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<br />M. <br />The City and EWEB anticipate incurring expenditures (“Expenditures”) to finance the <br />costs of the Project and wish to declare their official intent to reimburse themselves for <br />the Expenditures made on the Project from the proceeds of the Refunding Bonds. <br />NOW THEREFORE, BE IT RESOLVED BY THE CITY OF EUGENE, a <br />municipal corporation of the State of Oregon, as follows: <br /> <br />Section 1. <br />Authorization of Refunding Bonds; Purpose of Issue. Based on the above <br />findings, the City Council hereby authorizes EWEB, on behalf of the City, to issue and sell the <br />Refunding Bonds designated as the “City of Eugene, Oregon Electric Utility System Revenue <br />Refunding Bonds” (or such similar designation as necessary to adequately describe the Bonds), <br />in the aggregate principal amount of not to exceed $46,355,000, in one or more series, on a tax- <br />exempt or taxable basis, as parity or subordinate lien obligations, for the purpose of refinancing <br />the Harvest Wind Interim Financing, whether through an output prepayment contract, acquisition <br />of an undivided interest in the Project or otherwise, to fund necessary reserves, and to pay the <br />costs of issuance of the Refunding Bonds. <br /> <br /> <br />Section 2. <br />Conditions of Issuance and Sale. The City Council hereby prescribes that: <br /> <br />(a)The Refunding Bonds of each series shall: (i) mature not later than thirty <br />(30) years from the date of issuance thereof; (ii) be sold (1) through public competitive sale and <br />awarded to the bidder offering the most favorable terms to EWEB, on behalf of the City, or (2) <br />pursuant to negotiation, at par or with a net original issue discount or premium that does not <br />exceed seven percent (7%) of the aggregate principal amount thereof; (iii) have an effective <br />interest rate of not to exceed seven percent (7%) per annum; and (iv) not exceed $46,355,000 in <br />aggregate principal amount; and <br /> <br />(b)The proceeds of the Refunding Bonds shall be used only for the purposes <br />above described. <br />(c) At any one time the maximum amount of outstanding Refunding Bonds <br />and outstanding Harvest Wind Interim Financing shall not exceed $46,355,000, less any amount <br />placed in an irrevocable escrow to refund the Harvest Wind Interim Financing. <br />3 <br /> <br />