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<br />Of, DiffERING DENOMINATIONS; THAT THEY MAY BE REDEEMABLE, EITHER AT THE OPTION Of
<br />THE BOARD, OR ~N THEOPERATI~N-OfANY SINKING fUND PR~VIDED fOR THE 'IS~UE,.A~'SUCH
<br />PRICE OR PRICES AS THE BoARD MAY DETERMINE,..WHETHER O~ N~T HIVOLV'ING A.PREMiuM
<br />OVER T~~ PRIN~IPAL ~MD~N! Of. TH~ .~o~Ds; AN~ THA! PROVISION:MA!.BE MADE fO~:T~E,.:
<br />APPOINTME~T OF SUCH. fl~CAL OR PAYING AGENTS, SJNKING fUND. AGENTS, TR~~TEES, OR
<br />OTHER AGENCIES, FOR ANY SUCH ISSUE Of B9N~S, AS THE BOARD MAY DETERMINE, AND ~~R
<br />THE DEPOSIT Of fUNDS WITH SUCH AGENTS fOR THE SERVICE Of SUCH BONDS AND THE APPLI-
<br />CATION Of SUCH fUNDS BY SUCH AGENCiES fOR THE PURPOSES fO~ WHICH DEPOSITED.
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<br />THE BoARD SHALL,'BY' RESOLUTION~ DETERMINE' THE AMOUNT OR AMOUNTS'
<br />REQUIRED fOR THE PURPOSES fOR WHICH THE MONEY IS. BORROWED AT ANY PARTICULAR TIME
<br />OR TIMES, AND SHALL ALSO DETERMINE iHAT ~NY AND ALL ACTS, CONDITIONS AND THINGS
<br />REQUIRED;TO EX~ST, TO HAPPEN. AND BE PERfORMED,PRECE6ENT !O. A~~. IN.THE I~SUING
<br />Of SUCH BONDS OR OTHER EVIDENCES-Of ~NDEBTEDNESS, EXIST, HAVE HAPPENED AND HAVE
<br />BEEN PERfORMED IN DUE TIME~ FORM' AND'MANNER, AS REQUIRED' BY THE CONSTITUTION AND
<br />STATUTE:S Of THE ST~TE OF. OREGON AND TH~' C~ARTE~ OF. THE C:ITY Of' EUGENE,. WHICH .
<br />DETERM,~ NAT ION SHALL ~E CONCL U~ I VE., AND NO PURCHASER: OR: HOLDER ~F BONDS OR OTHER,
<br />EVIDENCES Of, INDEBTE~NES~ SHALL: BE ~EQUIRED TO ~EE TO,T~E EXISTENCE ~F ANY FACTS,
<br />OR TO THE PERfORMANCE,Of ANY CONDITIONS OR THE TAKING OF ANY PROCEEDINGS. REQ~IRED
<br />PRIOR TO SUCH ISSUE, OR TO. THE..~PPLICA!ION 9F THE PU~CHASE PRICE P~ID:!OR SUCH
<br />BONDS OR OTHER EVIDENCES, OF INDEBTEDNESS, AN~ TH~ VAL!~ITY.~! SUCH BONDS OR ~T~E~
<br />EVIDENCES Of INDEBTEDNESS 5HA~L NOT ~EAFfECTE~ BY ANY. IRREGULARITY,. ILLE~ALITY,
<br />INVALIDITY, OMISSION, OR DEfECT IN ANY PROCEEDINGS OR OTHER ACTION TAKEN OR RE-
<br />QUIRE~ BY THIS CHAPTE~ WITH RES~EC~ TO. THE SETTLEMENT OF ANY ~ONTROVER~Y, ~~AIMS.
<br />OR SUITS, THE PURCHASE OR ACQUISITION OF ANY PROPERTY OR PROPERTIES, OR INTANGIBLE
<br />ASSETS, OR. TO THE ACC9MPLISHME~~~Of~~N~ OF THE ~U~POSES PROV.IDED FOR I~THI~~CHA~TER.
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<br />SECT ION 3. UPON THE I SSUA'NCE . OF AH'Y BONDS' OR OTHER tv IDENeES OF INDEBTEDNESS
<br />PURSUANT TO.THIS CHAPTER, ALL MONEyi IN THE HANDS: Of THE tiTY Of EUGENE~ OR THE'
<br />EUGENE WATER & EL.ECTR I C BOA'RD,' REPRES~NT If'.lG REV~NUES TH~RETOfORE DERIVED f'ROM THE
<br />OWNERSHIP OROPERATION Of THE ELECTRIC UTILITY SYSTEM Of SAID CITY, AND ALL MONEYS
<br />THEREAfTER RECEIVED. FROM THE OWNERSHIP. OR OPERATION OF SAID SVSTEM, SHALL. BE DE-
<br />POSITED- AS COLLECTEi> IN A SP'ECIAL' FUND. OF. THE CITY 'UNDER' TH'E CONTROL OF THEEUGENE
<br />WATER & ELECTR I C BOARD TO BE KNOWN AS THE "'POWER REVENUE FUNDII'. THE MC)NE'yS "I'N' .
<br />SUCH FUND. SHALL BE HELD AND 0'1 SBURSED' AS PROV'IDED IN TH I S CHAPTER~.' AND I N' ANY' .
<br />RESOLU.TI~N 'AUTHORIZING THE: ISSUANCE OF' BONDS PURSUANT T:O THIS CHAPTER.. ..
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<br />SECTION 4. IN CONNECTION ~ITH: THE EX'E~~'ISEOr.T1i'E. POWER'. TO BORROW M~NEY', .
<br />OR TO REfUND, EXTEND OR RENEW INDEBTEDNESS ~NCURRED UNDER. ~HE PROVISIONS OF THIS
<br />CHAPT~'R THE B'oARD'MAY fROM TIME T9'T I.M'~ ,ESTA~L.I'SH. AND MA'I:",:rA I N, OUT OF THE. REVE-.
<br />NUES ~F THE ELECTR I C UT I!- I TY SYSTEM,. A. RESE.RVE ,FUND O~ RESER,VErUNDS" T~ I NS!JRE.
<br />THE PAYMENT, WHEN DUE AND. PA YABq:, OF THE PR I NC I PAL ~f AND: I NTE~E:ST ON BONpS OR
<br />EV IDENCES OF I NDEBTEDNESS I SS.UED AS AfORE5.A I 0, AN.o: THE MONEYS, SE.T ASI.oE AND
<br />PLACED IN A.NV SUCH RESERVE FUND .~.HALL REMAIN ~IN SA.ID .fU!'JD UNTIL FRO~ TIM~ T.~
<br />TIME E.XPEN.DE0: FOR THE PURPOSES THER,EO.f, .AND SHALL NOT BE. USE~ FOR ANY. O!HER P.':'R-.
<br />POSE WHATSOEVER, BUT PENDING USE FOR SUCH PURPOSES MAY, WHEN AND TO THE EXTENT
<br />AND IN THE MANNER DIRECTED BY THE BOAR'D, BE IN'VESTED IN BON'DSOf' THE UN'ITE'O
<br />STATES, THE STATE Of OREGON, OR THE CITY OF EUGENE, INCLUDING BONDS PAYABLE'
<br />SOLEL Y OUT Of THE REVENUES Of THE ELECTR I C UTI L I TY SYS~EM. ANY I NT EREST OR
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<br />OTHER INCREMENT R.ECE I VED BY R,EASON O~ SUCH. I NVE~TMENT OR OT.HERWI SE, AND A,LSO
<br />ANY. SUMS RE~EIV,ED AS A PREMIUM ~N T~E SAL~ ~f ANY or SAID ~OND~OR OTHER EVI~
<br />DENCES Of INDEB!EDNESS, OR AS INTEREST ACCRUED T~EREON,T~ THE DATE OF SALE, SHALL
<br />L I KEWI SE BE PLACED I NAND CONST ITUTE A PA,RT OF THE APPRaPR I AT.E RESERVE FUND SO.
<br />CREA.TED. .ALL MONEys R.EMAIN.IN,G IN ANY SUCH R.ESERVE fUND A.F:TER.PROVISION fOR'THE
<br />PA YMENT I N fULL Of THE. PR I NC I PAL OF :4ND I NTEREST ON THE: BONDS OR OTHER EV I ,?EN,CES
<br />Of INDEBTEDNESS WITH RESPECT TO WHICH IT WAS CREATED SHALL BE RETURNED TO THE
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<br />POWER REVENUE FUND. OF, THE SYSTEM.. No MONEY SHA~LBE DR.AWN f.ROM ANY SUCH RE~SE.R.\lE
<br />fUND EXCEPT UPON THE PR~SENTAT I.ON AND SURRE.N,DER OF SUCH BON.DS OR OTHE~. E.VI.,?~NCES
<br />Of INDEB.TEDNESS, OR caUP~NS PE.RTAI~NI'~G .THER.ET.O"W~'HCH .HAV~E..~ECOME DUE THROUGH
<br />MATURITY OR .CALL, OR FOR THE PAXMENT Of )NTE~EST UPON REGISTERED BONDS OR OTHER
<br />EV I DENCES OF I NDE.BTEDNESS, OR f~R DE.POS I T I NG FOR SU.CH PUR.POSE,~ WI TH A. PAYI ~G .
<br />AGENCY DESIGNATED B.Y SAI,D BOARD, OR. UPON DEMANDS A.UTHENnCATE.D BY TH.ESIGNA!URE..
<br />Of THE CITV TREASURER DRAWN FOR PURPOSES FOR WHICH MONEYS IN ANY SUCH RESERVE
<br />fUND MAYBE EXPENDE:D UNDER: THE TERMS HEREOF.
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<br />SECT IaN 5. SO .LONG AS ANY BONDS OR EVIDENCES OF I,~DEBTEDNESS.,_ ',SSU.ED P:UR-
<br />SUANT TO nil S CHAPTER,. 'oR AN'Y aTHER 'BONDS'PA'YABLE 'OUT Of THE REVENUES Of THE
<br />ELECTRIC UTILITY S'YSTEM O'f THE C1TY; 'S'HALL BE OUTSTANDING AND 'UN,PAI'a., :OR UNT.IL
<br />THERE SHALL HAVE BEEN SET APART IN A RESERVE FUND, OR RESERVE FUNDS, ESTABLISHED
<br />FOR SUCH f~OND!i>, S,UMS S.U.FFI!=I:ENT T,O..PA,V" WHEN DUE, ,TH.~ ENT,IR~ ,PRINCIPAL Of SUCH
<br />INDEBTEDNESS REMAINING UNPAID, TOGETHER WITH INTEREST..ACCRUED AND TO ACCURE
<br />THEREON: (I') 'THE .BoARD SHALL FIX RATE~S -A~D ~COLLECT CH'ARGE.S', FOR ELECTRI'C .ENERGY..
<br />DISTRIBUTE~ .BY n, S~CH AS TO.PROVID,E: REVENUES. ~urFIC~IE,NT TO ,r:A.Y, A.S.~H.E S.AME.
<br />SHALL .BE~OME D~E, THE .PR I NC} PAL,ANP I NTERE~T ON ~LL: SUC.H .B~NDS OR O~~ER ~VI D~NCES
<br />Of INDE.BTEDNESS SO OUTSTANDI.NG, IN AD[)ITION TO PAYIN~, ~S THE SAME SHALt BECOME.
<br />DUE, THE NECESSARY EXPENSES Of .OPERATING, M;lliINTAINING, RENEWING AND REP,LACING
<br />THE ELECTRIC UTILITY SYSTEM OF THE CITY; AND APPROPRIATE 'RESERVE fUNDS FOR'SUCH.
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<br />PURPOSES, AND ALL OTHER OBLIGATIONS AND INDEBTEDNESS PAYABLE OUT Of THE REVENUES
<br />or SA I 0 SYSTEM; 'AND . (2) NO. B'ONDS OR tv IDENCES OF '1 NDEBT'EDNESS PAYABLE .OUT (F THE
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