Resolution No. 4757 - Laserfiche WebLink

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RESOLUTION NO. 4757 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF ELECTRIC UTILITY SYSTEM REVENUE BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF SIXTY-FOUR MILLION DOLLARS ($64,000,000) FOR THE PURPOSES OF FINANCING ELECTRIC UTILITY SYSTEM IMPROVEMENTS AND REFUNDING ELECTRIC UTILITY SYSTEM REVENUE BONDS SERIES 1994, SERIES 1996 AND SERIES 1998B; AND PROVIDING FOR RELATED MATTERS. The City Council of the City of Eugene finds that: A. ORS ~288.805 to ~288.945, commonly known as the Uniform Revenue Bond Act, authorizes the City to issue bonds payable solely from revenues generated by facilities, projects, utilities or systems owned or operated by the City; and the City, acting by and through the Eugene Water & Electric Board ("EWEB"), owns and operates an electric utility and related facilities and systems. B. On June 25, 2001, the City Council adopted Resolution No. 4677 authorizing the issuance and sale by the City, acting by and through EWEB, of electric revenue bonds, in one or more series, in an aggregate principal amount not to exceed $50,000,000 for the purpose of financing certain capital improvement to the electric utility as described in the resolution (the "Project"). C. On July 22,2001, there was published the Notice of Revenue Bond Authorization in The Register- Guard, a newspaper of general circulation within the geographical boundaries ofthe City and sixty (60) days have elapsed since the publication of such Notice of Revenue Bond Authorization and no voters residing within the geographical boundaries of the City filed a petition with the City asking to have the question of whether to issue the electric utility system revenue bonds referred to a vote (the "2001 URBA Authorization"). D. As of the date of this Resolution, the aggregate principal amount of bonds issued pursuant to 2001 URBA Authorization is $37,570,719.21, consisting of$37,570,719.21 of Electric Utility System Revenue Bonds, Series 2001B, leaving $12,429,280.79 of authorized but unissued debt remaining under the 2001 URBA Authorization. E. EWEB has requested the City Council to adopt this Resolution to set the terms for the issuance of not to exceed $7,000,000 principal amount of bonds (the "New Project Bonds") for the purpose of financing capital improvements to the electric utility system which constitute Project purposes under the 2001 URBA Authorization, to fund necessary reserves for the New Project Bonds and to pay the costs of issuance of the New Project Bonds. F. On February 17, 1993, the City Council adopted Resolution No. 4360 to authorize the City, acting through EWEB, to borrow money and issue, from time to time, revenue bonds in an aggregate principal amount of $150,000,000, for the purpose of financing certain improvements to the City's electric utility system which is operated by EWEB, and setting forth certain other terms and conditions for issuance, including the requirement for approval by the City's electors and the requirement that the terms of the bonds should be prescribed by further resolution of the City