Resolution No. 4692 - Laserfiche WebLink

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pursuant to ORS 288.845, EWEB proposes that the Bonds and any interest therein be sold at a private negotiated sale and due to the uncertain nature of the amounts and timing of funds needed for the Power Supply Cost Contingencies, EWEB has determined that issuing interests in the Bonds in the form of commercial paper is prudent to give EWEB the flexibility to finance the Power Supply Cost Contingencies as the need arises. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a municipal corporation of the State of Oregon, as follows: Section 1. Provisions for Issuance and Sale of Bonds. (a) Authorization of Bond Issuance. Based on the above findings, the Bonds are hereby authorized to be issued as a single bond in an aggregate principal amount not to exceed $60,000,000 with participation in the Bond to be sold by or on behalf of EWEB, from time to time, in the form of commercial paper, certificates of participation or other form evidencing indebtedness under the Bond that is deemed commercially reasonable by the Board and convenient to the purpose of the Bond The Bond shall be issued and all evidence of indebtedness thereunder shall be in compliance with the Act, Resolution No. 4686, the EWEB Resolution and in this Resolution (collectively, the "Authorizing Law"). (b) Authorized of and Direction of Issuer's Representative. The following officers and employees of the Board are authorized issuer representatives for the purposes of this resolution: the President or Vice-President of the Board, the General Manager, Treasurer or Assistant Treasurer, or any person designated by either the General Manager, Treasurer or Assistant Treasurer, in writing to act on behalf of the General Manager, Treasurer or Assistant Treasurer to act under this resolution (the "Authorized Issuer Representatives"). The Authorized Issuer Representatives, are hereby empowered authorized and directed to determine the terms and conditions of the Bond and all indebtedness issued or incurred thereunder, including, but not limited to, the maturity and redemption dates thereof, principal amounts, redemption provisions, interest rates or method for determining a variable or adjustable interest rate, denominations and other terms and conditions that cannot be determined at this time provided that all such terms and conditions shall be in compliance with the Authorizing Law and further provided that: (1) The total aggregate principal amount of the indebtedness outstanding under the Bond shall not exceed $60,000,000; (2) The Bond and all other instruments of participation of other indebtedness thereunder shall include a statement on their face to the effect: (A) that they do not in any manner constitute a general obligation of the Board, or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property of the Board, but are charges upon and are payable solely from the Pledged Funds (as defined by the EWEB Resolution), or any portion thereof, or from any other monies lawfully available therefor; and