Resolution No. 4571 - Laserfiche WebLink

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of any sinking fund provided for the issue, at such time or times and at such price or prices as the Board may determine, whether or not involving a premium over the principal amount of such bonds, provided, however, that any such premium shall not exceed four percent (4%) of the principal amount of bonds to be redeemed; for the appointment of such fiscal or paying agents, registrars, trustees, or other agencies, for any such issue of bonds, as the Board may determine, for the benefit and protection of the holders of such bonds; for the deposit of funds including bond proceeds with such agents or trustees for any lawful purpose for which such funds may be deposited; for the manner of disbursement of, and accounting for, bond proceeds; for the rights and remedies of the holders of such bonds; for the establishing and maintaining of special funds or accounts to insure the payment when due and payment of the principal of and interest on such bonds and for other purposes, from proceeds of the sale of bonds or revenues of the Electric Utility System or other monies lawfully available and pledged to the payment of such bonds and the interest thereon, and for the investment and reinvestment of monies or obligations in such special funds; and to covenant with, and for the benefit of, the holders from time to time of such bonds as the Board may determine. (g) The Board shall, by resolution, determine the amount or amounts required for the purposes for which the monies are borrower at any particular time or times, and shall also determine that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of such 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 and the Charter of the City of Eugene. (h) The bonds or other evidence of indebtedness shall not be sold until legal opinions have been rendered by bond counsel for the Board that (1) the bonds are duly and legally authorized and do not constitute general obligations of the City of Eugene, and (2) none of the resolutions of the Board enacted pursuant to this Resolution conflict with the terms and conditions prescribed by this Resolution. Section 2 Reporting. The Board shall submit to the City by May 1 of each year the following annual reports commencing after the first sale of bonds or other evidences of indebtedness and each year thereafter until the bonds have been paid and retired: (a) A report on the funds established pursuant to the bond resolution describing the funds established, the amounts in each fund, expenditure from each fund, the manner in which the monies in each fund have been invested, the income from such investments and the application of such income. (b) A report on bond payments describing amounts paid and amounts scheduled to be paid and the source of such payments. If the contents of the reports required by subsections a and b are included in the Board's yearly audit report, the Board may comply with this section by transmitting a copy of its yearly audit report to the City. Section 3 Effectlve Date. This Resolution shall become effective immediately upon its adoption. Page 3