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RESOLUTION NO. 4808 <br /> <br /> A RESOLUTION AUTHORIZING THE ISSUANCE AND <br /> SALE OF TROJAN PROJECT REVENUE BONDS IN THE <br /> AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED <br /> $55,000,000 FOR THE PURPOSE OF REFUNDING TROJ~A~ <br /> NUCLEAR PROJECT REVENUE BONDS, SERIES OF 1977 <br /> AND PROVIDING FOR RELATED MATTERS. <br /> <br /> The City Council of the City of Eugene finds that: <br /> <br /> A. On November 5, 1968, the voters of the City of Eugene approved a Charter <br />Amendment authorizing the City, acting by and through the Eugene Water & Electric Board <br />("EWEB"), to issue tip to $225 million of revenue bonds for the construction of nuclear or other <br />thermal power plants. Pursuant to that Charter amendment and resolutions adopted by EWEB, <br />but without any additional action by the City Council, EWEB issued the City of Eugene, Trojan <br />Nuclear Project Revenue Bonds, Series of 1977 (the "Series 1977 Bonds"). <br /> <br /> B. The outstanding Series 1977 Bonds are callable as to principal and interest at any <br />time without premium. <br /> <br /> C. The Bonneville Power Administration ("Bonneville") has requested EWEB to <br />consider the feasibility of refunding the Series 1977 Bonds. <br /> <br /> D. Under the Trojan Nuclear Project Agreement, dated October 5, 1970, between the <br />City, acting by and through EWEB, and Bonneville, commonly referred to as the "Two Party Net <br />Billing Agreement"~ the City is obligated to use its best efforts in good faith to proceed with such <br />a refunding when requested by Bonneville unless EWEB determines that such refunding is not <br />feasible or advisable. <br /> <br /> E. EWEB has requested the City Council to authorize and to set the terms for the <br />issuance of not to exceed $55,000,000 principal amount of Trojan Project Revenue Bonds, Series <br />2004, for the purpose of currently refunding all or a portion of the outstanding Series 1977 <br />Bonds, to fund any reserves deemed necessary for the Series 2004 Bonds and to pay the costs of <br />issuance of the Series 2004 Bonds. <br /> <br /> F. The interest on a portion of the Series 2004 Bonds is expected to be taxable for <br />federal income tax purposes, <br /> <br /> NOW, THEREFORE, <br /> <br /> BE IT RESOLVED BY THE CITY OF EUGENE, a Municipal Corporation of the <br />State of Oregon, as follows: <br /> <br />Resolution- 1 <br /> <br /> <br />