Resolution No. 4757 - Laserfiche WebLink

Home Browse Search

Council, and on May 18, 1993, the City's electors approved the issuance of bonds (the "1993 Election"). G. Pursuant to the 1993 Election, and subsequent City Council Resolutions numbered 4394 and 4425, the City, acting by and through EWEB, issued its Electric Utility System Revenue Bonds, Series 1994 (the "Series 1994 Bonds") and its Electric Utility System Revenue Bonds, Series 1996, the ("Series 1996 Bonds"). H. On November 24, 1997, the City Council adopted Resolution No. 4545 authorizing the issuance and sale by the City, acting by and through EWEB, of electric revenue bonds, in one or more series, in an aggregate principal amount not to exceed $15,000,000 and on November 28, 1997, there was published the Notice of Revenue Bond Authorization in The Register-Guard, a newspaper of general circulation within the geographical boundaries of the City and sixty (60) days have elapsed since the publication of such Notice of Revenue Bond Authorization and no voters residing within the geographical boundaries ofthe City have filed a petition with the City asking to have the question of whether to issue the electric utility system revenue bonds referred to a vote (the "1998 URBA Authorization"). 1. Pursuant to the 1998 URBA Authorization, the City, acting by and through EWEB, issued its Electric Utility System Revenue Bonds, Series 1998B (the "Series 1998B Bonds"). J. ORS ~288.605 to ~288.695 authorize the City to issue bonds without an election to refund outstanding bonds, including advance refunding bonds, in order to effect a savings discounted to present value and to issue bonds to refund revenue bonds that were previously issued in accordance with the Uniform Revenue Bond Act without complying with the procedures prescribed in ORS ~288.815. K. The outstanding Series 1994 Bonds 'lire callable as to principal and interest on August 1, 2003 at a redemption premium of 101 % of the principal amount and may be currently refunded to effect a net debt service savings. L. The outstanding Series 1998B Bonds are callable as to principal and interest at any time without premium and may be currently refunded to effect a net debt service savings. M. EWEB has requested the City Council to adopt this Resolution authorizing and setting the terms for the issuance of not to exceed $40,000,000 principal amount of bonds for the purpose of currently refunding all or a portion of the outstanding Series 1994 Bonds and all or a portion of the outstanding Series 1998B Bonds, and to pay the costs of issuance of the current refunding bonds. N. The Series 1996 Bonds are callable as to principal and interest on August 1,2006 without premium, and net debt service savings may be achieved by issuing refunding bonds for the purpose of advance refunding all or a portion of the outstanding Series 1996 Bonds on August 1, 2006. O. EWEB has requested the City Council to adopt this Resolution authorizing and setting the terms for the issuance of not to exceed $17,000,000 principal amount of bonds for the purpose of advance refunding all or a portion of the outstanding Series 1996 Bonds on August 1,2006, and to pay the costs of issuance of the advance refunding bonds. 2