Resolution No. 5289 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 5289 A RESOLUTION AUTHORIZING THE ISSANCE AND SALE OF ELECTRIC UTILITY SYSTEM REVENUE REFUNDING BONDS AND PROVIDING FOR RELATED MATTERS. The City Council of the City of Eugene Finds that: A. Oregon Revised Statutes ("ORS") Section 287A.150 authorizes the City of Eugene, Oregon (the "City") to issue revenue bonds payable from identified revenues of the City. The City, acting by and through the Eugene Water & Electric Board ("EWEB"), owns and operates an electric utility system and related facilities and systems. B. On June 16, 1986, EWEB adopted a resolution authorizing and providing for the issuance, from time to time, of City of Eugene, Oregon Electric Utility System Revenue Bonds to be equally and ratably secured by the pledge of revenues, funds and accounts thereunder, which resolution was amended and restated by Resolution No. 1604 (as amended and supplemented, the "Bond Resolution"). C. The Bond Resolution provides in part that the principal of, premium, if any, and interest on the bonds issued thereunder shall not be payable from any funds of the City or EWEB other than the Bond Fund established by the Bond Resolution, nor constitute a general obligation of EWEB or the City or create a charge upon the tax revenues of the City or any other property of the City or property of EWEB, except the revenues and other money and securities pledged under the Bond Resolution. D. The City Council adopted Resolution No. 5061 on May 29, 2012, authorizing the issuance of revenue and refunding bonds in an amount not to exceed $83,000,000. Pursuant to that authorization, the City, acting by and through EWEB, issued the City of Eugene, Oregon Electric Utility System Revenue Bonds, Series 2012in the original principal amount of $71,230,000 (the "Series 2012 Bonds"), which Series 2012 Bonds are currently outstanding in the principal amount of $33,150,000. E. EWEB has determined that substantial present value savings may be achieved by issuing refunding bonds for the purpose of refunding all or a portion of the outstanding Series 2012Bonds that may be called and redeemed on any date on or after August 1, 2022, without premium (the "Refunded Bonds"). F. EWEB has requested by resolution that the City Council adopt this Resolution to set the terms for and authorize the issuance of not to exceed $36,880,000 in aggregate principal amount of electric utility system revenue refunding bonds (the "Refunding Bonds" or the "Bonds") for the purpose of refunding all or a portion of the Electric Utility System Revenue Bonds, Series 2012, funding necessary reserves and paying the costs of issuance of Bonds. Resolution — Page 1 of 4