Resolution No. 4688 - Laserfiche WebLink

Home Browse Search

G. EWEB has retained the services of Capital Advisors LLC, an independent financial adviser, to recommend the manner of sale of the first series of the bonds, and Capital Advisors LLC recommends that the first series of the bonds be sold at a private negotiated sale in order to achieve maximum flexibility and efficiency in structuring, timing and pricing the issue; H. Based on the expert advice of EWEB' s independent financial adviser and provided that the financial adviser makes an evaluation of the terms and conditions of the proposed sale; the pricing of the proposed sale; any other relevant aspects of the sale pursuant to ORS 288.845, EWEB proposes that the first series of bonds be sold at a private negotiated sale; and I. 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 bonds. 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 APPROVED: FIRST SERIES OF SUCH BONDS AUTHORIZED 1. The Council hereby authorizes EWEB to issue the City's revenue bonds payable from EWEB' s revenues in one or more series in an aggregate principal amount not to exceed $60,000,000, for the purpose of financing the costs of the Unfunded Obligations, and to fund any required reserves and costs of issuance. 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 further authorization by the Council, the effective rate of interest on each series of bonds shall not exceed 10 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 10 percent of the aggregate principal amount thereof. 2. The first series of bonds, in an amount not to exceed $30,000,000, is authorized to be sold. The bonds are authorized to be sold at a private negotiated sale based on the expert advice ofEWEB' s financial adviser and provided that the required evaluation is made. Prior to selling the first series of bonds, EWEB shall cause to be prepared