Item 2D: Res./EWEB Refund.Bnd - Laserfiche WebLink

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E. ORS {}288.605 to {}288.695 authorize the City to issue bonds without an election to refund outstanding bonds, including advance refunding bonds, in order to effect a favorable reorganization of debt and/or a net present value savings and to issue bonds to refund revenue bonds that were previously issued in accordance with the Uniform Revenue Bond Act without further implementation of the procedures prescribed in ORS {}288.815. F. The Series 2000 Bonds are callable as to principal and interest on August 1, 2010 without premium and the Series 2002 Bonds are callable as to principal and interest on August 1, 2012 without premium, and a favorable reorganization of debt and/or a net present value savings may be achieved by issuing refunding bonds for the purpose of advance refunding or defeasing all or a portion of the outstanding Series 2000 Bonds and/or the Series 2002 Bonds and thereby calling such refunded or defeased bonds on their earliest call date, August 1, 2010 or August 1, 2012, respectively. G. EWEB has requested the City Council to adopt this Resolution authorizing and setting the terms for the issuance and sale of not to exceed $22,500,000 principal amount of bonds (the "Refunding Bonds") which proceeds, together with available bond proceeds, will provide funds for the advance refunding, defeasance, redemption or payment of all or a portion of the outstanding Series 2000 Bonds and/or the Series 2002 Bonds on August 1, 2010 or August 1, 2012, respectively, and to pay the costs of issuance of the Refunding Bonds. H. ORS {}288.620 requires that the Oregon State Treasurer (the "State Treasurer") review and approve a refunding plan prior to the sale and issuance of advance refunding bonds such as the Refunding Bonds. I. EWEB, by resolution, has undertaken to cause to be prepared a plan showing that EWEB's estimated Water Utility System revenues are sufficient to pay the estimated debt service on the Refunding Bonds authorized by this Resolution. BE IT RESOLVED BY THE CITY CO[INCIL OF THE CITY OF E[IGENE, A M[INICIPAL COPORATION OF THE STATE OF OREGON AS FOLLOWS: Section 1. Authorization of Refunding Bonds; Purpose of Issue; Conditions of Issuance. Based on the above findings, the Council hereby authorizes EWEB, on behalf of the City, to issue and sell "City of Eugene, Oregon Water Utility System Revenue Refunding Bonds, Series 2005" (the "Refunding Bonds") in one or more series, in the aggregate principal amount of not to exceed $22,500,000, subject to the following terms and conditions prescribed by the City Council: (a) The Refunding Bonds of each series shall: (i) mature not later than the last scheduled maturity of the bonds to be refunded; (ii) be sold at par or with a net original issue discount/premium that does not exceed one hundred and seven percent (107%) of the aggregate principal amount thereof, (iii) have an effective interest rate of not to exceed six percent (6.00%) per annum; and (iv) not exceed $22,500,000 in total principal amount. (b) The proceeds of the Refunding Bonds shall be used only for the following purposes: An amount of not to exceed $22,500,000 shall be used for the purpose of advance refunding or defeasing all or a portion of the outstanding Series 2000 Bonds and/or the Series 2002 Bonds on August 1, 2010 or August 1, 2012, respectively, provided that such refunding S485547.7 2