br />The bond resolution is authorized under the Uniform Revenue Bond Act. Under that act, EWEB will <br />publish a notice of the bond authorization. If qualified electors are interested in placing the measure on <br />the next available election ballot, they will have 60 days to file a petition to do so. <br /> <br />EWEB will also be asking for approval for two additional bond financings (not related to the Roosevelt <br />Project financing) in the next several months. The first approval will be a $46 million authorization <br />to refinance Series 1998 Revenue Bonds and 1998A Electric Revenue Bonds. The purpose of the <br />refinancing is to achieve interest savings on the bonds. The second financing is to issue $15,595,000 in <br />Water Revenue Bonds to finance Water Utility capital improvements, such as the Hayden Bridge <br />Filtration Expansion and a water main replacement. <br /> <br /> <br />RELATED CITY POLICIES <br />There are no City policies related to this item <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />The council can approve or not approve this resolution. If the council does not approve the resolution, <br />EWEB would not be able to proceed with the URBA process to allow for the issuance of the bonds to <br />finance the design and construction work associated with the proposed operations facility in west <br />Eugene and, as a result, will not be able to relocate the operations functions to the new west Eugene site <br />under the current timeline. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends approval of the resolution. <br /> <br /> <br />SUGGESTED MOTION <br />Move to adopt Resolution 4931 authorizing the issuance and sale of Electric Utility System Revenue <br />Bonds in the aggregate principal amount of not to exceed eighty-five million five hundred thousand <br />dollars ($85,500,000) for the purposes of financing improvements to the electric utility system and <br />providing for related matters. <br /> <br /> <br />ATTACHMENTS <br /> <br />A. Proposed Resolution <br />B. Letter from EWEB Board President John Simpson, dated February 15, 2008 <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> F:\CMO\2008 Council Agendas\M080225\S0802252C.doc <br /> <br />