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<br />RESOLUTION No.lf~4-5' <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE <br />BY THE CITY OF EUGENE, OREGON, ACTING BY AND <br />THROUGH THE EUGENE WATER & ELECTRIC BOARD, OF <br />REVENUE BONDS IN AN AMOUNT NOT TO EXCEED <br />$15,000,000, DECLARING OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES, PROVIDING FOR PUBLICATION OF NOTICE, <br />AND RELATED MATTERS. <br /> <br />The City Council (the "Council") of the City of Eugene, a municipal corporation of the State of <br />Oregon (the "City"), finds: <br /> <br />A. That it is in the best interest of the City, acting by and through the Eugene Water & <br />Electric Board ("EWEB "), to provide funds for the development, construction, equipping <br />and improvement of Phase 1 of EWEB' s electric system fiber optic high-speed broadband <br />telecommunications system (the "Project"); <br /> <br />B. The City is authorized, acting by and through EWEB, to finance the Project by issuing <br />revenue bonds pursuant to the authority of ORS 288.805 to 288.945, commonly known <br />as the Uniform Revenue Bond Act (the "Act"); <br /> <br />C. The cost of the Project, including bond issuance costs and debt service reserves, is <br />estimated not to exceed $15,000,000; <br /> <br />D. The City estimates that bonds will be issued in one or more series in an aggregate <br />principal amount not to exceed $15,000,000. The bonds will not be general obligations <br />of the City, nor a charge upon its tax revenues, but will be payable solely from the <br />revenues which EWEB pledges to payment of the bonds; <br /> <br />E. EWEB shall cause to be prepared a plan showing that EWEB's estimated net revenues of <br />the telecommunications system fund or Electric Utility System revenues are sufficient to <br />pay the estimated debt service under the revenue bond issue authorized by this resolution; <br />and <br /> <br />F. The City and EWEB anticipate incurring expenditures ("Expenditures ") to finance the <br />costs of the Project and wish to declare their official intent to reimburse themselves for <br />the Expenditures made on the Project from the proceeds of the revenue bonds. The <br />interest on the bonds will be excludable from gross income under Section 103 of the <br />Internal Revenue Code of 1986, as amended (the "Code"). <br /> <br />1 - Resolution No. IDr <br /> <br />CWC\cwc7637.res <br />