Resolution No. 4394 - Laserfiche WebLink

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(b) Such bonds and other evidences of indebtedness 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 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 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) The Eugene Water & Electric- Board may provide for the refunding of any bonds or other evidences of indebtedness so issued by the issuance and sale of refunding bonds or other evidences .of indebtedness upon such terms and conditions as it may prescribe, and pledge to such refunding bonds and other evidences of indebtedness all of the net revenues of the Electric Utility System, or any portion thereof, or from any other monies lawfully available therefor, as it may determine; provided, however, that such refunding bonds or other evidences of indebtedness shall not be sold at a price less than ninety -six percent (96%) of the par amount thereof, shall mature not later than thirty (30) years from the date thereof and shall bear interest at such rate or rates per annum not exceeding thirteen percent (13%) per annum. (d) Provisions* shall be made for the complete amortization of the principal amount of each issue of bonds issued under the authority of Resolution No. 4350 and this resolution within a period of thirty (30) years from the respective date of such issue, through the medium of serial or sinking fund bonds or otherwise, as the Eugene Water & Electric Board may determine. (e) 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. (f) Without limiting the powers extended to the Eugene Water & Electric Board to determine terms and conditions of the bonds and other evidences of indebtedness in addition to and not in conflict herewith, the Board is authorized, in its 29327 Resolution -2- \)m"eW`b°rxis\sk- 11/12193