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Eugene Charter <br /> <br />The board shall so keep the funds of each utility as at all times to show the true cost of that utility <br />and its yearly operation, the amount of outstanding bonds and current bills of the utility, and the <br />disposition of the revenues of the utility, and shall make annual reports to the council and <br />whatever other reports the council requires. <br /> <br />Section 45. Eugene Water & Electric Board - Short Terms Loans. <br /> (1) The Eugene Water & Electric Board may borrow under short term loans or <br />other evidence of indebtedness of a duration of less than one year, and at such rates of interest <br />and terms of repayment as in the judgment of the board is expedient for the use of the board in <br />the conduct and maintenance of the water, electric and telecommunications utilities of the city, <br />provided that the total amount of such indebtedness of the board not at any one time exceed five <br />percent of the board's retained earnings at that time. Proceeds from any one borrowing may be <br />used only in the conduct and maintenance of a single utility, and only revenues from that utility <br />may be pledged or used to pay the principal, interest and costs associated with the borrowing. <br /> (2) To secure the payment of any such loan the board may pledge as collateral <br />such assets under the control of the board as are available therefor and as the board deems it <br />expedient so to pledge. <br /> (3) The indebtedness authorized by this section is in addition to all other <br />indebtedness authorized for the city. <br /> <br />Chapter XI <br /> <br />Indebtedness <br /> <br />Section 46. Limits. <br /> (1) Indebtedness of the city may not exceed the limits on city indebtedness <br />under state law. <br /> (2) Approval by the voters of city indebtedness need not be in the form of a <br />charter amendment. <br /> <br />Section 47. Terms, Proceeds, and Retirement of Bonds. Bonds issued by the city as evidence <br /> of indebtedness shall include such terms, the proceeds from sale of the bonds shall <br />be kept, invested, disbursed, and accounted for in such a manner, and the indebtedness shall be <br />retired in such a manner as the city council prescribes. The prescription may not be changed for <br />a particular bond after it is issued. <br /> <br />- 13- 12/5/2002 <br /> <br /> <br />