Resolution No. 4370 - Laserfiche WebLink

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(b) Such notes shall include a statement on their face to the effect (1) That they do not in any manner constitute any general obligation of the Eugene Water & Electric Board, or of the City of Eugene, or create a charge upon the tax revenues of said City, or upon any other revenues or property of said City, or property of said Board, but are payable from the proceeds of bonds in anticipation of the issuance of which they are issued, and are charges upon and are payable solely from the revenues of the Electric Utility System of the City, or any portion thereof, or from any other monies lawfully available therefor, pledged to the payment thereof; (2) That the holders thereof may only look for repayment to the proceeds of bonds and the revenues of the Electric Utility System which are pledged to the payment thereof, and may not directly, or indirectly, be paid or compensated through the property of the City, or the Eugene Water & Electric Board, or by and through the taxing power of the City. (c) 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 (d) Without limiting the powers extended to the Eugene Water & Electric Board to determine terms and conditions of the notes 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 notes, that such notes and the interest thereon may be payable, collectible or registerable at any place or places within or without the State of Oregon; for the appointment of such fiscal or paying agents, registrars, trustees, or other agencies, for any such issue of notes, as the Board may determine, for the benefit and protection of the holders of such notes; for the deposit of funds including note proceeds with such agents or trustees 29327.1 Resolution -5-