Resolution No. 5162 - Laserfiche WebLink

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law and no petitions were filed seeking to refer the matter to a vote of the electors of the City. In addition, Resolution No. 5026 authorized the issuance of electric revenue refunding bonds, in one or more series, in an aggregate principal amount not to exceed $46,800,000 for the purpose of refunding Series 1998A Taxable Bonds and Series 2001B Bonds. L. On June 29, 2011, the City, acting by and through EWEB, issued its Electric Utility System Revenue Bonds, Series 2011A in the principal amount of $66,210,000 (the 11A ) (1) $32,150,000 of which was issued under the 2008 Authorization, (2) $850,000 of which was issued under the 2011 Authorization and (3) the balance was used to refund the 1998A Taxable Bonds and Series 2001B Bonds. The Series 2011A Bonds maturing on and after August 1, 2022 are subject to redemption on or after August 1, 2021, at the option of EWEB, in whole or in part at any time, at a price of 100% of the principal amount thereof, plus accrued interest to the date of redemption. M. EWEB has determined that present value savings may be achieved by issuing refunding bonds for the purpose of refunding all or a portion of the outstanding Series 2005, the Series 2006 Bonds, the Series 2008 Bonds and the Series 2011A Bonds (collectively the N. EWEB has requested by resolution that the City Council adopt this Resolution to set the terms for and authorize the issuance of not to exceed $156,000,000 electric utility system revenue refunding bonds the Refunded Bonds, to fund necessary reserves and to pay costs of issuance of the Refunding Bonds. O. The Refunding Bonds will not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from revenues of the Electric Utility System which EWEB pledges to the payment of such Refunding Bonds pursuant to ORS Sections 287A.310 and 287A.325 and the resolution to be adopted by EWEB pursuant to this Resolution. P. EWEB has estimated Electric Utility System revenues are sufficient to pay the estimated debt service on the Refunding Bonds authorized by this Resolution. NOW THEREFORE, based upon the above findings, 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 Refunding Bonds; Purpose of Issue. Based on the above findings, the City Council hereby authorizes EWEB, on behalf of the City, to issue and sell the not to exceed $156,000,000 for the purpose of refunding all or a portion of the Series 2005 Bonds, the Series 2006 Bonds, the Series 3