Item 2D: EWEB Long-Term Borrowing

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Section 3. Delegation of Authority for Terms of Refunding Bonds; Provisions for Issuance. Pursuant to ORS 287A.300, the EWEB Treasurer or Assistant Treasurer, or any individual designated by EWEB, is hereby authorized and directed to determine, with respect to the Refunding Bonds, the form of bond and series designation, the manner of disbursement of proceeds of the Refunding Bonds, the maturity dates, principal amounts, redemption provisions, interest rates or the method for determining a variable or adjustable interest rate, denominations, form and authorized signatory and other terms and conditions of the Refunding Bonds because the same cannot be determined by the City Council at this time. Prior to the issuance of any Refunding Bonds, EWEB shall: (i) prepare a plan showing that the estimated Electric Utility System revenues are sufficient to pay the estimated debt service on the Refunding Bonds; (ii) adopt a supplemental bond resolution and provide a copy of such resolution to the City; and (iii) provide to the City a resolution determining that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of the Refunding Bonds, exist, have happened and have been performed in due time, form and manner as required by the Constitution and statutes of the State of Oregon, the Charter of the City of Eugene and this Resolution. Section 4. Declaring Intent To Reimburse. The City reasonably anticipates that the City and EWEB may incur preliminary expenditures, cost of issuance and other project expenditures that qualify as “Original Expenditures” under Treasury Regulation §1.150-2 prior to the date of issuance of the Refunding Bonds, and hereby declares its official intent to reimburse itself or EWEB with proceeds of the Refunding Bonds in an amount not to exceed $46,355,000. Section 5. Statement on Form of Refunding Bonds . The Refunding Bonds shall include a statement on their face to the effect: (a)That they do not in any manner constitute a general obligation of EWEB or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or property of the City, or property of EWEB, but are charges upon and are payable solely from the revenues of the Electric Utility System operated by EWEB, or any portion thereof, pledged to the payment thereof; and (b)That the holders thereof may look for repayment only to the revenues of the Electric Utility System that are pledged for the payment thereof, and may not directly or 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. Refunding Bonds Payable Solely from Revenues. The Refunding Bonds shall not be general obligations of the City, nor a charge upon its tax revenues, but shall be payable solely from the revenues and funds 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. Refunding Bonds Reporting. EWEB shall submit to the City by May 1 of each year the following annual reports commencing after entering into the Refunding Bonds and each year thereafter until the Refunding Bonds have been paid and retired: 4