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<br />D. Pursuant to the 2002 URBA Authorization, the City, acting by and through EWEB,
<br />issued its City of Eugene, Oregon, Water Utility System Revenue Bonds, Series 2002, in
<br />the original aggregate principal amount of $10,000,000 (the "Series 2002 Bonds").
<br />
<br />E. Following the issuance of the Series 2000 Bonds and the Series 2002 Bonds, there
<br />remained unissued under the 1999 URBA Authorization and the 2002 URBA
<br />Authorization, respectively, $14,595,000 and $1,000,000 of authorized water utility
<br />system revenue bonds.
<br />
<br />F. EWEB has requested the City Council to adopt this Resolution authorizing and setting
<br />the terms for the issuance and sale of not to exceed $15,595,000 in aggregate principal
<br />amount of water utility system revenue bonds (the "Bonds") for the purpose of financing
<br />the design, construction, installation and equipping of certain capital improvements,
<br />including related acquisitions of land, in order to improve the storage and delivery
<br />capacities of the Water Utility System which constitute Project purposes under the 2000
<br />URBA Authorization and the 2002 URBA Authorization (collectively, the "2008
<br />Improvement Program"), to fund necessary reserves for the Bonds and to pay the costs of
<br />issuance of the Bonds.
<br />
<br />G. EWEB, by resolution, has undertaken to cause to be prepared a plan showing that
<br />EWEB's estimated Water Utility System revenues are sufficient to pay the estimated debt
<br />service on the Bonds authorized by this Resolution.
<br />
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, A
<br />MUNICIPAL CORPORATION OF THE STATE OF OREGON AS FOLLOWS:
<br />
<br />Section 1. Authorization of Bonds; Purpose of Issue; Conditions of Issuance. Based
<br />on the above findings, the Council hereby authorizes EWEB, on behalf of the City, to issue and
<br />sell the Bonds designated as the "City of Eugene, Oregon Water Utility System Revenue Bonds,"
<br />in one or more series, in an aggregate principal amount not to exceed $15,595,000, subject to the
<br />following terms and conditions prescribed by the City Council:The Bonds shall: (i) mature not
<br />later than thirty (30) years from the date of issuance thereof; (ii) be sold through public
<br />competitive sale and awarded to the bidder offering the most favorable terms to EWEB, on
<br />behalf of the City, or sold pursuant to negotiation at par or with a net original issue discount or
<br />premium that does not exceed five percent (5%) of the aggregate principal amount thereof;
<br />(iii) have an effective interest rate of not to exceed seven percent (7.00%) per annum; and
<br />(iv) not exceed $15,595,000 in aggregate principal amount.
<br />
<br />(b) The proceeds of the Bonds shall be used only for the following purposes:
<br />to finance of the 2008 Improvement Program, to fund necessary reserves for the Bonds and to
<br />pay the costs of issuance of the Bonds.
<br />
<br />Section 2. Delegation of Authority for Terms of Bonds: Provisions for Issuance.
<br />Pursuant to ~~48-49 of Chapter 783 Oregon Laws 2007, EWEB, or any individual designated by
<br />EWEB, is hereby authorized and directed to determine, with respect to the Bonds, the form of
<br />bond and series designation, the manner of disbursement of proceeds of the Bonds, the maturity
<br />dates, principal amounts, redemption provisions, interest rates or the method for determining a
<br />
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