Resolution No. 4931 - Laserfiche WebLink

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RESOLUTION N0.4931 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF ELECTRIC UTILITY SYSTEM REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED EIGHTY-FIVE MILLION FIVE HUNDRED THOUSAND DOLLARS ($85,500,000) FOR THE PURPOSES OF FINANCING IMPROVEMENTS TO THE ELECTRIC UTILITY SYSTEM AND PROVIDING FOR RELATED MATTERS The City Council of the City of Eugene finds that: A. S46 of Chapter 783 Oregon Laws 2007 (containing provisions correlative to those repealed by Chapter 783, including those previously known as the Uniform Revenue Bond Act ("URBA")), authorizes the City to issue bonds payable solely from revenues generated by facilities, projects, utilities or systems owned or operated by the City. The City, acting by and through the Eugene Water & Electric Board ("EWEB"), owns and operates an electric utility system and related facilities and systems. B. On June 16, 1986, EWEB adopted a resolution authorizing and providing for the issuance, from time to time, of City of Eugene, Oregon Electric Utility System Revenue Bonds to be equally and ratably secured by the pledge of revenues, funds and accounts thereunder (as amended and supplemented, the "Bond Resolution"). C. The Bond Resolution provides in part that the principal of, premium, if any, and interest on the bonds issued thereunder shall not be payable from any funds of the City nor constitute a general obligation of the City or create a charge upon the tax revenues or any other property or revenues of the City. D. EWEB has requested by resolution that the City Council adopt this Resolution in part to set the terms for the issuance of not to exceed $85,500,000 in aggregate principal amolint of electric utility system revenue bonds (the "Bonds") for the purpose of financing the acquisition, design, construction, installation and equipping of certain capital improvements to the Roosevelt Operations Center (collectively, the "Project"), in two phases consisting of a financing in 2008 (the "2008 Project Financing") and a financing in 2010 (the "2010 Project Financing"), to fund necessary reserves for each financing and to pay the costs of issuance of Bonds under each financing. E. 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 Electric Utility System which EWEB pledges to the payment of such Bonds pursuant to S46 of Chapter 783 Oregon Laws 2007 and the resolutions to be adopted by EWEB pursuant to this Resolution. F. EWEB has by resolution undertaken to cause to be prepared a plan showing that EWEB' s estimated Electric Utility System revenues are sufficient to pay the estimated debt service on the Bonds authorized by this Resolution. G. The City and EWEB anticipate incurring expenditures ("Expenditures") to finance the costs of the Project and wish to declare their official intent to reimburse themselves for 10842272.8