Resolution No. 4394 - Laserfiche WebLink

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of notes in an aggregate principal amount of not to exceed - twenty -seven million dollars ($27,000,000). The notes shall not be sold at a price less than ninety -nine percent (99 %) of the par amount thereof, shall mature not later than the date estimated by the Eugene Water & Electric Board as the completion date of the improvements to the Electric Utility System to be financed from the proceeds of said bonds. Such notes shall bear interest at such rate or rates per annum not exceeding eight percent (8 %) 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 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 pity, 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 2x3327 va��ti t i n T193 Resolution -4--