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June 16, 2005 <br /> <br />Ms. Laura Lockwood-McCall <br />Debt Management Division <br />Oregon State Treasury <br />350 Winter Street NE <br />100 Labor and Industry Building <br />Salem, Oregon 97310 <br /> <br />Dear Laura: <br /> <br />On behalf of Eugene Water & Electric Board ('EWEB"), I am hereby requesting <br />preliminary approval of an Advance Refunding Plan for the Water Utility System <br />Revenue Bonds, Series 2000. <br /> <br />Purpose of Issue <br />EWEB seeks approval of its advance refunding plan for debt service savings purposes. <br /> <br />Bonds to be Refunded <br />The Bonds to be refunded are the Utility's outstanding Water Utility Revenue Bonds, <br />Series 2000, dated June 1, 2000. The Series 2000 Bonds are subject to optional <br />redemption on August 1, 2011, at a price of par. The refunded Bonds will be escrowed <br />to their first call date. <br /> <br />Refunding Obligations <br />The Refunding Bonds will be sold as a single series, expected to mature August 1, 2011 <br />through August 1, 2030. Final decision on the terms of the Refunding Bonds will be <br />supplied in the final plan. Competitive bidding of the Refunding Bonds is tentatively <br />scheduled for July 26, 2005 with closing occurring on August 3, 2005. <br /> <br /> <br />