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<br />2. Ifpetitions for an election, containing the valid signatures of not less than 5 percent of the City's <br />qualified electors, are received within the time indicated in the Notice, the question of issuing such <br />bonds in an amount not to exceed $50,000,000 shall be placed on the ballot at the next legally <br />available election date. If such petitions are received, no such amount of bonds may be sold until <br />the question of whether to issue such bonds is approved by a majority of electors living within the <br />boundaries of the City who vote on that question. Any such petitions will be subject to ORS 288.815 <br />and Sections 2.970-2.992 of The Eugene Code, 1971. <br /> <br />SECTION 3: DECLARING INTENT TO REIMBURSE <br /> <br />The City reasonably anticipates that the City and EWEB may incur preliminary, cost of <br />issuance and other project expenditures that qualify as "Original Expenditures" under Treasury <br />Regulation S 1.150-2 prior to the date of issuance of the bonds, and hereby declares its official intent <br />to reimburse itself or EWEB with bond proceeds. <br /> <br />SECTION 4: BONDS PAYABLE SOLELY FROM REVENUES <br /> <br />The bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but <br />shall be payable solely from the Electric Utility System revenues which EWEB pledges to payment <br />of the bonds pursuant to ORS 288.825(1) and the bond resolutions to be adopted by EWEB pursuant <br />to Section 1 of this resolution. <br /> <br />The foregoing Resolution adopted on the 25th day of June, 2001. <br /> <br />z,~~~t. 'OJ <br /> <br />City Recorder <br />