Ordinance No. 19378 - Laserfiche WebLink

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to pay for improvements by EWEB to the Electric Utility System, ORDINANCE N0. 19377 r ADOPTED BY THE COUNCIL AND APPROVED BY THE MAYOR ON FEBRUARY 12, 1986, AUTHORIZING THE CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, TD ISSUE UP To $25,~Q4,000 AGGREGATE PRINCIPAL AMOUNT OF REVENUE BONDS OR OTHER EVIDBNCES OF INDEBTEDNESS OF THB CITY, PAYABLE SOLELY FROM NET REVENUES OR ANY PORTION THEREOF OF THE ELECTRIC UTILITY SYSTEM OF THB CITY, FOR THB PURPOSE OF FINANCING IIKPROVE-- MENTS TO THE ELECTRIC UTILITY SYSTEM OF THE CITY; AND PROVIDING FOR AN EFFECTIVE DATE. The City Council of the City of Eugene finds that: 1. The Eugene Water & Electric Board has by resolution requested the City Council to authorize issuance of $25,000,044 in revenue bonds ar other evidences of indebtedness to finance improvements to the Electric Utility System, 2. The bond proceeds are needed to finance improvements and additions to the energy management control system, headquarters facility, repair shops, substations and other facilities of the Electric Utility System, These improvements are needed in the judgment of the Board , Now, the ref o re , THE CITY OF EUGENE DABS ORDAIN AS FOLLOWS: Section 1. Authorization of Electric Utilit S stem Revenue Bonds. The City of Eugene, Oregon, acting by and through the Eugene Water & Electric Board, is hereby authorized to borrow money and issue revenue bonds or other evidences of indebtedness payable solely from the net revenues or any portion thereof of the Electric Utility System of the City at one time or from time to time in an amount not to exceed in the aggregate $25, 000, 000, for the purpose of financing improvements to the Electric Utility System of the City, Section 2. Terms and Conditions of Bonds, Pursuant to Eugene Charter Section 47, all terms and conditions of the bonds or other evidences of indebtedness, and the terms upon which the same may be sold, shall be prescribed by Ordinance, However, the bonds shall bear interest at a rate not greater than thirteen percent per annum ~13~~, shall mature not more than thirty years from their date of issuance and shall be sold at not less than 96~ of par, Such bonds or other evidences of 2 ~- prdinance