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Section 2. Terms and Conditions of Bonds. Pursuant to <br />Eugene Charter Section 47, all terms and Conditions of the bonds <br />or other evidences of indebtedness, and the terms upon which the <br />same may be sold, shall be prescribed by Ordinance. However, the <br />bonds shall bear interest at a rate not greater than thirteen <br />percent per annum ~13~7, shall mature not more than thirty years <br />from their date of issuance and shall be sold at not less than 96~ <br />of par. Such bonds or other evidences of indebtedness shall <br />include a statement on their face to the effect; ~1} that they do <br />not in any manner constitute a general obligation of the Eugene <br />Water & Electric Board, or of the City of Eugene, or create a <br />charge upon the tax revenues of the City or upon any other revenues <br />or property of the City, or property of the Board, but are a <br />charge upon and payable solely from the revenues of the Electric <br />Utility System of the City, or any portion thereof, pledged to the <br />payment thereof ; ~ 2 ~ that the holders thereof may only look f o r <br />repayment to the revenues of the Electric Utility System which are <br />pledged to the payment thereof, and may not directly, or indirectly, <br />be paid or compensated through the property of the City, or the <br />Eugene Water & Electric Board, or by or through the taxing power <br />of the City. <br />Section 3. Effective Date. This Ordinance shall take effect <br />immediately upon its approval by the voters of the City of Eugene, <br />Passed by the City Council this <br />12th day of February, 1986 <br />City Recorder <br />Approved by the Mayor this <br />12th da ebruary, g86 <br />~ ~ <br />Mayor <br />~ ~- Ordinance <br />