Resolution No. 4692 - Laserfiche WebLink

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WHEREAS, it is contemplated and required that prior to the issuance and sale of the Power Supply Cost Contingencies Bonds and any Notes, the City Council of the City will adopt a resolution authorizing the issuance of the Power Supply Cost Contingencies Bonds and interests therein; NOW, THEREFORE, BE IT FOUND, DETERMINED, ORDERED AND RESOLVED BY THE EUGENE WATER & ELECTRIC BOARD OF THE CITY OF EUGENE, OREGON, AS FOLLOWS: SECTION 1. Findings. The Board hereby specifically finds and declares that the actions authorized hereby constitute and are true and correct with respect to the public affairs of the Board, and that the statements, findings and determinations of the Board set forth in the preambles of the documents apprQved herein are true and correct, and the Board hereby declares its intention of entering into the agreements described herein to effectuate the financing of the Power Supply Cost Contingencies. SECTION 2. Authorization of Bonds and Commercial Paper Notes. Subject to the prior approval of the City Council of the City (the "Council"), the Board hereby authorizes the issuance of the Bonds and the interests represented therein in the form of Commercial Paper Notes in a total aggregate amount outstanding at one time not to exceed $60,000,000 to provide funds for the Power Supply Cost Contingencies and to refund, reissue and redeliver outstanding Bonds or Notes. (a) Maturity Dates, Terms and Interest Rates of Bonds. Subject to the terms, provisions and limitations set forth in this resolution, an Authorized Issuer Representative in connection with the sale of the Bonds, shall determine the principal amount of such Bonds; the length of the term and the maturity date of such Bonds and the maximum discount to be borne with respect to such Bonds except that no Bonds shall: (i) mature on a day that is not a business day; (ii) be outstanding for more than seven years after the payment of Power Supply Cost Contingencies from the proceeds thereof; or (iii) bear an effective interest rate per annum in excess of 9% per annum; (iv) be sold at a price less than 95% of the principal amount thereof. (b) Maturity Dates, Terms and Interest Rates of Commercial Paper Notes. Subject to the terms, provisions and limitations set forth in this resolution, an Authorized Issuer Representative in connection with the sale of the Commercial Paper Notes, shall determine the principal amount of such Note; the length of the term and the maturity date of such Note and the maximum discount to be borne with resPect to such Note except that no Commercial Paper. Note shall: (i) mature on a day that is not a business day; (ii) have a term in excess of two hundred seventy (270) days; annum; or (iii) represent an effective interest rate per annum in excess of 9% per 2