Resolution No. 4712 - Laserfiche WebLink

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RESOLUTION NO. 4712 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE BY THE CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER AND ELECTRIC BOARD, OF WATER UTILITY SYSTEM REVENUE BONDS IN AN AMOUNT NOT TO EXCEED $11,000,000 AND DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES The City Council (the "Council") of the City of Eugene (the "City") finds that: A. It is in the best interest of the City, acting by and through the Eugene Water & Electric Board ("EWEB"), to raise funds by issuing revenue bonds (the "Bonds") for (i) the development, construction and improvement of a ground water backup supply system (the "Confluence Wellfield Project") as part of a long-term water supply plan approved by EWEB to improve and expand the water utility system of the City (the "Water Utility System"), (ii) to fund any necessary reserves for the Bonds, and (iii) to pay the costs of issuance of the Bonds including any credit enhancement for the Bonds; B. ORS ~288.805 to ~288.945, commonly known as 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 the Water Utility System; C. The cost of the Confluence Wellfield Project, the issuance costs of the Bonds, including any credit enhancement, and the cost of funding of any necessary reserves for the Bonds, is estimated not to exceed $11,000,000; D. On February 19, 2002, EWEB adopted a resolution requesting that the City authorize the issuance of the Bonds and publish notice in accordance with the Uniform Revenue Bond Act; and E. The City, including EWEB, anticipates incurring expenditures ("Expenditures") to finance the costs of the Confluence Wellfield Project and wish to declare their official intent to reimburse themselves for the Expenditures from the proceeds of the Bonds. To the extent that the Expenditures and the use of proceeds of Bonds may qualify under federal tax law and regulations, the City and EWEB intend for the interest on the Bonds to be excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended. NOW THEREFORE BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a municipal corporation of the State of Oregon, as follows: Section 1. Bonds Authorized: Provisions for Issuance and Sale of Bonds. Based on the above findings, the Council hereby authorizes EWEB to issue the Bonds in one or more Resolution 1