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<br />from time to time, of City of Eugene, Oregon Electric System Revenue Bonds to be equally
<br />and ratably secured by the pledge of revenues, funds and accounts thereunder (as amended
<br />and supplemented, the "Bond Resolution");
<br />
<br />F. The Bond Resolution provides that the principal of, premium, if any, and interest on the
<br />bonds issued thereunder shall not be payable from any funds of the City nor constitute a
<br />general obligation of the City or create a charge upon the tax revenues or any other property
<br />or revenues of the City;
<br />
<br />G. On September 4,2001, EWEB requested, by resolution, the City Council to authorize the
<br />issuance of revenue bonds in one or more series in an aggregate principal amount not to
<br />exceed $60,000,000 and the issuance of the first series thereof in the principal amount of
<br />$30,000,000 to provide funds to finance a portion of the Unfunded Obligations;
<br />
<br />H. On September 10,2001, the City Council adopted Resolution No. 4688 authorizing EWEB
<br />to issue such revenue bonds in the total aggregate principal amount of not to exceed
<br />$60,000,000 and the first series thereof in an amo.unt not to exceed $30,000,000 to provide
<br />funds to finance a portion of the Unfunded Obligations (the "Series 2001A Bonds");
<br />
<br />I. On May 15, 2001, EWEB requested the City to authorize the issuance of revenue bonds,
<br />pursuant to the Uniform Revenue Bond Act, in the principal amount not to exceed
<br />$50,000,000 to provide funds for certain improvements to the Electric Utility System
<br />operated by EWEB (the "Project");
<br />
<br />J. On June 25, 2001, the City Council adopted Resolution No. 4677 authorizing EWEB to issue
<br />such revenue bonds in the total aggregate principal amount of not to exceed $50,000,000 to
<br />provide funds for the Project (the "Series 2001B New Project Bonds");
<br />
<br />K. Notice of the City's authorization of the Series 2001B New Project Bonds in an aggregate
<br />principal amount not to exceed $50,000,000 was published in The Register-Guard on July
<br />22, 2001, and no petition for an election questioning the issue of such bonds was received in
<br />the 60-day period following publication of such notice;
<br />
<br />L. EWEB determined by resolution adopted October 2, 2001, that substantial present value
<br />savings may be achieved by issuing refunding bonds (the "Series 2001B Refunding Bonds;"
<br />collectively, the Series 2001B New Project Bonds and the Series 2001B Refunding Bonds
<br />are referred to as the "Series 2001 B Bonds") for the purpose of refunding certain prior
<br />incurred indebtedness in the form of a $6,000,000 Revolving Line of Credit Note from
<br />EWEB to KeyBank National Association as to which $1,800,000 is currently outstanding
<br />(the "Note");
<br />
<br />M. Up to $150,000,000 of EWEB revenue bonds were authorized to be issued by the electors of
<br />the City at an election held on May 18, 1993 (the "Election"), and by Resolution No. 4360
<br />adopted by the City Council on February 17,1993;
<br />
<br />N. The City Council adopted Resolution No. 4616 on February 28,2000 (as amended by City
<br />Council Resolution 4656 adopted on December 11, 2000) authorizing the issuance of the
<br />Note and EWEB adopted a resolution on December 7, 1999 supplementing the Bond
<br />
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