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funds or accounts to insure the payment when due and payable <br />of the principal of and interest vn such bands and for other <br />purposes, from proceeds of the sale of bonds or revenues of <br />the Electric Utility System yr other moneys lawfully available <br />and pledged to the payment of such bonds and the interest <br />thereon, and for the investment and reinvestment of moneys or <br />obligations in such special funds; and to covenant with, and <br />for the benefit of, the holders from time to time of such <br />bonds as the Board may determine. <br />g. The Board shall, by resolution, determine the amount <br />or amounts required far the purposes for which the bonds are <br />authorized hereunder, and shall also determine that any and <br />all acts, conditions and things required to exist, to happen <br />and be performed precedent to and in the issuance of such <br />bonds exist, have happened and have been performed in due <br />time, form and manner as required by the Constitution and <br />statutes of the State of Oregon and the Charter of the City <br />of Eugene. <br />h. The bends Shall not be sold until the fn~7nw;nn <br />actions have taken place: <br />~1~ Legal opinions have been rendered by bond <br />counsel, and special counsel if special counsel is <br />employed, for the Board that the bonds are duly and <br />legally authorized and do not constitute general <br />obligations of the City of Eugene and qualify for tax-- <br />exempt status. <br />Ordinance - 5 <br />