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RESOLUTION NO. 4690 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED THIRTY MILLION DOLLARS ($30,000,000) AGGREGATE PRINCIPAL AMOUNT OF ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES 2001A (FEDERALLY TAXABLE) FOR THE PURPOSE OF FINANCING A PORTION OF THE UNFUNDED OBLIGATIONS OF THE EUGENE WATER & ELECTRIC BOARD TO THE OREGON PUBLIC EMPLOYEES RETIREMENT SYSTEM; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED FORTY MILLION DOLLARS ($40,000,000) AGGREGATE PRINCIPAL AMOUNT OF ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES 2001B, FOR THE PURPOSE OF FINANCING IMPROVEMENTS TO THE ELECTRIC UTILITY SYSTEM AND REFUNDING CERTAIN PRIOR INCURRED INDEBTEDNESS; AUTHORIZING THE ISSUANCE AND SALE OF NOT TO EXCEED FIFTEEN MILLION DOLLARS ($15,000,000) AGGREGATE PRINCIPAL AMOUNT OF ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES 2002A, FOR THE PURPOSE OF REFUNDING ELECTRIC UTILITY SYSTEM REVENUE BONDS, SERIES 1992; AND PROVIDING FOR CERTAIN DETAILS REGARDING THE SALE AND DELIVERY OF SAID BONDS. The City Council of the City of Eugene finds that: A. The City of Eugene, Oregon (the "City"), acting by and through the Eugene Water & Electric Board ("EWEB"), maintains and participates in the Oregon Public Employees Retirement System ("OPERS") established under Oregon Revised Statutes 238.600, with respect to which EWEB has unfunded actuarial accrued liability as reflected from time to time in the audited financial statements and other records of EWEB and OPERS, as the case may be (collectively, the "Unfunded Obligations"); B. Senate Bill 134 ("S.B. 134") was enacted during the 2001 Regular Session of the Oregon Legislative Assembly as emergency legislation effective upon passage; C. Sections 22-27 ofS.B. 134 amended Oregon Revised Statutes chapter 238 to permit the financing of the Unfunded Obligations by governmental units through the issuance of revenue bonds authorized by charter or pursuant to ORS 288.805 to 288.945, commonly known as the Uniform Revenue Bond Act, and provided revenue bonds issued pursuant to S.B. 134 need not comply with the procedure specified in ORS 288.815; D. 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 the City, acting by and through EWEB, owns and operates an electric utility and related facilities and systems (the "Electric Utility System"); E. On June 16, 1986, EWEB adopted a resolution authorizing and providing for the issuance,