Resolution No. 4677 - Laserfiche WebLink

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RESOLUTION 4677 A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE BY THE CITY OF EUGENE, OREGON, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, OF REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $50,000,000, DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES, PROVIDING FOR PUBLICATION OF NOTICE, AND RELATED MATTERS. The City Council (the "Council") of the City of Eugene, a municipal corporation of the State of Oregon (the "City"), finds: A. That it is in the best interest of the City, acting by and through the Eugene Water & EI~ctric Board ("EWEB "), to provide funds for the design, construction, installation and equipping of certain capital improvements (herein referred to as the "Facilities") to the Electric Utility System operated by EWEB, including structural and environmental enhancement facilities and facilities to increase the generation, transmission and distribution capacities of the Electric Utility System; B. (1) ORS 288.805 to 288.945, commonly known as the Uniform Revenue Bond Act, authorizes the City to issue bonds payable solely from revenues generated by facilities, projects, utilities or systems owned or operated by the City; and (2) the City, acting by and through EWEB, owns and operates an electric utility and related facilities and systems; C. The cost of the Facilities, including bond issuance costs and debt service reserves, is estimated not to exceed $50,000,000; D. The City estimates that bonds will be issued in one or more series in an aggregate principal amount not to exceed $50,000,000. The bonds will not be general obligations of the City, nor a charge upon its tax revenues, but will be payable solely from revenues of the Electric Utility System which EWEB pledges to the payment of the bonds; E. EWEB shall cause to be prepared a plan showing that EWEB' s estimated Electric Utility System revenues 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 Facilities and wish to declare their official intent to reimburse themselves for the Expenditures made on the Facilities from the proceeds of the revenue bonds. To the extent that the Expenditures and the use of proceeds of revenue bonds in the improvement of the Facilities may qualify under federal tax law and regulations, the City and EWEB anticipate that the interest on the revenue bonds will be excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended.