Resolution No. 4871 - Laserfiche WebLink

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RESOLUTION NO. 4871 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF ELECTRIC UTILITY SYSTEM REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED EIGHT MILI:ION DOLLARS ($8,000,000) FOR THE PURPOSES OF FINANCING CAPITAL IMPROVEMENTS TO THE ELECTRIC UTILITY SYSTEM AND PROVIDING FOR RELATED MATTERS The City Council of the City of Eugene finds that: A. ORS ~288.805 to ~288.945, commonly known as the Uniform Revenue Bond Act, authorizes the City to issue bonds payable solely from revenues generated by facilities, projects, utilities or systems owned or operated by the City. The City, acting by and through the Eugene Water & Electric Board ("EWEB"), owns and operates an electric utility and related facilities and systems. B. On June 16, 1986 EWEB adopted a resolution authorizing and providing for the issuance, from time to time, of City of Eugene, Oregon Electric System Revenue Bonds to be equally and ratably secured by the pledge of revenues, funds and accounts thereunder (as amended and supplemented, the "Bond Resolution"). C. The Bond Resolution provides in part that the principal of, premium, if any, and interest on the bonds issued thereunder shall not be payable from any funds of the City nor constitute a general obligation of the City or create a charge upon the tax revenues or any other property or revenues of the City. D. It is in the best interest of the City, acting by and through EWEB, to provide funds for the principal purposes of design and development work associated with relocation of certain EWEB operating functions to a new site in West Eugene, design work for remodel of the existing downtown EWEB headquarters building and preliminary planning work related to EWEB property located at the downtown riverfront site (the "2006 New Project"). E. The cost of the 2006 New Project, including bond issuance costs and debt service reserves, is estimated not to exceed $8,000,000. F. EWEB has requested by resolution that the City Council adopt this Resolution in part to set the terms for the issuance of not to exceed $8,000,000 principal amount of Bonds (as defined herein), which Bonds will not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from revenues of the Electric Utility System which EWEB pledges to the payment of such bonds pursuant to ORS 288.825(1) and the resolutions to be adopted by EWEB pursuant to this Resolution. G. ORS ~288.815 provides, in part, that in connection with the City's issuance of bonds payable solely from revenues of the Electric Utility System under the Uniform Revenue Bond Act, if the City receives petitions containing valid signatures of the City's qualified electors totaling not less than five percent of the City's qualified electors, the question of Resolution - 1