Resolution No. 4712 - Laserfiche WebLink

Home Browse Search

series in an aggregate principal amount not to exceed $11,000,000 to provide funds for the Confluence Wellfield Project, to fund any necessary reserves and to pay the costs of issuance. The terms and conditions prescribed by the City Council are as follows: (a) The Bonds shall: (i) mature not later than thirty (30) years from the date of issuance thereof; (ii) be sold at par or with a net original issue discount/premium that does not exceed 5 percent of the aggregate principal amount thereof; (iii) have an effective interest rate of not to exceed 9 percent per annum; and (iv) not exceed $11,000,000 in total aggregate principal amount; (b) Pursuant to ORS ~288.825(4)(a) ORS ~288.520(4) ORS ~288.540 and ORS ~288.545, EWEB, or any individual designated by EWEB, shall determine the manner of disbursement of proceeds of the Bonds, the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, denominations, form and authorized signatory and other terms and conditions of the Bonds because the same cannot be determined by the Council at this time; (c) The Bonds shall include a statement on their face to the effect: (1) that they do not in any manner constitute a general obligation of EWEB or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property of EWEB, but are charges upon and are payable solely from the revenues of the Water Utility System operated by EWEB, or any portion thereof, or from any other monies lawfully available therefor and pledged to the payment thereof; and (2) that the holders thereof may look for repayment only to the revenues of the Water Utility System which are pledged to the payment thereof, and may not directly or indirectly be paid or compensated through the property of the City, or EWEB, or by or through the taxing power of the City; and (d) Prior to the issuance of the Bonds, EWEB shall (1) prepare a plan showing that EWEB's estimated Water Utility System revenues are sufficient to pay the estimated debt service on the Bonds, (2) adopt a bond resolution and provide a copy of such resolution to the City and (3) provide to the City a resolution determining that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of the Bonds exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of Oregon and the Charter of the City of Eugene, and this resolution. Section 2. Publication of Notice. No Bonds may be sold, and no purchase agreement for such Bonds may be executed, for at least 60 days following publication of the Notice of Revenue Bond Authorization (the "Notice"), such notice being in substantially the form as attached to this resolution as Exhibit A. The City, acting by and through EWEB, shall cause the Resolution 2