Resolution No. 5290 - Laserfiche WebLink

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the valid signatures of not less than 5.0% of the City's qualified electors, are received within the time indicated in the Notice, the question of issuing Bonds to fund the Project shall be placed on the ballot at the next legally available election date. If such petitions are received no Bonds to fund the Project may be sold until the question of whether to issue the Bonds to fund the Project is approved by amajority of electors living within the boundaries of the City who vote on that question. Any such petitions will be subject to ORS 287A.150 and §§2.960-2.1005 of the Eugene Code, 1971. Section 2. Authorization of Refunding Bonds: Purpose of Issue. Based on the above findings, the City Council hereby authorizes EWEB, on behalf of the City, to issue and sell the Refunding Bonds designated as the "City of Eugene, Oregon Water Utility System Revenue Refunding Bonds," in one or more series, in an amount not to exceed $15,860,000 for the purpose of refunding all of the 2011 Bonds, and to fund any required reserves and costs of issuance of the Refunding Bonds. Section 3. Conditions of Issuance and Sale. The City Council hereby prescribes that: (a) The Bonds of each series shall: (i) mature not later than 30 years from the date of issuance of the series, provided that the portion of the Bonds that refund the 2011 Bonds shall mature not later than six months of the original final maturity of the 2011 Bonds; (ii) be sold through public competitive sale and awarded to the bidder offering the most favorable terms to EWEB, on behalf of the City, or sold pursuant to negotiation at par or with a net original issue discount or premium that does not exceed 20% of the aggregate principal amount thereof, and (iii) have an effective interest rate of not to exceed 6.0% per annum; and (b) The proceeds of the Bonds shall be used only for the purposes above described. Section 4. Delegation of Authoritv for Terms of Bonds: Provisions for Issuance. Pursuant to ORS 287A.300(4), EWEB, or any individual designated by EWEB, is hereby authorized and directed to determine, with respect to the Bonds, the form of bond and series designation, the manner of disbursement of proceeds of the Bonds, the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, the refunding plan, whether to obtain bond insurance or some other form of guaranty or security for the payment of the Bonds, denominations, form, authorized signatory and other terms and conditions of the Bonds because the same cannot be determined by the City Council at this time. Prior to the issuance of any Bonds, EWEB shall: (i) prepare a plan showing that the estimated Water Utility System revenues are sufficient to pay the estimated debt service on the Bonds; (ii) adopt a supplemental bond authorizing resolution and provide a copy of such resolution to the City; (iii) provide to the City a resolution determining that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of the Bonds, exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of Oregon, the Charter and ordinances of the City and this Resolution; and (iv) submit the refunding plan to Resolution -- Page 3 of 6