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Item 2C - EWEB Revenue Bonds
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Item 2C - EWEB Revenue Bonds
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6/9/2010 12:31:43 PM
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12/1/2004 2:42:29 PM
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City Council
City_Council_Document_Type
Agenda Item Summary
CMO_Meeting_Date
12/6/2004
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EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br /> <br />Resolution 4817 Authorizing the Issuance and Sale of Electric Utility System Revenue <br />Bonds in the Aggregate Principal Amount Not to Exceed $15,400,000 for the Purposes of <br /> Financing Electric Utility System Improvements, and Providing for Related Matters <br /> <br />Meeting Date: December 6, 2004 Agenda Item Number: 2C <br />Department: Finance and Court Services Staff Contact: Sue Cutsogeorge <br />www. cl. eugene, or. us Contact Telephone Number: 682-5589 <br /> <br />ISSUE STATEMENT <br />The Eugene Water and Electric Board (EWEB) is requesting authority to proceed with the issuance of <br />Electric Utility System Revenue Bonds. The bonds will be used to finance the Carmen-Smith <br />Hydroelectric Project and other capital projects, including the purchase of land. <br /> <br />BACKGROUND <br />This item requests authorization to issue the remaining $5.4 million of the Electric Revenue bonds that <br />were authorized under the Uniform Revenue Bond Act (URBA) in 2001 for a total of $50 million. The <br />proceeds of the bonds will be issued for capital improvements to the Electric Utility System including <br />the purchase and preparation of land and related engineering studies for a headquarters and operations <br />center. <br /> <br />The remaining $10 million of Electric Revenue bonds being requested would be authorized through the <br />use of a new URBA process. The bonds will provide funds for the Carmen-Smith Hydroelectric Project, <br />including the design, construction, installation, equipping and re-licensing of these facilities. The <br />proceeds of this authorization would include funds to conduct the studies necessary to submit an <br />application for a new license of this hydroelectric generation facility. <br /> <br />RELATED CITY POLICIES <br />There are no City policies related to this item. <br /> <br />COUNCIL OPTIONS <br />The council can approve or not approve the resolution. If the council does not approve the resolution, <br />EWEB will not be able to issue the bonds. As a result, EWEB will not be able to proceed with the <br />projects under the current timeline. <br /> <br /> L:\CMO\2004 Council Agendas\M041206\S0412062C.doc <br /> <br /> <br />
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