Resolution No. 4370 - Laserfiche WebLink

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(g) The Eugene water & Electric Board shall, by resolution, determine the amount or amounts required for the purposes for which the monies are borrowed at any particular time or times, and shall also determine that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of such 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 and the Charter of the City of Eugene. (h) The bonds or other evidence of indebtedness shall not be sold until the following actions have taken place: (1) Legal opinions have been rendered by bond counsel for the Eugene water & Electric Board that the bonds are duly and legally authorized and do not constitute general obligations of the City of Eugene and qualify for tax exempt status. (2) General counsel for the city of Eugene has reviewed all resolutions of the Eugene water & Electric Board enacted pursuant to this Resolution and has determined that such resolutions do not conflict with the terms and conditions prescribed by this Resolution. Section 2. Provisions for Issuance and sale of Notes (a) In anticipation of the issuance and sale of the bonds approved by the electors of the City of Eugene, Oregon on May 18, 1993, the Eugene water & Electric Board is authorized to provide for the issuance and sale of notes in an aggregate principal amount of not to exceed thirty million dollars ($30,000,000). The notes shall not be sold at a price less than ninety -nine percent (99 %) of the par amount thereof, shall mature not later than the date estimated by the Eugene Water & Electric Board as the completion date of the improvements to the Electric Utility System to be financed from the proceeds of said bonds. Such notes shall bear interest at such rate or rates per annum not exceeding eight percent (8%) per annum, Such notes shall be sold at public or private sale, shall be in such form and in such denominations, and shall be subject to prior redemption at a premium not in excess - of two percent (2%) of the principal amount of the notes to be redeemed, all as shall be determined by the Eugene Water & Electric Board. The notes and the interest thereon shall be payable from the proceeds of said bonds approved by the electors of the City of Eugene, Oregon on May 18, 1993, and other funds of the Electric Utility System available therefor, The Eugene water & Electric Board is hereby authorized to prescribe by resolution all such terms and conditions of said notes in addition to and not in conflict with those set forth herein. Q9 *4 . Resolution -4-