01/26/1959 Meeting - Laserfiche WebLink

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429 ~ e 1/26/59 .: -'--------~------~----_.- ------.- ----------- ------ ~--.;;~~~--=.;.-~--'--~::.=;.~-=:.;:..;;;.-...;:....-:::.=.;,,==::;..=-~~~~~~ --- -I - _ _! H I 'I I I l.! I,i Ii II Ii II I i I -- ~. , . ~. . ' , PRIVATE USE; AUTHOR1ZING THE, ACQUIRING OF ALL PROPERTY, REAL AND PERSONAL, WITHIN OR WITHOUT THE CITY, NECESSARY OR CONVENIENT' IN CONNECTION WITH SAID PROJECT AND RELATED FACILITIES, AND AUTHORIZING THE SAID BOARD TO ISSUE REVENUE BONDS OR- OTHER EVIDENCES OF 'INDEBTEDNESS, P~YABLE SOLELY FROM THE NET REVENUES OF THE ELECTRIC UTILITY SYSTEM OF SAID CITY, ,IN SUCH AMOUNTS FROM TIME TO TIME AS MAY BE-DEEMED NECESSARY BY SA I 0 BOARD FOR' SAID PURPOSES'.' ' . BE IT ENACTED BY THE LEGAL VOTERS or THE CITY or EUGENE, OREGON, THAT THE CHARTER OF SAID CITY BE AMENDED BY ADDING THERETO A NEW CHAPTER TO READ AS FOLLOWS: " 1 II II I I ! I I CHAPTE'R~' e t II SECTION I. THE ~~TY OF EUGENE., ACTING BY AND THROUGH"THE EUGENE WATER & ELECTRIC BoARD, IS HEREBY ~UTHORIZED TO ADD TO, ENLARGE,IMPROVE AND EXTEND THE ELECTRIC UTILITY SYSTEM OF SAID CITY BY THE CONSTRUCTION OF AN HYDROELECTRIC POWER PROJECT ON THE UPPER McKENZIE RIVER AT OR NEAR CARMEN CREEK AND SMITH RIVER, BEING APPROXIMATELY 75 MILES EAST OF AND WITHOUT-THE CITY. IN PROVIDING SAID IM- PROVEMENT, SA I 0 BoARD' is' AUTHORI ZED TO BUI LD AND CONSTR~CT DAMS" RESERVO IRS, TUNNELS AND POWER HOUSES AND TO ACQUIRE BY CONDEMNATION OR PURCHASE ALL WATER RIGHTS, LICENSES, REAL ESTATE, RIGHTS-OF-WAY AND EASEMENTS WITHIN AND WITHOUT THE CITY AS MAY BE NECESSARY OR CONVENIENT, AND T~ PURCHASE, CONSTRUC~ AND IN- STALL GENERATORS, TRANSMissioN LINES,' SUBST~TIONS, AND' SUCH OTHER EQUIPMENT :- AND FACILITIES AS MAY BE NECESSARY TO' PROVIDE A COMPLETE OPERATING FACILITY. THE SAID BoARD MAY ALSO CONSTRU~T,'PURCHASE, LEASE OR OTHERWISE AC~UIRE SUCH ADD.'- TIONAL TRANSMISSION AND DISTRIBUTION FACILITIES AS MAY BE REQUIRED IN THE JUDGMENT OF SAID BOARD TO INTERCONNECT SAID PROJECT WITH THE ELECTRIC: UTILITY SYSTEM OF THE CITY AND TO SERVE THE ELECTRIC CUSTOMERS OF SAID SYSTEM WITH ELECTRIC POWER AND ENERGY FOR PUBLIC AND PRIVATE USE, AND MAY ACQUIRE ALL PROPERTY, REAL AND PERSONAL WITHIN OR WITHOUT THE CITY OF EUGENE; NECESSARY OR CONVENI'ENT IN CON- NECTION WITH THE ACQUISITION OF SAID FACILITIES. I ! I I j I Ii II 11 I Ii II 1\ II I I II Ii 11 11 Ii . i j 1 I 11 I II "I II Ii i I I I ! I I i I I I f :i Ii Ii ,j I, I' SECTION 2. THE CITY OF EUGEN~, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, MAY BORROW MONEY, REPAYABLE SOLELY OUT OF THE REVENUES OF THE ELECTRIC UTIL1TY SYSTEM OF SA1D CITY FO~ THE PURPOSE OF PAYING THE COST ~F CON- - . ' STRUCTING, PURCHASING,'LEASING OR OTHERWISE ACQUIRING, IN ANY MANNER 'AUTHORIZED BY THE CONSTITUTION AND LAWS OF THE STATE OF OREGON OR THE CHARTER' OF THE CITY OF EUGENE, THE AFORESAID IMPROVEMENTS AND BETTERMENTS TO, AND EXTENSIONS OF, TliE ELECTR I C UT I L I TY SYSTEM OF SA-I D CITY DEEMED" NECESSARY BY SA I 0 BOARD T'O INTERCONNECT SAID PRO~ECr'WITH THE.ELECT~IC UTILITY SYSTEM AND TO SERVE THE CUSTOMERS OF SA I 0 SYSTEM, AND MAY I NCLUDE -I N SUCH BORROWI NG SUCH SUMS AS MAY BE REQUIRED TO MEET ALL COSTS OR PAYMENTS INCIDENT TO' THE ACQUISITION OF THE . . . . PROJECT AND TO THE INTERCONNECTION OR CONSOLIDAT'lON'OF SAID PROJECT WITH THE EXISTING ELECTRIC UTILITY SYSTEM, OF THE' "CITY, AND MAY FROM' TIME TO TI-MEB'ORROW THE WHOLE OR ANY PART OF THE REQUI RED S.u~, AN.D MAY I SSUE BONDS OR OTHER APPRO- PRIATE EVIDENCES OF THE INDEBTEDNESS SO CREATED, WHICH BONDS OR OTHER EVIDENCES OF INDEBTEDNESS MAY BE ISSUED EITHER IN THE NAME OF THE CITY OF EUGENE OR OF THE EUGENE WATER & ELECTR,IC BOARD, OR: BOTH. I I ALL THE TERMS AND CONDIT IONS OF SUCH BONDS, 'AND THE I SSUE AND SALE THEREOF, SHALL BE SUC~. AS SAI:D'BoARD MAY DETERMINE, PROV:,DED O~LY THAT PROVISION SHALL BE MADE FOR THE COMPLETE AMORTIZATION OF THE AGGREGATE PRINCI- PAL AMOUNT OF E-ACH I SSUE OF SUCH BONDS WITH I N' A- PER I 00 OF F I F'TY YEARS FROM THE I R DATE (THROUGH THE MEDIUM'OF SERIAL, OR SINKING FUND, BONDS', OR OTHERWI'SE,. AS THE BOARD MAY DETERMINE) AND THAT TH'E ANNUAL SERV:ICE CHARGES (hE<, -THE AGGRE-- - ...' , GATE OF INTEREST AND' PRINCIPAL PAYMENTS, WHETHER BY'MATURITY OR SI'NKING FUND PAYMENT), ON THE ISSUE f'OR ALL YEARS SUBSEQUENT TO THE EXPIRATION OF NOT MORE THAN EIGHT YEARS AFTER THE DATE OF SUCH' BONOS SHALL BE SUBSTANTIALLY EQUAL (AND THEY SHALL BE DEEMED TO BE SUBSTANTIALLY EQUAL IF THE SMALLEST THEREOf IS NOT LESS THA'N 75% Of' THE LARGE'ST TH,EREO~F). ' THE BOARD MAY PROV I DE rOR THE RE- FUNDING OF ANY BONOS SO I~SUED BY THE ISSUE OF NEW BONOS UPON SUCH TERMS AND CONDITIONS AS IT MAY PRESCRIBE,' PROVIDED ONLY THAT THE AGGREGATE PRINCIPAL AMOUNT OF EACH I SSUE OF SUC'H REFUND I NG BONDS SHALL BE COMPLETELY-AMORT I ZED WITHIN A PERI~D OF 'FIFTY YEARS FROM THE DATE OF THE BOND~ WHICH THEY REFUND, RATHER THAN rROM THE DATE OF THE REFUND I NG BONDS, AND THAT THE ANNUALSERV'I CE CHARGES, AS ABOVE DEFINED, ON THE ISSUE OF REFUNDING BONOS FOR ALL YEARS SUB- SEQUENT TO THEIR ISSUE SHALL BESUBST.ANTIALLY EQUAL (AND THEY SHALL BE DEEMED TO BE SUBSTANT I ALI:Y EQUAL I F THE SMAL:LEST THERia.=:' I s' NOT LESS THAN 75%' OF THE LARGEST THEREor) ~ .. , -", -e. WITHOUT I:IMITING IN ANY WAY' THE GENERALITY OF THE POWER ABOVE EXTENDED TO THE BoARD TODET~RM IH,E ALL THE TER.MS .AND COND I T I ONSOF THE '.1 SSUE . AND SAL'EOF BONOS, SUBJECT ONLY 'TO THE EXPRE-S'S LIMITATIONS ABOVE SET 'FORTH,THE BOARD IS EXPRESSLY AUTHORIZED, IN ITS DI'SCRETION, TO PROVIDE IN CONNECTION WITH THE AUTHORIZATION OF ANY ISSUE OF SUCH- BONDS, THAT THE SAME MAY BE ISSUED IN NEGOT IABLEOR NON-NEGOT IABLE F.ORM; .r:HA.T SUCH~.BONDS, AND THE. INTEREST THERE:ON, MAY BE PAYABLE OR COLLECTIBLE AT ANY PLACE OR PLACES, WITHIN~R WITHOUT THE STATE OF OREGON; THAT'THEY MAY.BE"ISSUED. IN FUI:LY REGISTERED OR IN COUPON FORM REG I STERABLE OR NON-REG I STERABI:E AS TO PR I NC I PAL,. INTERCHANG.EABLE OR NON-' INTERCHANGEABLE AS BETWEEN REGISTERED AND COUPON BONDS AND AS BETWEEN BONOS I I ( e 1..