Resolution No. 4757 - Laserfiche WebLink

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Bonds, the form of bond and series designation, the manner of disbursement of proceeds of the bonds, the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, denominations, form and authorized signatory, the maturities to be refunded and other terms and conditions of the bonds because the same cannot be determined by the Council at this time. Prior to the issuance of any Bonds, EWEB shall: (i) prepare a plan showing that the estimated electric utility system revenues are sufficient to pay the estimated debt service on the Bonds; (ii) adopt a bond resolution and provide a copy of such resolution to the City; and (iii) provide to the City a resolution determining that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of the Bonds exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of Oregon, the Charter of the City of Eugene and this Resolution. Additionally, prior to the issuance of any advance refunding bonds, EWEB shall comply with Section 9 of this Resolution. Section 3. Statement on Form of Bond. All Bonds shall include a statement on their face to the effect: (a) That they do not in any manner constitute a general obligation of EWEB or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property ofEWEB, but are charges upon and are payable solely from the revenues of the electric utility system operated by EWEB, or any portion thereof, pledged to the payment thereof; and (b) That the holders thereof may look for repayment only to the revenues of the electric utility system which are pledged to the payment thereof, and may not directly or indirectly be paid or compensated through the property of the City, or EWEB, or by or through the taxing power of the City. Section 4. Provisions for Sale of Bonds at Private Negotiated Sale. The Council hereby finds that it is desirable for the Bonds to be sold at one or more private negotiated sale(s) and the Bonds are authorized to be sold separately or together in one or more series of any name or designation at one or more private negotiated sale(s) based upon written recommendation ofEWEB's independent financial advisor, provided that such financial advisor makes a written evaluation of the terms and conditions of the sale(s), the pricing thereof and any other relevant aspects of the sale(s) pursuant to ORS ~288.845. Section 5. Bonds Payable Solely from Revenues. The Bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but shall be payable solely from the revenues and funds which EWEB pledges to payment thereof pursuant to the 1993 Election, the provisions of City Council Resolutions numbered 4677, 4360, 4394, 4545, and 4425 and ORS ~288.825 and in accordance with Section 1 hereof. Section 6. Bonds Reporting. EWEB shall submit to the City by May 1 of each year the following annual'reports commencing after the first sale of any Bonds or other evidences of indebtedness hereunder and each year thereafter until the Bonds have been paid and retired: (a) A report on the funds for each series of Bonds describing the funds established, the amounts in each fund, expenditure from each fund, the manner in which the monies in each 4