Resolution No. 4425 - Laserfiche WebLink

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(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. (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 fifty million dollars ($50, 000 , 000 ) of bonds ref erred to in Section 1 hereof , as approved by the electors of the City of Eugene, Oregon on May 18, 1553, the Eugene Water & Electric Board is authorized to provide f or the issuance and sale of notes in an aggregate principal amount of not to exceed fifty million dollars ($50,000,000). The notes shall not be sold at a price less than ninety percent ( 9 0 % } of the par amount thereof. The notes shall be sold from time to time, may be renewed from time to time and shall mature from time to time not later than - one year after the estimated completion dates of the respective capital projects financed from the proceeds of said notes. A credit facility may be obtained by the Eugene Water & Electric Board in connection with the issuance from time to time of the notes. The effective interest rate of any such notes shall not exceed ten percent (10!k} 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. (b) Such notes and credit facility shall include a statement on their face to the effect: (1) That they do not in any manner constitute a 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 4 NY 1 66714.4 015259 R.ES