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RESOLUTION NO. 5290 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF WATER UTILITY SYSTEM REVENUE BONDS AND REVENUE REFUNDING BONDS AND PROVIDING FOR RELATED MATTERS. The City Council of the City of Eugene Finds that: A. Oregon Revised Statutes ("ORS") Section 287A.150 authorizes the City of Eugene, Oregon (the "City") to issue revenue bonds payable from identified revenues of the City. The City, acting by and through the Eugene Water & Electric Board ("EWEB"), owns and operates a water utility system and related facilities and systems. B. On September 2, 1997, EWEB adopted aresolution authorizing and providing for the issuance, from time to time, of City of Eugene, Oregon Water Utility System Revenue Bonds to be equally and ratably secured by the pledge of revenues, funds and accounts thereunder, which resolution was amended by Resolution No. 1614 (as amended and supplemented, the "Bond Resolution"). C. The Bond Resolution provides in part that the principal of, premium, if any, and interest on the bonds issued thereunder shall not be payable from any funds of the City or EWEB other than the Bond Fund established by the Bond Resolution, nor constitute a general obligation of EWEB or the City or create a charge upon the tax revenues of the City or any other property of the City or property of EWEB, except the revenues and other money and securities pledged under the Bond Resolution. D. EWEB has requested by resolution that the City Council adopt this Resolution in part to set the terms for and authorize the issuance of not to exceed $21,000,000 in aggregate principal amount of water utility system revenue bonds (the "New Money Bonds") for the purpose of financing certain capital improvements described in the Water Capital Improvement Plan (the "Project'), to fund necessary reserves and to pay the costs of issuance of the New Money Bonds. E. The City Council adopted Ordinance No. 5027 on March 14, 2011, authorizing the issuance of water utility system revenue bonds in an amount not to exceed $25,500,000. Pursuant to that authorization, the City, acting by and through EWEB, issued the City of Eugene, Oregon Water Utility System Revenue Bonds, Series 2011 in the principal amount of $17,300,000 (the "Series 2011 Bonds"), which Series 2011 Bonds are currently outstanding in the principal amount of $14,725,000. F. EWEB has determined that substantial present value savings may be achieved by issuing refunding bonds for the purpose of refunding all or a portion ofthe outstanding Series 2011 Bonds which may be called and redeemed on any date on or after August 1, 2021, without premium (the "Refunded Bonds"). Resolution -- Page 1 of 6