Item 2C: EWEB Short-Term Borrowing

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indirectly be paid or compensated through the property of the City, or EWEB, or by or through the taxing power of the City. Section 6. Harvest Wind Project Interim Financing Payable Solely from Revenues. The Harvest Wind Project Interim Financing shall not be a general obligation of the City, nor a charge upon its tax revenues, but shall be payable solely from the revenues and funds (including refunding obligations) that EWEB pledges to the payment thereof pursuant to ORS 287A.310 and ORS 287A.325, the Bond Authorization and in accordance with this Resolution and any supplemental bond resolutions of EWEB. Section 7. Harvest Wind Project Interim Financing Reporting. EWEB shall submit to the City by May 1 of each year the following annual reports commencing after entering into the Harvest Wind Project Interim Financing and each year thereafter until the Harvest Wind Project Interim Financing has been paid and retired: (a)A report on the funds for Harvest Wind Project Interim Financing describing the funds established, the amounts in each fund, expenditure from each fund, the manner in which the monies in each fund have been invested, the income from such investments and the application of such income; and (b)A report on Harvest Wind Project Interim Financing payments describing amounts paid and amounts scheduled to be paid and the source of such payments. If the contents of the reports required by subsections (a) and (b) above are included in the yearly audit report of EWEB, then EWEB may comply with this Section 7 by transmitting a copy of its yearly audit report to the City. Section 8. Appointment of Professionals. EWEB is authorized to appoint bond counsel, disclosure counsel, financial advisors, a registrar and paying agent and any other professional assistance that EWEB determines is necessary or convenient to accomplish the Harvest Wind Project Interim Financing. Section 9. Disclosure and Sale Documents. EWEB or any party designated by EWEB is authorized to prepare and distribute or direct the preparation and distribution of any disclosure document(s) for the Harvest Wind Project Interim Financing as determined to be necessary by EWEB, to obtain bond insurance or other credit enhancement or commitments therefor, if required, to obtain a rating on the Harvest Wind Project Interim Financing from Moody’s Investors Service, Inc., Standard & Poor’s and/or Fitch Ratings, or from such other bond rating agency as may be nationally recognized at the time of issuance, if required. Section 10. Effective Date of Resolution. This Resolution shall become effective immediately upon its adoption. th The foregoing Resolution adopted by the City Council this 11 day of May, 2009. City Recorder 4