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<br /> <br />ECC <br />UGENE ITY OUNCIL <br />AIS <br />GENDA TEM UMMARY <br /> <br /> <br /> <br /> <br />Adoption of Resolution 4935 Authorizing the Issuance and Sale of Water Utility System <br />Revenue Bonds in the Aggregate Principal Amount of Not To Exceed Fifteen Million <br />Five Hundred Ninety-Five Thousand Dollars ($15,595,000) for the Purpose of Financing <br />Certain Capital Improvements to the Water Utility System and Providing for Certain <br />Details and Related Matters <br /> <br /> <br />Meeting Date: April 14, 2008 Agenda Item Number: 3C <br />Department: Central Services Staff Contact: Sue Cutsogeorge <br />www.eugene-or.gov Contact Telephone Number: 682-5589 <br /> <br /> <br /> <br /> <br />ISSUE STATEMENT <br /> <br />EWEB is requesting authority to proceed with the issuance of Water Utility System Revenue Bonds in <br />the amount of $15,595,000, for the purposes described below. <br /> <br /> <br />BACKGROUND <br /> <br />On September 13, 1999, the council adopted Resolution No. 4601 authorizing the issuance and sale of <br />Water System Revenue Bonds in aggregate amount not to exceed $36 million for acquisition of real and <br />personal property, to develop, construct, equip, and improve the water system. Of this amount, <br />$21,405,000 has been issued to date. This resolution sets terms and conditions by which the council <br />would authorize the issuance of the $14,595,000 remaining under this authorization. The bonds will be <br />used to finance water utility capital improvements, including the Hayden Bridge filtration expansion, a <br />water main replacement and other projects. <br /> <br />On April 8, 2002, the council adopted Resolution No. 4712 authorizing the issuance and sale of Water <br />System Revenue Bonds in an amount not to exceed $11,000,000 for development, construction and <br />improvement of a ground water backup supply system. Of this amount, $10,000,000 has been issued to <br />date. This resolution sets out terms and conditions by which the council would authorize the issuance of <br />$1 million remaining under this authorization. The bonds would be used to finance water utility capital <br />improvements. <br /> <br />With these two previously adopted resolutions, a total of $15,595,000 of authorization is remaining. <br />EWEB is requesting authority to proceed in the issuance of $15,595,000 of Water Utility System <br />Revenue Bonds. <br /> <br />The debt service costs for these bonds were included in the costs contributing to the 17% rate increase <br />approved in March. <br /> <br /> <br /> F:\CMO\2008 Council Agendas\M080414\S0804143C.doc <br /> <br />