Resolution No. 4370 - Laserfiche WebLink

Home Browse Search

(e) Subject only to the provisions of the resolutions heretofore adopted by the Eugene Water & Electric Board providing for the issuance of bonds payable from the net revenues of the Electric Utility System, any pledge of the revenues or other monies or obligations of the Electric Utility System made by the City acting by and through the Board shall have such a lien and priority as the Board shall determine and shall be valid and binding from the time such pledge is made, and the revenues or other monies or obligations so pledged and thereafter received by the Board shall immediately be subject to the lien of such pledge without any physical delivery or further act. (f) Without limiting the powers extended to the Eugene Water & Electric Board to determine terms and conditions of the bonds and other evidences of indebtedness in addition to and not in conflict herewith, the Board is authorized, in its discretion, and to the extent permitted by law, to provide in connection with the authorization of any issue of such bonds, that such bonds and the interest thereon may be payable, collectible or registerable at any place or places within or without the State of Oregon; that such bonds may be redeemable, either at the option of the Board, or by the operation of any sinking fund provided for the issue, at such time or times and at such price or prices as the Board may determine, whether or not involving a premium over the principal amount of such bonds, provided, however, that any such premium shall not exceed four percent (4 %) of the principal amount of bonds to be redeemed* for the appointment of such fiscal or paying agents, registrars, trustees, or other agencies, for any such issue of bonds, as the Board may determine, for the benefit and protection of the holders of such bonds; for the deposit of funds including bond proceeds with such agents or trustees for any lawful purpose for which such funds may be deposited; for the manner of disbursement of and accounting for, bond proceeds; for the rights and remedies of the holders of such bonds; for the establishing and maintaining of special funds or accounts to insure the payment when due and payment of the principal of and interest on such bonds and for other purposes, from proceeds of the sale of bonds or revenues of the Electric Utility System or other monies lawfully available and pledged to the payment of such bonds and the interest thereon, and for the investment and reinvestment of monies or obligations in such special funds; and to covenant with, and for the benefit of, the holders from time to time of such bonds as the Board may determine. 29327.' Resolution -3-