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<br /> Mayor Keller left the meeting; Councilor Schue assumed the chair. <br />e IV. RESOLUTION, ORDINANCES CALLING A SPECIAL ELECTION FOR SEPTEMBER 20, 1983 <br /> re: EUGENE WATER AND ELECTRIC BOARD REVENUE BOND (memo, resolution, <br /> ordinances distributed) <br /> Mr. Whitlow introduced the topic, noting that EWEB staff agreed with the approach <br /> and wording of the ordinance. <br /> In response to a question by Councilor Holmer, Stan Long, City Attorney's office, <br /> said that bonds would not be payable from general funds. Councilor Holmer then <br /> queried the reason for the thirty-year maturation of the bonds while the contract <br /> with the BPA was for only ten years. Mr. Long replied that the maturation was <br /> "not later than thirty years." He explained that the bonds would not be sold <br /> all at once, but in increments, and that the bond counsel's best judgment was <br /> that a maximum maturation term of thirty years would be desirable. <br /> Councilor Hansen asked whether EWEB would have to raise its rates to cover the <br /> bonds if the BPA reneged on its agreement. Mr. Long replied that hopefully <br /> this would not happen, and added that the council would get an opportunity to <br /> look at the actual contract with the BPA, with legal opinions. <br /> Councilor Wooten expressed her support for the bond program, stating that the <br /> weatherization program was essential to the community, and congratulating EWEB <br /> on the program. <br /> CB 2674--An ordinance authorizing the City of Eugene, acting by <br />e and through the Eugene Water and Electric Board, to issue <br /> up to $30,000,000 aggregate principal amount of revenue <br /> bonds or other evidences of indebtedness of the City, <br /> payable solely from net revenues or any portion thereof <br /> of the electric utility system of the City, or from any <br /> other moneys lawfully available therefore, for the <br /> purpose of financing energy conservation measures and <br /> undertakings on behalf of customers of the system; <br /> providing that no bonds shall be issued unless the <br /> Bonneville Power Administration has agreed to pay the <br /> principal thereof and interest thereon; and providing for <br /> an effective date. <br /> Councilor Obie moved, seconded by Councilor Smith, that the bill <br /> be read the second time by council bill number only, with unanimous <br /> consent of the Council, and that enactment be considered at this <br /> time. Roll call vote. Motion carried unanimously, 7:0. <br /> Councilor Obie moved, seconded by Councilor Smith, that the bill <br /> be approved and given final passage. Roll call vote. All councilors <br /> present voting aye, the bill was declared passed (and became <br /> Ordinance No. 19172). <br />e <br /> MINUTES--Eugene City Council August 17, 1983 Page 6 <br />