Resolution No. 4719 - Laserfiche WebLink

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N. ORS ~288.592 authorizes the issuance of current refunding bonds such as the Series 2002C Refunding Bonds; and O. The City, including EWEB, anticipates incurring expenditures to finance the costs of the project for the Series 2002C New Project Bonds and desires to declare its official intent to reimburse itself for such expenditures from the proceeds of the Series 2002C New Project Bonds. To the extent that the expenditures and the use of proceeds of Series 2002C New Project Bonds may qualify under federal tax law and regulations, the City, including EWEB, intends for the interest on the Series 2002C New Project Bonds to be excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 (the "Code"), 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. Series 2002B Bonds: Terms~ Purpose of Issue~ Delegation of Authority~ Provisions for Issuance~ Conditions of Issuance. Based on the above findings, the Council hereby authorizes EWEB to issue the Series 2002B Bonds as federally taxable bonds within the following terms and conditions prescribed by the City Council: (a) The Series 2002B Bonds shall: (i) mature not later than fifteen (15) years from the date of issuance thereof; (ii) be sold at par or with a net original issue discount/premium that does not exceed five percent (5%) of the aggregate principal amount thereof; (iii) have an effective interest rate of not to exceed nine percent (9%) per annum; and (iv) not exceed $12,000,000 in total principal; (b) The proceeds of the Series 2002B Bonds shall be used for the purpose making energy conservation loans and grants to electric utility system customers, to fund necessary reserves for the bonds, to pay capitalized interest on the bonds and to pay the costs of issuance of the bonds; (c) 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, is hereby authorized and directed to determine, with respect to the Series 2002B Bonds, the form of bonds and series designation, 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; (d) The Series 2002B Bonds shall include a statement on their face to the effect: (i) 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 3