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Ordinance No. 19780
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1990s No. 19660-20183
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Ordinance No. 19780
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Last modified
6/10/2010 3:46:52 PM
Creation date
11/12/2008 3:31:39 PM
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Council Ordinances
CMO_Document_Number
19780
Document_Title
Providing issuance & sale by City, acting by & thru EWEB, not exceeding $22 million aggregate princiapal amt. of rev. bonds; payable solely net rev. of EWEB, for financing improvements to EWEB and declaring an emergency.
Adopted_Date
6/10/1991
Approved Date
6/10/1991
CMO_Effective_Date
6/10/1991
Signer
Jeffrey R. Miller
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through the taxing power of the City. <br />c. The Eugene Water & Electric Board may provide for the refunding <br />of any bands or other evidences of indebtedness so issued by the issuance and sale <br />of refunding bonds or other evidences of indebtedness upon such terms and <br />conditions as it may prescribe, and pledge to such refunding bonds and other <br />evidences of indebtedness all of such part of the net revenues of the Electric Utility <br />System, of the portion thereof, or from any other monies lawfully available therefor, <br />as it may determine; provided, however, that such refunding bonds or other <br />evidences of indebtedness shall not be sold at a price less than ninety-six percent <br />(96%) of the par amount thereof, shall mature not later than thirty (30) years from <br />the date thereof and shall bear interest at such rate or rates per annum not <br />exceeding thirteen percent (13%) per annum. <br />d. Provisions shall be made far the complete amortization of the <br />principal amount of each issue of bonds issued under the authority of ordinance <br />No. 19741 and this Ordinance within a period of thirty X30} years from the <br />respective date of such issue, through the medium of serial or sinking fund bonds <br />or otherwise, as the Eugene Water & Electric Board may determine. <br />e. Subject only to the provisions of the resolutions heretofore adapted <br />by the Eugene water & Electric Board providing for the issuance of bonds payable <br />from the net revenues of the Electric Utility System, any pledge of the revenues or <br />other monies or obligations of the Electric Utility System made by the City acting <br />by and through the Board shall have such a lien and priority as the Board shall <br />determine and shall be valid and binding from the time such pledge is made, and <br />ordinance - 3 <br />
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