Resolution No. 4571 - Laserfiche WebLink

Home Browse Search

(a) The bonds or other evidences of indebtedness shall not be sold at a price less than ninety-six percent (96%) of the par amount thereof, shall mature not later than thirty (30) years from the date thereof and shall bear interest at a net effective rate of not to exceed thirteen percent (13 % ) per annum. (b) Such bonds and other evidences of indebtedness shall include a statement on their face to the effect: (1) That they do not in any manner constitute a general obligation of the Board, 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 the Board, but are charges upon and are payable solely from the revenues of the Electric Utility System operated by the Board, or any portion thereof, or from any other monies lawfully available therefor, pledged to the payment thereof; (2) That the holders thereof may look for repayment only to the revenues of the Electric Utility System which are pledged to the payment thereof, and may not directly or indirectly be paid or compensated through the property of the City, or the Board, or by or through the taxing power of the City. (c) The Board may provide for the refunding of any bonds or other evidences of indebtedness so issued by the issuance and sale of refunding bonds or other evidences of indebtedness upon such terms and conditions as it may prescribe, and pledge to such refunding bonds and other evidences of indebtedness all of the net revenues of the Electric Utility System, or any portion thereof, or from any other monies lawfully available therefor, as it may determine; provided, however, that such refunding bonds or other evidences of indebtedness shall not be sold at a price less than ninety-six percent (96%) of the par amount thereof, shall mature not later than thirty (30) years from the date thereof and shall bear interest at a net effective interest rate of not to exceed thirteen percent (13 %) per annum. (d) Provisions shall be made for the complete amortization of the principal amount of each issue of bonds issued under the authority of Resolution No. 4360 and this Resolution within a period of thirty (30) years from the respective date of such issue, through the medium of serial or sinking fund bonds or otherwise, as the Board may determine. (e) Subject only to the provisions of the resolutions heretofore adopted by the Board providing for the issuance of bonds payable from the net revenues of the Electric Utility System, any pledge of the revenues or other monies or obligations of the Electric Utility System made by the City acting by and through the Board shall have such a lien and priority as the Board shall determine and shall be valid and binding from the time such pledge is made, and the revenues or other monies or obligations so pledged and thereafter received by the Board shall immediately be subject to the lien of such pledge without any physical delivery or further act. (f) Without limiting the powers extended to the Board to determine terms and conditions of the bonds and other evidences of indebtedness in addition to and not in conflict herewith, the Board is authorized, in its discretion, and to the extent permitted by law, to provide in connection with the authorization of any issue of such bonds, that such bonds and the interest thereon may be payable, collectible or registerable at any place or places within or without the State of Oregon; that such bonds may be redeemable, either at the option of the Board, or by the operation Page 2