Resolution No. 4871 - Laserfiche WebLink

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issuing such bonds shall be placed on the ballot at the next legally available election date. Section 2.981 of the City of Eugene Code further provides that an election on a matter referred by the voters shall be held at an election that is not sooner than the 90th day after certification and acceptance of the referendum, unless the City Council calls an earlier election which can be held as early as 66 days after certification and acceptance of the petition. H. EWEB has by resolution undertaken to cause to be prepared a plan showing that EWEB' s estimated Electric Utility System revenues are sufficient to pay the estimated debt service on the Bonds authorized by this Resolution. I. The City, including EWEB, anticipates incurring expenditures ("Expenditures") to finance the costs of the 2006 New Project and wishes to declare official intent to reimburse itself for the expenditures made on the 2006 New Project from the proceeds of the Bonds. To the extent that the expenditures and the use of proceeds of the Bonds may qualify under federal tax law and regulations, the City, including EWEB, intends for the interest on such Bonds to be excludable from gross income for federal income tax purposes under ~ 1 03 of the Internal Revenue Code of 1986, as amended. J. EWEB has requested by resolution that the City Council adopt this Resolution in part to authorize the publication of the Notice of Revenue Bond Authorization relating to the Bonds, such notice being in substantially the form attached to this Resolution as Exhibit "A" (the "Notice"). The Notice shall specify the last date on which 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, 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 Bonds 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 Bonds, which facts and circumstances shall be determined conclusively and for all purposes by any individual designated by EWEB), the Council hereby authorizes EWEB, on behalf of the City, to issue and sell "City of Eugene, Oregon Electric Utility System Revenue Bonds" (the "Bonds"), in one or more series, in the aggregate principal amount of not to exceed $8,000,000, for the purpose of financing the costs of the design, construction, installation, acquisition and equipping of the 2006 New 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 Bonds shall be placed on the ballot at the next legally available election date that is at least 66 days after certification and acceptance of the petition. If such petitions are received no Bonds may be sold until the question of whether to issue the Bonds is approved by a majority of electors living Resolution - 2