Resolution No. 5162 - Laserfiche WebLink

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2008 Bonds and the Series 2011A Bonds, and to fund any required reserves and costs of issuance of the Refunding Bonds. Section 2. Conditions of Issuance and Sale. The City Council hereby prescribes that: (a)The Refunding Bonds shall: (i) mature not later than thirty (30) years from the date of issuance of the series; (ii) be sold through public competitive sale and awarded to the bidder offering the most favorable terms to EWEB, on behalf of the City, or sold pursuant to negotiation at par or with a net original issue discount or premium that does not exceed twenty percent (20%) of the aggregate principal amount thereof; and (iii) have an effective interest rate of not to exceed five and one-half percent (5.5%) per annum; and (b)The proceeds of the Refunding Bonds shall be used only for the purposes above described. Section 3. Delegation of Authority for Terms of Refunding Bonds; Provisions for Issuance. Pursuant to ORS 287A.300(4), EWEB, or any individual designated by EWEB, is hereby authorized and directed to determine, with respect to the Refunding Bonds, the form of bond and series designation, the manner of disbursement of proceeds of the Refunding Bonds, the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, obtain bond insurance or some other form of guaranty or security for the payment of the Refunding Bonds, denominations, form, authorized signatory, which, if any, of the Series 2005, Series 2006 Bonds, Series 2008 Bonds and Series 2011A Bonds will be refunded, the terms and form of necessary or desirable documents and other terms and conditions of the Refunding Bonds because the same cannot be determined by the City Council at this time. Prior to the issuance of any Refunding Bonds, EWEB shall: (i) prepare a plan showing that the estimated Electric Utility System revenues are sufficient to pay the estimated debt service on the Refunding Bonds; (ii) adopt a bond authorizing resolution and provide a copy of such resolution to the City; and (iii) provide to the City a resolution determining that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of the Refunding Bonds, exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of Oregon, the Charter and ordinances of the City of Eugene and this Resolution. Section 4. Statement on Form of Bond. All Refunding Bonds shall include a statement on their face to the effect: (a)That they do not in any manner constitute a general obligation of EWEB or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property of EWEB, but are charges upon and are payable solely from the revenues of the Electric Utility System operated by EWEB, or any portion thereof, pledged to the payment thereof; and (b)That the holders thereof may look for repayment only to the revenues of the Electric Utility System which are pledged for the payment thereof, and may not directly or indirectly be paid or compensated through any other property of the City, or EWEB, or by or through the taxing power of the City. 4