Resolution No. 4719 - Laserfiche WebLink

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system customers, to fund necessary reserves for the bonds and to pay the costs of issuance of the bonds. F. The proposed purpose of the Series 2002B Bonds are within the purposes described in the Bond Authorization. G. 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 Electric Utility System. H. The City, including EWEB, anticipates that the interest paid on the Series 2002B Bonds will be federally taxable to the recipients thereof. I. Pursuant to an election of the City electors on March 26, 1991, City Ordinance No. 19741 adopted by the City Council on January 9, 1991 and City Ordinance No. 19780 adopted by the City Council on June 10, 1991, EWEB is authorized to issue, on behalf of the City, certain revenue bonds (hereafter called the "Series 2002C New Project Bonds") for the purpose of financing certain capital improvements to the City's electric utility system, such issuance to be without further authorization or approval by the City Council. J. The City, acting by and through EWEB, has previously issued the City of Eugene, Oregon, Electric System Revenue Bonds, Series 1994 (the "Series 1994 Bonds") the City of Eugene, Oregon, Electric System Revenue Bonds, Series 1996 (the "Series 1996 Bonds") the City of Eugene, Oregon, Electric System Revenue Refunding Bonds, Series 1997 (the "Series 1997 Bonds"); K. The Series 1994 Bonds, the Series 1996 Bonds and the Series 1997 Bonds each have individual maturities coming due as to principal and interest on August 1, 2002 (the "2002 Maturities") and better cash flow management may be achieved by issuing refunding bonds for the purpose of currently refunding the 2002 Maturities (the "Series 2002C Refunding Bonds" and together with the 2002C New Project Bonds, the "2002C Bonds"); L. Issuance of the Series 1997 Bonds was authorized by City Ordinance No. 19780 adopted by the City Council on June 10, 1991 and such ordinance further authorized the refunding of bonds issued under it, therefore, the issuance of bonds refunding the 2002 maturity of the 1997 Bonds may be issued without further authorization or approval by the City Council; M. EWEB has requested the City Council to adopt this resolution to set the terms for the issuance of not to exceed $3,500,000 principal amount of Series 2002C Refunding Bonds for the purpose of currently refunding the 2002 maturity of the Series 1994 Bonds and the 2002 maturity of the Series 1996 Bonds; 2