Resolution No. 4692 - Laserfiche WebLink

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(iv) be sold at a price less than 950/0 of the principal amount thereof. SECTION 3. Pledge of Revenues. The Bonds and the Notes shall be payable solely from the revenues of the Electric System of the Board, and shall be junior and subordinate to the pledge securing the City's outstanding Electric System Revenue Bonds issued pursuant to that certain Bond Resolution, adopted by the Board on June 16, 1986, as amended and supplemented. The foregoing pledge of the revenues for the payment of the Bonds and Notes shall be valid and binding from and after the date of the issuance, sale and delivery of the Bonds and Notes, and the revenues shall thereupon be subject to the lien of such pledge without the physical delivery thereof or further act by the Board. The Bonds and Notes shall not in any manner or to any extent constitute a general obligation of the City of Eugene or the Board, or create a charge upon the tax revenues of the City of Eugene or a charge upon any other revenues or property of the City of Eugene or a charge upon any other revenues or assets of the Board not specifically pledged as revenues, or constitute a personal obligation of any member, officer or employee of the Board. SECTION 4. Debt Service Report to City. Prior to issuing the Bonds, the Board shall cause to be prepared a plan showing that the estimated Electric Utility System revenues are sufficient to pay the estimated debt service of the amount of Bonds outstanding. SECTION 5. Credit Agreement. In order to effectuate the issuance and sale of the Bonds and Notes, the Board finds and determines that it is in the best interests of the Board to enter into a Credit Agreement by and between the Board and U.S. Bank, National Association, (the "Credit Agreement"). The Board authorizes and directs an Authorized Issuer Representative to execute and the Secretary or Assistant Secretary of the Board to attest such Credit Agreement, with such changes, additions, and omissions to such Credit Agreement as such representatives, in their discretion, shall approve as necessary or appropriate, such execution and attestation to be conclusive evidence of such approval, and said representatives are hereby authorized and directed to deliver such Credit Agreement to the other party thereto. In addition, all officers and employees of the Board are hereby authorized to carry out or cause to be carried out the obligations of the Board under the Credit Agreement. SECTION 6. Issuing and Paying Agencv Agreement. In order to effectuate the issuance and sale of the Bonds and Notes, the Board finds and determines that it is in the best interests of the Board to enter into the Issuing and Paying Agency Agreement by and between the Board and U.S. Bank Trust, National Association (the "Issuing and Paying Agency Agreement"). The Board authorizes and directs an Authorized Issuer Representative to execute and the Secretary or Assistant Secretary of the Board to attest such Issuing and Paying Agency Agreement, with such changes, additions, and omissions to such Issuing and Paying Agency Agreement as such representatives, in their discretion, shall approve as necessary or appropriate, such execution and attestation to be conclusive evidence of such approval, and said representatives are hereby authorized and directed to deliver such Issuing and Paying Agency Agreement to the other parties thereto. All of the officers and employees of the Board are hereby authorized and directed to carry out or cause to be carried out the obligations of the Board under the Issuing and Paying Agency Agreement. SECTION 7. Commercial Paper Dealer Agreement. In order to effectuate the issuance and sale of the Bonds and Notes, the Board finds and determines that it is in the best interests of the Board to enter into the Commercial Paper Dealer Agreement by and between the Board and U.S. Bancorp Investments, Inc. (the "Commercial Paper Dealer Agreement"). The Board authorizes and directs an Authorized Issuer Representative to execute and the Secretary or Assistant Secretary of the Board to 3