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planned sale of the date of the planned sale and the principal amount of the <br />bands to be sold at the planned sale. <br />Section 3. Re ortin . The Eugene Water & Electric Board shall submit to the <br />City by May 1 of each year the following annual reports commencing after the first sale <br />of bonds or other evidences of indebtedness and each year thereafter until the bonds have <br />been paid and retired: <br />a. A report on the funds established pursuant to the bond resolution <br />describing the funds established, the amounts in each fund, expenditures from each <br />fund, the manner in which the monies in each fund have been invested, the income <br />from such investments and the application of such income. <br />b. A report vn bond payments describing amounts paid and amounts <br />scheduled to be paid and the source of such payments. <br />If the contents of the reparts required by subsections a and b are included in the Eugene <br />Water & Electric Board's yearly audit report, the Board may comply with this section by <br />transmitting a copy of its yearly audit report to the City. <br />Section 4, Emer en Clause. This ordinance is essential to the public welfare <br />and safety, and therefore an emergency is hereby declared to exist and this ordinance <br />shall take effect immediately upon its passage by the City Council and approval by the <br />Mayor, retention by the Mayor for more than ten days, or readaption over a mayoral veto <br />by two-thirds of all members of the Council. <br />Passed by the City Council this <br />~ day of June, 1991 <br />City Recorder <br />Approved by the Mayor this <br />day of June, 1991 <br />` ; ~~~ <br />ayor <br />ordinance - 6 <br />