Resolution No. 4677 - Laserfiche WebLink

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NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: SECTION 1: REVENUE BONDS AUTHORIZED 1. The Council hereby authorizes EWEB to issue the City's revenue bonds in one or more series in an aggregate principal amount not to exceed $50,000,000, for the purpose of financing the costs of the design, construction, installation and equipping of the Facilities, and to fund any required reserves and costs of issuance" and to sell such bonds from time to time in such manner and by such method as shall be specified pursuant to subsequent resolutions of the Council which shall be adopted as a precondition to each such sale. Prior to selling each series of bonds, and in addition to seeking the prior approval of the Council of the manner and method of each such sale, 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 such series of bonds and shall adopt a bond resolution and provide to the City Manager a copy of such bond resolution. Pursuant to ORS 288.825(4)(a) and ORS 288.520(4), EWEB or any individual designated by EWEB may determine the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, denominations and other terms and conditions of the bonds because the same cannot be determined by the Council at this time; provided, however, without the approval of the Council, the effective rate of interest on each series of bonds shall not exceed 9 percent per annum, each series of bonds shall mature not later than 30 years from the date of issuance of such series of bonds, and the discount or premium on the bonds may not exceed 5 percent of the aggregate principal amount thereof. 2. Upon completion of the actions stated in Section 2 below pursuant to ORS 288.815, EWEB or any individual designated by EWEB is authorized to prepare and distribute a preliminary official statement or other disclosure document for the bonds; to obtain bond insurance or other credit enhancement, if required; to obtain a rating of the bonds from Moody's Investors Service, Inc., Standard & Poor's Credit Markets Services and/or Fitch IBCA, Duff & Phelps, Inc., if required; to select a Trustee, Registrar or Paying Agent for the bonds; and to determine any other terms, conditions or covenants regarding the bonds, or the Facilities which are necessary or desirable to effect the sale of the bonds. SECTION 2: NOTICE: PROCEDURE 1. No bonds of the $50,000,000 issue may be sold, and no purchase agreement for such amount of bonds may be executed, for at least 60 days following publication of the Notice of Revenue Bond Authorization, such notice being in substantially the form attached to this resolution as Exhibit "A" (the "Notice"). The Notice shall specify the last date on which petitions may be submitted, and the City, acting by and through EWEB, shall cause the Notice to be published in The Register-Guard, Eugene, Oregon, a newspaper of general circulation within the boundaries of the City, in the same manner as are other public notices of the City.