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

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will result in a favorable reorganization of debt and/or a net present value savings of at least 3% in accordance with Oregon Administrative Rule 170-062-0000 and to pay related costs of issuance of the Refunding Bonds. Section 2. Delegation of Authority for Terms of Refunding Bonds; Provisions for Issuance. Pursuant to ORS {}288.825(4)(a), ORS {}288.520(4), ORS {}288.540 and ORS {}288.545, EWEB, or any individual designated by EWEB, is hereby authorized and directed to determine, with respect to the Refunding Bonds, the form of bond and series designation, the manner of disbursement of proceeds of the Refunding Bonds, the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, denominations, form and authorized signatory and other terms and conditions of the Refunding Bonds because the same cannot be determined by the Council at this time. Prior to the issuance of the Refunding Bonds, EWEB shall: (i) prepare a plan showing that the estimated Water Utility System revenues are sufficient to pay the estimated debt service on the Refunding Bonds; (ii) adopt a bond resolution and provide a copy of such resolution to the City; and (iii) provide to the City a resolution determining that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of the Refunding Bonds, exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of Oregon, the Charter of the City of Eugene and this Resolution. Additionally, prior to the issuance of any Refunding Bonds, EWEB shall comply with Section 8 of this Resolution. Section 3. Statement on Form of Refunding Bond. All Refunding Bonds shall include a statement on their face to the effect: (a) That they do not in any manner constitute a general obligation of EWEB or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property of EWEB, but are charges upon and are payable solely from the revenues of the Water Utility System operated by EWEB, or any portion thereof, pledged to the payment thereof; and (b) That the holders thereof may look for repayment only to the revenues of the Water Utility System which are pledged for the payment thereof, and may not directly or indirectly be paid or compensated through the property of the City, or EWEB, or by or through the taxing power of the City. Section 4. Refunding Bonds Payable Solely from Revenues. The Refunding Bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but shall be payable solely from the revenues and funds which EWEB pledges to the payment thereof pursuant to the 1999 URBA Authorization, the 2002 URBA Authorization, the provisions of City Council Resolutions 4601 and 4712, ORS {}288.825 and in accordance with this Resolution. Section 5. Refunding Bonds Reporting. EWEB shall submit to the City by May 1 of each year the following annual reports commencing after the first sale of any Refunding Bonds or other evidences of indebtedness hereunder and each year thereafter until the Refunding Bonds have been paid and retired: (a) A report on the funds for each series of Refunding Bonds describing the funds established, the amounts in each fund, expenditure from each fund, the manner in which S485547.7 3