Eugene Charter - 2002 update05 - Laserfiche WebLink

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Eugene Charter exercising any regulatory, taxing or other power over telecommunications and related services whether provided by the Board or another entity. (2) The board is composed of five electors of the city, who shall serve without pay and whose terms of office and election shall be prescribed by the city council by ordinance. (3) The board shall maintain and operate the water utility and the electric utility of the city, subject to control by the council of extension of water service. (4) The 1976 rates of payments on account of either utility to the city in lieu of taxes shall continue until changed by agreement between the board and the council. (5) The council may require the board to bill and collect the city service charges for collecting and disposing of liquid and solid wastes. (6) The income of the utilities and the operation, maintenance, and improvement of them are under the control of the board, subject to limitations imposed by or under this charter and the rights of holders of outstanding bonds issued to finance either utility. The board shall so keep the funds of each utility as at all times to show the true cost of that utility and its yearly operation, the amount of outstanding bonds and current bills of the utility, and the disposition of the revenues of the utility, and shall make annual reports to the council and whatever other reports the council requires. Section 45. Eugene Water & Electric Board - Short Terms Loans. (1) The Eugene Water & Electric Board may borrow under short term loans or other evidence of indebtedness of a duration of less than one year, and at such rates of interest and terms of repayment as in the judgment of the board is expedient for the use of the board in the conduct and maintenance of the water, electric and telecommunications utilities of the city, provided that the total amount of such indebtedness of the board not at any one time exceed five percent of the board's retained earnings at that time. Proceeds from any one borrowing may be used only in the conduct and maintenance of a single utility, and only revenues from that utility may be pledged or used to pay the principal, interest and costs associated with the borrowing. (2) To secure the payment of any such loan the board may pledge as collateral such assets under the control of the board as are available therefor and as the board deems it expedient so to pledge. (3) The indebtedness authorized by this section is in addition to all other indebtedness authorized for the city. Chapter XI Indebtedness Section 46. Limits. (1) Indebtedness of the city may not exceed the limits on city indebtedness under state law. (2) Approval by the voters of city indebtedness need not be in the form of a charter amendment. -13- 11/28/2005