Resolution No. 4555 - Laserfiche WebLink

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RESOLUTION NO. Ljs- 5 5 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE BY THE CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, OF NOT EXCEEDING THIRTY-FIVE MILLION DOLLARS ($35,000,000) AGGREGATE PRINCIPAL AMOUNT OF REVENUE REFUNDING BONDS FOR THE PURPOSE OF REFUNDING IN ADVANCE OF THEIR MATURITIES CERTAIN OUTSTANDING ELECTRIC UTILITY SYSTEM REVENUE BONDS OF THE CITY; AND PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH. The City Council of the City of Eugene finds that: A. The electors of the City approved at an election duly held on May 18, 1993, Resolution No. 4360 adopted by the City Council on February 17, 1993 authorizing the City, acting by and through the Eugene Water & Electric Board ("EWEB"), to issue up to $150 million aggregate principal amount of revenue bonds or other evidences of indebtedness of the City, payable solely from the net revenues or any portion thereof of the Electric Utility System of the City, or from any other monies lawfully available therefor, for the purpose of financing improvements to the Electric Utility System. B. On May 24, 1993, Resolution No. 4370 was adopted by the Council providing for the issuance and sale of not exceeding $30 million aggregate principal amount of revenue bonds of the City of Eugene, Oregon, for the purpose of financing improvements to the Electric Utility System of the City. C. On March 7, 1994, Resolution No. 4405 was adopted by the Council providing for the issuance and sale of not exceeding $1,500,000 aggregate principal amount of revenue bonds or other evidences of indebtedness of the City of Eugene, Oregon, for the purpose of financing improvements to the Electric Utility System of the City. D. Thirty-One Million Five Hundred Thousand Dollars ($31,500,000) in aggregate principal amount of the City of Eugene, Oregon Electric Utility System Revenue Bonds, Series 1994C, dated March 1, 1994 (the "1994C Bonds") were subsequently issued. E. On January 20, 1998, EWEB, subject to adoption of a resolution by this City Council, authorized the issuance of not to exceed Thirty-Five Million Dollars ($35,000,000) aggregate principal amount of Electric Utility System Revenue Refunding Bonds, Series 1998 (the "Bonds") of the City for the purpose of refunding in advance of their maturities the 1994C Bonds maturing on and after August 1, 2004 (the "Refunded Bonds"). EWEB has determined that the issuance of the Bonds will achieve a substantial savings in debt service. F. City Council Resolution Nos. 4370 and 4405 and ORS 288.605 to ORS 288.695 authorize the City to issue advance refunding bonds such as the Bonds. Resolution - 1 CWC\cwc7665C.res