Resolution No. 4817 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 4817 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF ELECTRIC UTILITY SYSTEM REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED FIFTEEN MILLION FOUR HUNDRED THOUSAND DOLLARS ($15,400,000) FOR THE PURPOSES OF FINANCING ELECTRIC UTILITY SYSTEM IMPROVEMENTS; 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. On June 25, 2001 the City Council adopted Resolution No. 4677 authorizing the issuance and sale by the City, acting by and through EWEB, of electric revenue bonds, in one or more series, in an aggregate principal amount not to exceed $50,000,000 for the purpose of financing certain capital improvements to the electric utility as described in the resolution (the "Project"). E. On July 22, 2001 the Notice of Revenue Bond Authorization was published in The Register- Guard, a newspaper of general circulation within the geographical boundaries of the City. Sixty (60) days elapsed since the publication of the Notice, and no voters residing within the geographical boundaries of the City filed a petition with the City asking to have the question of whether to issue the electric utility system revenue bonds referred to a vote (the "2001 URBA Authorization"). F. On May 12, 2003 the City Council adopted Resolution No 4757 setting the terms for the issuance of not to exceed $7,000,000 principal amount of bonds (the "2003 New Project Bonds") for the purpose of financing capital improvements to the electric utility system which constitute Project purposes under the 2001 URBA Authorization, to fund necessary reserves for the 2003 New Project Bonds, and to pay the costs of issuance of the 2003 New Project Bonds. G. As of the date of this Resolution, the aggregate principal amount of bonds issued pursuant to the 2001 URBA Authorization is $44,570,719.21, consisting of $37,570,719.21 of Electric Resolution- 1