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<br />RESOLUTION NO. 4686 <br /> <br />A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE BY THE CITY OF <br />EUGENE, OREGON, ACTING BY AND THROUGH THE EUGENE WATER & <br />ELECTRIC BOARD, OF REVENUE BONDS IN AN AMOUNT NOT TO EXCEED <br />$60,000,000 TO PROVIDE FUNDS FOR ELECTRIC POWER SUPPLY COST <br />CONTINGENCIES, DECLARING OFFICIAL INTENT TO REIMBURSE <br />EXPENDITURES, PROVIDING FOR PUBLICATION OF NOTICE, AND RELATED <br />MA TTERS <br /> <br />The City Council (the "Council ") of the City of Eugene, a municipal corporation of the <br />State of Oregon (the "City"), finds: <br /> <br />A. That it is in the best interest of the City, acting by and through the Eugene Water & <br />Electric Board ("EWEB "), to provide for such stand-by funding as may be required to <br />enable EWEB to meet future increases in the cost of purchased electric power which may <br />not be fully covered by available reserves or under the rate structure in effect at the time <br />such cost increases are incurred (collectively, "Power Supply Cost Contingencies"); <br /> <br />B. (1) ORS 288.805 to 288.945, commonly known as the Uniform Revenue Bond Act, <br />authorizes the City to issue bonds payable solely from revenues generated by facilities, <br />projects, utilities or systems owned or operated by the City; and (2) the City, acting by <br />and through EWEB, owns and operates an electric utility and related facilities and <br />systems; <br /> <br />C. The Power Supply Cost Contingencies (as estimated by EWEB and its consultants, using <br />historical data and five-year forecast conditions related to power and fuel capacity and <br />supplies, transmission capacity, demand and other factors), including issuance costs and <br />debt service reserves, is estimated not to exceed $60,000,000; <br /> <br />D. The City estimates that bonds will be issued from time to time in one or more series in an <br />aggregate principal amount not to exceed $60,000,000. The bonds will not be general <br />obligations of the City, nor a charge upon its tax revenues, but will be payable solely from <br />revenues of the Electric Utility System which EWEB pledges to the payment of the <br />bonds; <br /> <br />E. EWEB shall cause to be prepared a plan showing that EWEB's estimated Electric Utility <br />System revenues are sufficient to pay the estimated debt service under the revenue bonds; <br />and <br />