Resolution No. 4808 - Laserfiche WebLink

Home Browse Search

Section 1. Authorization of Bonds; Purpose of Issue; Conditions of Issuance. Based on the above findings, the Council hereby authorizes EWEB, on behalf of the City, to issue and sell '~City of Eugene, Trojan Project Revenue Bonds" (the "Bonds") in one or more series in the aggregate principal amount of not to exceed $55,000,000 subject to the following terms and conditions prescribed by the City Council: (a) The Bonds of each series shall: (i) mature not later than September 1, 2009; (ii) be sold at par or with a net original issue discount/premium that does not exceed twelve percent (12%) of the aggregate principal amount thereof; and (iii) have an effective interest rate of not to exceed five and three quarters percent (5 3/4 %) per annum; (b) The proceeds of the Bonds shall be used only to currently refund all or a portion of the Series 1977 Bonds, provided that such refunding shall result in a net present value debt service savings of at least 2%, to fund any necessary reserves, and to pay the costs of issuance of the Bonds issued for such purpose. Section 2. Delegation of Authority for Terms of Bonds; Provisions for issuance. EWEB, or any individual designated by EWEB, is hereby authorized and directed to determined 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 amount, interest rates, denominations, form and authorized signatory and other terms and conditions of the Bonds because the same cannot be determined by the Council at this time. Prior to the issuance of any Bonds, EWEB shall: (i) prepare a plan showing that the estimated revenues are sufficient to pay the estimated debt service on the Bonds; (ii) adopt a Bond Resolution and provide a copy of such resolution to the City; and (iii) provide to the City a resolution demonstrating that the Bonds will contain a recital to the effect that any and all acts, conditions arid 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 of the City of Eugene and this Resolution. Section 3. Bonds Payable Solely from Revenues. The Bonds shall not be general obligations of the City, nor a charge upon its tax revenues, or general revenues of EWEB, but shall be payable solely fi'om (i) all payments to EWEB pursuant to the Two Party Net Billing Agreement referred to above and the thirteen Troj an Nuclear Project Agreements, each of which is dated October 5, 1970 and is among the City, Bonneville and a preference customer of Bonneville, (ii) any other amounts received by EWEB and directly attributable to the Trojan Project and (iii) any income received by EWEB as a result of the investments of such amounts. Section 4. Statement on Form of Bond. All Bonds shall include a statement on their face to the effect that: (a) They do not in any manner constitute a general obligation of EWEB or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property of EWEB, but are charges upon and are payable solely from the revenues and funds pledged to the payment thereof; and Resolution - 2