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<br />E. Section 2.c. of the Ordinance authorizes the issuance of refunding bonds by <br />the Board and provides for the terms and provisions thereof. <br /> <br />F. ORS 288.605 to ORS 288.695 also authorizes the City to issue advance <br />refunding bonds such as the Bonds. <br /> <br />NOW, THEREFORE, <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 Refunding Bonds. Based on the above findings, <br />which are adopted herein, there are hereby authorized to be issued not to exceed twelve <br />million dollars ($12,000,000) in aggregate principal amount of Electric Utility System <br />Revenue Refunding Bonds, Series 1997 for the purpose of refunding in advance of <br />maturity the Refunded Bonds. The terms and conditions of the Bonds and the sale thereof <br />shall be in accordance with the provisions of the Ordinance, the Supplemental Bond <br />Resolution, and ORS 288.605 to ORS 288.695. The Bonds shall be subject to redemption <br />not later than 10 years from their date of issue. The Refunded Bonds shall be redeemed <br />on August 1, 2001, the first date on which the Refunded Bonds are subject to redemption, <br />and such date fixed for redemption shall be irrevocable after delivery of the Refunding <br />Bonds to the initial purchasers thereof. <br /> <br />The foregoing Resolution adopted the 8th day of September, 1997. <br /> <br />jf:~L<f:LL <br /> <br />~ City Recorder <br /> <br />Resolution - 2 <br />