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<br />RESOLUTION NO. Lfs 3<3 <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE BY THE <br />CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER <br />& ELECTRIC BOARD, OF NOT EXCEEDING EIGHT MILLION DOLLARS <br />($8,Oo.O,OOO) AGGREGATE PRINCIPAL AMOUNT OF WATER UTILITY <br />REVENUE REFUNDING BONDS FOR THE PURPOSE OF REFUNDING IN <br />ADVANCE OF THEIR MATURITIES CERTAIN OUTSTANDING WATER <br />UTILITY SYSTEM REVENUE BONDS OF THE CITY; AND PROVIDING <br />FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. <br /> <br />The City Council of the City of Eugene finds that: <br /> <br />A. There are presently outstanding Water Utility System Revenue Bonds, Series <br />1966 ($300,000), Series 1968 ($250,000), and Series 1986 ($5,740,000) (the "Existing <br />Bonds") of the City of Eugene, Oregon (the "City"), comprising a total aggregate principal <br />amount of Six Million Two Hundred Ninety Thousand Dollars ($6,290,000), plus accrued <br />interest thereon. <br /> <br />B. The Existing Bonds were originally issued by the City pursuant to <br />amendments to the City Charter approved by the voters on May 24, 1966 and November <br />4, 1975. <br /> <br />C. On September 2, 1997 the Eugene Water & Electric Board (the "Board"), <br />adopted a Master Bond Resolution ("Master Bond Resolution") subject to adoption of a <br />resolution by this City Council, authorizing the issuance of not to exceed Eight Million <br />Dollars ($8,000,000) of Water Utility System Revenue Refunding Bonds, Series 1997 (the <br />"Bonds") of the City for the purpose of refunding in advance of their maturities the Existing <br />Bonds maturing on and after August 1, 1998 (the "Refunded Bonds"). The Board has <br />determined that the issuance of the Bonds will achieve a substantial savings in debt <br />service. <br /> <br />D. ORS 288.592 authorizes the City to issue refunding Bonds so long as the <br />proceeds of such refunding Bonds are used within one year to pay debt service on the <br />Refunded Bonds. <br /> <br />NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br /> <br />Resolution - 1 <br />