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<br />RESOLUTION NO. '1-53:;- <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE BY THE <br />CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER <br />& ELECTRIC BOARD, OF NOT EXCEEDING TWELVE MILLION <br />DOLLARS ($12,OOO,OOO) AGGREGATE PRINCIPAL AMOUNT OF <br />REVENUE REFUNDING BONDS, FOR THE PURPOSE OF REFUNDING <br />IN ADVANCE OF THEIR MATURITIES CERTAIN OUTSTANDING <br />ELECTRIC UTILITY SYSTEM REVENUE BONDS OF THE CITY; AND <br />PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION <br />THEREWITH. <br /> <br />The City Council of the City of Eugene finds that: <br /> <br />A. The electors of the City approved at an election held on March 26, 1991, <br />Ordinance No. 19741 enacted by the City Council and approved by the Mayor on <br />January 9, 1991, authorizing the City, acting by and through the Eugene Water & Electric <br />Board, to issue up to $22 million aggregate principal amount of revenue bonds or other <br />evidences of indebtedness of the City, payable solely from the net revenues or any portion <br />thereof of the Electric Utility System of the City, or from any other monies lawfully available <br />therefor, for the purpose of financing improvements to the Electric Utility System. <br /> <br />B. On June 10, 1991, Ordinance No. 19780 (the "Ordinance"), was adopted by <br />the Council and approved by the Mayor, providing for the issuance and sale of not <br />exceeding $22 million aggregate principal amount of revenue bonds of the City of Eugene, <br />Oregon, for the purpose of financing improvements to the EI'ectric Utility System of the <br />City. <br /> <br />C. Pursuant to the Ordinance, on August 8, 1991, Twelve Million dollars <br />($12,000,000) in aggregate principal amount of the City of Eugene, Oregon Electric Utility <br />System Revenue Bonds, Series 1991 (the "1991 Bonds") were issued. <br /> <br />D. On September 2, 1997, the Eugene Water & Electric Board (the "Board"), <br />adopted a Supplemental Bond Resolution (the "Supplemental Bond Resolution"), subject <br />to adoption of a resolution by this City Council, authorizing the issuance of not to exceed <br />twelve million dollars ($12,000,000) aggregate principal amount of Electric Utility System <br />Revenue Refunding Bonds, Series 1997 (the "Bonds") of the City for the purpose of <br />refunding in advance of their maturities the 1991 Bonds maturing on and after August 1, <br />2002 (the "Refunded Bonds"). The Board has determined that the issuance of the Bonds <br />will achieve a substantial savings in debt service. <br /> <br />Resolution - 1 <br />