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(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, farm <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. <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 the initial sale and the principal amount of <br />the notes to be sold at the initial sale. <br />The legal opinions referred to in paragraph (1) above <br />shall be rendered, and the determination referred to in <br />paragraph ( 2 ) above shall be made, prior , to the initial issuance of <br />notes and need not be rendered or made in connection with each <br />subsequent issuance or renewal of such notes. <br />Section 3. Re ortin . The Eugene Water & Electric Board <br />shall submit to the City by May 1 of each year the following annual <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 />(a) A report on the funds established pursuant to the <br />bond resolution describing the funds established, the amounts <br />in each fund, expenditures from each fund, the manner in which <br />the monies in each fund have been invested, the income from <br />such investments and the application of such income. <br />(b) A report on bond payments describing amounts paid <br />and amounts scheduled to be paid and the source of such <br />payments. <br />If the contents of the reports required by subsections a and b are <br />included in the Eugene water & Electric Board's yearly audit <br />6 NY 1 66714.4 015259 RES <br />