Resolution No. 4601 - Laserfiche WebLink

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RESOLUTION NO. f'~/ A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE BY THE CITY OF EUGENE, OREGON, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, OF WATER REVENUE BONDS IN ONE OR MORE SERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $36,000,000, DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES, PROVIDING FOR PUBLICATION OF NOTICE, AND RELATED MATTERS. The City Council of the City of Eugene finds that: A. It is in the best interest of the City, acting by and through the Eugene Water & Electric Board ("EWEB"), to provide funds for the acquisition of real and personal property, to develop, construct, equip and improve EWEB's water system, and all equipment and appurtenances necessary, useful or convenient thereto (collectively "the Project") pursuant to EWEB's Water System Capital Plan; B. The City is authorized, acting by and through EWEB, to finance the Project by issuing revenue bonds pursuant to the authority of ORS 288.805 to 288.945, commonly known as the Uniform Revenue Bond Act; C. The cost of the Proj ect, including bond issuance costs and debt service reserves, is estimated not to exceed $36,000,000; D. The City estimates that bonds will be issued in an aggregate principal amount not to exceed $36,000,000. The bonds will not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from the revenues which EWEB pledges to payment of the bonds; E. EWEB has prepared a Water System Capital Plan showing that EWEB's estimated net revenues of the water system are sufficient to pay the estimated debt service under the revenue bond issue authorized by this Resolution; and F. The City and EWEB anticipate incurring expenditures ("Expenditures") to finance the costs of the Project and wish to declare their official intent to reimburse themselves for the Expenditures made on the Project from the proceeds of the revenue bonds. The interest on the bonds will be excludable from gross income under Section 103 of the Internal Revenue Code of 1986, as amended. Resolution - 1 )