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for any lawful purpose for which such funds may be deposited; <br />for the manner of disbursement of, and accounting for, note <br />proceeds; for the rights and remedies of the holders of such <br />notes; for the establishing and maintaining of special funds <br />or accounts to insure the payment when due and payment of the <br />principal of and interest on such notes and for other <br />purposes, from proceeds of the sale of bonds or revenues of <br />the Electric Utility System or other monies lawfully available <br />and pledged to the payment of such notes and the interest <br />thereon, and for the investment and reinvestment of monies or <br />obligations in such special funds; and to covenant with, and <br />for the benefit of, the holders from time to time of such <br />notes as the Board may determine. <br />(e) The Eugene Water & Electric Board shall, by <br />resolution, determine the amount or amounts required for the <br />purposes for which the monies are borrowed at any particular <br />time or times, and shall also determine that any and all acts, <br />conditions and things required to exist, to happen and to be <br />performed precedent to and in the issuance of such notes <br />exist, have happened and have been performed in due time, form <br />and manner as required by the constitution and statutes of the <br />State of Oregon and the Charter of the City of Eugene. <br />(f) The notes or other evidence of indebtedness shall <br />not be sold until the following actions have taken place. <br />(1) Legal opinions have been rendered by bond <br />counsel for the Eugene Water & Electric Board that the <br />notes are duly and legally authorized and do not <br />constitute general obligations of the city of Eugene and <br />qualify for tax exempt status. <br />(2) General counsel for the City of Eugene has <br />reviewed all resolutions of the Eugene Water & Electric <br />Board enacted pursuant to this Resolution and has <br />determined that such resolutions do not conflict with the <br />terms and conditions prescribed by this Resolution. <br />(3) The city Manager is given written notice in <br />advance of each planned sale of the date of the planned <br />sale and the principal amount of the notes to be sold at <br />the planned sale. <br />Section 3, Reporting. The Eugene Water & Electric Board <br />shall submit to the City by May 1 of each year the following annua 1 <br />reports commencing after the first sale of bonds or other evidences <br />of indebtedness and each year thereafter until the bonds have been <br />paid and retired: <br />29327.' <br />Resolution -6- <br />