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<br />a plan showing that EWEB' s estimated Electric Utility System revenues are <br />sufficient to pay the estimated debt service of such first series of bonds. <br /> <br />3. Subsequent series of bonds sold after the first series of bonds shall be sold from time <br />to time in such manner and by such method as shall be specified pursuant to <br />subsequent resolutions of the Council which shall be adopted as a precondition to <br />each such subsequent sale. Prior to selling each subsequent series of bonds, and in <br />addition to seeking the prior approval of the Council of the manner and method of <br />each such sale, EWEB shall adopt an authorizing resolution and provide to the City <br />Manager a copy of such resolution and shall cause to be prepared a plan showing that <br />EWEB's estimated Electric Utility System revenues are sufficient to pay the <br />estimated debt service under such series of bonds. <br /> <br />4. Pursuant to the provisions of S.B. 134, the provisions of ORS 288.815 are <br />inapplicable to the bonds; accordingly, EWEB or any individual designated by <br />EWEB is authorized to prepare and distribute a preliminary official statement or <br />other disclosure document for the bonds; to obtain bond insurance or other credit <br />enhancement, if required; to obtain a rating of the bonds from Moody's Investors <br />Service, Inc., Standard & Poor's Credit Markets Services and/or Fitch IBCA, Duff <br />& Phelps, Inc., if required; to select a Trustee, Registrar or Paying Agent for the <br />bonds; and to determine any other terms, conditions or covenants regarding the <br />bonds, or the Unfunded Obligations which are necessary or desirable to effect the <br />sale of the bonds. <br /> <br />5. EWEB is authorized to appoint bond counsel and underwriters with respect to the <br />issuance and sale of the first series of bonds. <br /> <br />SECTION 2: BONDS PAYABLE SOLELY FROM REVENUES <br /> <br />The bonds shall not be general obligations of the City, nor a charge upon its tax revenues, <br />but shall be payable solely from the Electric Utility System revenues which EWEB pledges to <br />payment of the bonds pursuant to ORS 288.825(1) and the authorizing resolutions to be adopted by <br />EWEB pursuant to Section 1 of this resolution. <br /> <br />The foregoing Resolution adopted on the 10th day of September, 2001. <br /> <br />fJ;&~ ~ 2~L-r/ <br />City Recorder <br />