Resolution No. 5026 - Laserfiche WebLink

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petitions may be submitted, and the City, acting by and through EWEB, shall cause the Notice to be published in The Register- Guard, a newspaper of general circulation within the boundaries of the City, in the same manner as are other public notices of the City. NOW THEREFORE, based upon the above findings, BE IT RESOLVED -BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. Authorization of New Money and Publication of Notice- Purpose of Issue Based on the above findings, subject to the prior publication of the Notice and the expiration of the 60 -day period following the publication of the Notice without the receipt of a petition for an election questioning the issuance of the New Money Bonds, which facts and circumstances shall be determined conclusively and for all purposes by any individual designated by EWEB, the City Council hereby authorizes EWEB, on behalf of the City, to issue and sell the New Money Bonds designated as the "City of Eugene, Oregon Electric Utility System Revenue Bonds," in one or more series, in the aggregate principal amount of not to exceed $36,000,000, for the purpose of financing the New Money Project, and to fund any required reserves and. costs of issuance, and to publish the Notice as aforesaid. If petitions for an election, containing the valid signatures of not less than 5 percent of the City's qualified electors, are received within the time indicated in the Notice, the question of issuing the New Money Bonds shall be placed on the ballot at the next legally available election date. If such petitions are received no New Money Bonds may be sold until the question of whether to issue the New Money Bonds -is approved by a majority 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.Capitalized terms used but not defined herein shall have the meaning assigned in the Bond Resolution, unless the context clearly requires otherwise. 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 Electric Utility System Revenue Refunding Bonds," in one or more series, in an amount not to exceed $46,800,000 for the purpose of refunding Series 1998A Taxable Bonds and Series 2001B 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 thirty (30) years from the date of issuance of the series; (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 seven percent (7.0 %) of the aggregate principal amount thereof; and (iii) have an effective interest rate of not to exceed seven percent (7.0 %) per annum; and _ described. (b) The proceeds of the Bonds shall be used only for the purposes above -3-