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G. EWEB has requested by resolution that the City Council adopt this Resolution in <br />part to set the terms for and authorize the issuance of not to exceed $15,860,000 water utility <br />system revenue refunding bonds (the "Refunding Bonds") for the purpose of refunding the <br />Refunded Bonds, to fund necessary reserves and to pay costs of issuance of the Refunding Bonds. <br />The New Money Bonds collectively with the Refunding Bonds are referred to as the "Bonds." <br />H. The Bonds will not be general obligations of the City, nor a charge upon its tax <br />revenues, but will be payable solely from revenues of the Water Utility System which EWEB <br />pledges to the payment of such Bonds pursuant to ORS Sections 287A.310 and 287A.325 and the <br />resolution to be adopted by EWEB pursuant to this Resolution. <br />L EWEB has by resolution undertaken to cause to be prepared a plan showing that <br />EWEB's estimated Water Utility System revenues are sufficient to pay the estimated debt service <br />on the Bonds authorized by this Resolution. <br />J. The City and EWEB anticipate incurring expenditures to finance the costs of the <br />Project and wish to declare their official intent to reimburse themselves for the expenditures made <br />on the Project from the proceeds of the Bonds. To the extent that the expenditures and the use of <br />proceeds of the Bonds may qualify under federal tax law and regulations, the City, including <br />EWEB, intends for the interest on such bonds to be excludable from gross income for federal <br />income tax purposes under §103 of the Internal Revenue Code of 1986, as amended (the "Code"). <br />K. EWEB has requested by resolution that the City Council adopt this Resolution <br />in part to authorize the publication of the Notice of Revenue Bond Authorization relating to the <br />Bonds to fund the Project, such notice being in substantially the form attached to this Resolution <br />as Exhibit "A" (the `Notice"). The Notice shall specify the last date on which petitions may be <br />submitted, and the City, acting by and through EWEB, shall cause the Notice to be published <br />in The Register -Guard, anewspaper of general circulation within the boundaries of the City, in <br />the same manner as are other public notices of the City. <br />NOW THEREFORE, based upon the above findings, <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br />Section 1. Authorization of Revenue Bonds and Publication of Notice: Purpose of <br />Issue. Based on the above findings, subject to the prior publication of the Notice and the <br />expiration of the 60 -day period following the publication of the Notice without the receipt of a <br />petition for an election questioning the issuance of the Bonds to fund the Project, which facts <br />and circumstances shall be determined conclusively and for all purposes by any individual <br />designated by EWEB, the City Council hereby authorizes EWEB, on behalf of the City, to <br />issue and sell the Bonds designated as the "City of Eugene, Oregon Water Utility System <br />Revenue Bonds," in one or more series, in the aggregate principal amount of not to exceed <br />$21,000,000, for the purpose of financing the Project, and funding any required reserves and <br />costs of issuance, and to publish the Notice as aforesaid. If petitions for an election, containing <br />Resolution -- Page 2 of 6 <br />