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<br />Million Dollars ($6,000,000) and the terms upon which the same may be sold shall be as set forth <br />in this Resolution; provided, however, that EWEB is hereby authorized to prescribe by resolution <br />all such terms and conditions in addition to and not in conflict with those set forth herein. The terms <br />and conditions prescribed by this Resolution are as follows: <br /> <br />(a) The bonds or other evidences of indebtedness shall not be sold at a price less <br />than ninety-six percent (96%) of the par amount thereof, shall mature not later than thirty <br />(30) years from the date thereof and shall bear interest at such rate or rates per annum not <br />exceeding a net effective rate of thirteen percent (13%) per annum. <br /> <br />(b) Such bonds and other evidences of indebtedness shall include a statement on <br />their face to the effect: <br /> <br />1. That they do not in any manner constitute any general obligation of <br />EWEB or of the City, or create a charge upon the tax revenues of the City, or upon <br />any other revenues or property of the City, or property of EWEB, but are a charge <br />upon and are payable solely from the revenues of the Electric System, or any portion <br />thereof, or from any other monies lawfully available therefor, pledged to the payment <br />thereof; <br /> <br />2. That the holders thereof may only look for repayment to the revenues <br />of the Electric System which are pledged to the payment thereof, and may not . <br />directly, or indirectly, be paid or compensated through the property of the City, or <br />EWEB, or by or through the taxing power of the City. <br /> <br />(c) EWEB may provide for the refunding of any bonds or other evidences of <br />indebtedness so issued by the issuance and sale of refunding bonds or other evidences of <br />indebtedness upon such terms and conditions as it may prescribe, and pledge to such <br />refunding bonds and other evidences of indebtedness all of such part of the net revenues of <br />the Electric System, or any portion thereof, or from any other monies lawfully available <br />therefor, 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 (96%) of <br />the par amount thereof, shall mature not later than thirty (30) years from the date thereof and <br />shall bear interest at such rate or rates per annum not exceeding a net effective rate ofthirteen <br />percent (13 %) per annum. <br /> <br />(d) Provisions shall be made for the complete amortization of the principal <br />amount of each issue of bonds issued under the authority of Resolution No. 4360 and this <br />Resolution within a period of thirty (30) years from the respective date of such issue, through <br />the medium of serial or sinking fund bonds or otherwise, as EWEB may determine. <br /> <br />(e) Subject only to the provisions of the resolutions previously adopted by EWEB <br />providing for the issuance of bonds payable from the net revenues of the Electric System, any <br />pledge of the revenues or other monies or obligations of the Electric System made by the City <br />acting by and through EWEB shall have such a lien and priority as EWEB shall determine <br />and shall be valid and binding from the time such pledge is made, and the revenues or other <br /> <br />Resolution - 2 <br />