Resolution No. 4394 - Laserfiche WebLink

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within or without the State of Oregon; for the appointment of such fiscal or paying agents, registrars, trustees, or other agencies, for any such issue of notes, as the Board - may determine for the benefit and protection of the holders of such notes; for the deposit of funds including note proceeds with such agents or trustees for any lawful purpose for which such funds may be deposited; for the manner of disbursement of, and accounting for, note proceeds; for the rights and remedies of the holders of such notes; for the establishing and maintaining of special funds or accounts to insure the payment when due and payment of the principal of and interest on such notes and for other purposes, from proceeds of the sale of bonds or revenues of the Electric Utility System or other monies lawfully available and pledged to the payment of such notes and the interest thereon, and for the investment and reinvestment of monies or obligations in such special funds; and to covenant with, and for the benefit of, the holders from time to time of such notes as the Board may determine. (e) The Eugene Water & Electric Board shall, by resolution, determine the amount or amounts required for the purposes for which the monies are borrowed at any particular time or times, and shall also determine that any and all acts, conditions and things required to exist, to happen and to be performed precedent to and in the issuance of such notes exist, have happened and have been performed in due time, form and manner as required by the constitution and statutes of the State of Oregon and the Charter of the City of Eugene. (f) The notes 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 notes are duly and legally authorized and do not constitute general obligations of the City of Eugene and qualify for tax exempt status. (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. (3) The City Manager is given written notice in advance of each planned sale of the date of the planned sale and the principal amount of the notes to be sold at the planned sale. Section 3. Reporting. The Eugene Water & Electric Board shall submit to the City by May 1 of each year the following annual reports commencing after the first sale of bonds or other evidences of indebtedness and each year thereafter until the bonds have been paid and retired: (a) A report on the funds established pursuant to the bond resolution describing the funds established, the amounts in each fund, expenditures from each fund, 29327 Resolution -5- t"