Resolution No. 4688 - Laserfiche WebLink

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RESOLUTION NO. 4688 A RESOLUTION APPROVING THE ISSUANCE AND SALE BY THE CITY OF EUGENE, OREGON, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, OF REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $60,000,000 TO PROVIDE FUNDS FOR OBLIGATIONS RELATED TO PENSION BENEFITS, AUTHORIZING THE FIRST SALE OF SUCH BONDS IN AN AMOUNT NOT TO EXCEED $30,000,000 AND RELATED MATTERS The City Council (the "Council") of the City of Eugene, a municipal corporation of the State of Oregon (the "City"), finds that: A. The Eugene Water & Electric Board ("EWEB") maintains and participates in various pension plans including as a participating employer in the Oregon Public Employees Retirement System ("OPERS"), an agent multiple-employer public employee retirement system established under Oregon Revised Statutes 238.600, with respect to which EWEB has unfunded actuarial accrued liability as reflected from time to time in the audited financial statements and other records ofEWEB and OPERS, as the case may be (collectively, the "Unfunded Obligations"); B. The enactment during the 2001 Regular Session of the Oregon Legislative Assembly of Senate Bill 134 ("S.B. 134") as emergency legislation effective upon passage, has amended Oregon Revised Statutes chapter 238 to permit the financing of the Unfunded Obligations by governmental units through the issuance of revenue bonds authorized by charter or pursuant to ORS 288.805 to 288.945, commonly known as the Uniform Revenue Bond Act (the "Act"); C. It is in the best interest of the City, acting by and through the Eugene Water & Electric Board, to provide for the financing of the Unfunded Obligations; D. (1) The Act authorizes the City to issue bonds payable solely from revenues generated by facilities, projects, utilities or systems owned or operated by the City; and (2) the City, acting by and through EWEB, owns and operates an electric utility and related facilities and systems; E. The Unfunded Obligations are estimated based on actuarial calculations to be approximately $60,000,000; F. The City estimates that bonds will be issued from time to time in one or more series in an aggregate principal amount not to exceed $60,000,000. The first series of such bonds would be in an aggregate amount not to exceed $30,000,000. 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 the bonds;