Resolution No. 4692 - Laserfiche WebLink

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RESOLUTION OF THE EUGENE WATER AND ELECTRIC BOARD (THE "BOARD") AUTHORIZING THE ISSUANCE OF REVENUE BONDS OF THE CITY OF EUGENE, OREGON (THE "CITY") AND INTERESTS THEREIN IN THE FORM OF COMMERCIAL PAPER NOTES IN AN AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $60,000,000 OUTSTANDING AT ANY ONE TIME TO PROVIDE FINANCING FOR ELECTRIC POWER PURCHASE COSTS; AUTHORIZING CERTAIN OFFICERS TO ACT ON BEHALF OF THE EUGENE WATER AND ELECTRIC BOARD IN SELLING AND DELIVERING SUCH BONDS AND NOTES; AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS RELATING TO THE SALE AND DELIVERY OF THE BONDS AND NOTES. WHEREAS, 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 the Board, owns and operates an electric utility and related facilities and systems (the "Electric Utility System"); and WHEREAS, on July 17, 200 1, the Board requested, by resolution, the City Council to authorize the issuance of revenue bonds in one or more series in an aggregate principal amount not to exceed $60,000,000 to provide for such stand-by funding as may be required to enable the Board to meet future increases in the cost of purchased electric power which may not be fully covered by available reserves or under the rate structure in effect at the time such cost increases are incurred (collectively, "Power Supply Cost Contingencies"); and WHEREAS, on August 6, 2001, the City Council adopted Resolution No. 4686 authorizing the Board to issue such revenue bonds in the total aggregate principal amount of not to exceed $60,000,000 for the purpose of providing funds for the Power Supply Cost Contingencies (the "Power Supply Cost Contingency Bonds" or "Bonds"); and WHEREAS, notice of the City's authorization of the Power Supply Cost Contingency Bonds in an aggregate principal amount not to exceed $60,000,000 was published in The Register-Guard on August 12, 2001, and no petition for an election questioning the issue of such bonds was received in the 60-day period following publication of such notice; and WHEREAS, due to the uncertain nature of the amounts and timing of funds needed for the Power Supply Cost Contingencies the Board determines that issuing interests in the Bonds in the form of commercial paper notes (the "Commercial Paper Notes" or "Notes") is prudent to give the Board the flexibility to finance the Power Supply Cost Contingencies as the need arises; and