Item 2E: Resolution Approving Issue of EWEB Bonds

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the City, acting by and through EWEB, shall cause the Notice to be published in The Register-Guard, a newspaper of general circulation within the boundaries of the City, in the same manner as are other public notices of the City. T. Notwithstanding the provisions of any prior resolution, EWEB now desires that all of the Bonds be sold at competitive bid and with maturities not exceeding thirty (30) years as herein provided. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a municipal corporation of the State of Oregon, as follows: Section 1. Authorization of Bonds and Publication of Notice; Purpose of Issue. Based on the above findings (but with regard only to the 2006 New Project Bonds, subject to the prior publication of the Notice and the expiration of the 60-day period following the publication of the Notice without the receipt of a petition for an election questioning the issuance of the 2006 New Project Bonds, which facts and circumstances shall be determined conclusively and for all purposes by any individual designated by EWEB), the Council hereby authorizes EWEB, on behalf of the City, to issue and sell “City of Eugene, Oregon Electric Utility System Revenue and Refunding Bonds” (the “Bonds”) in one or more series (being 2006 Refunding Bonds and/or 2006 Improvement Bonds and/or 2006 New Project Bonds), in the aggregate principal amount of not to exceed $26,354,280, for the purpose of refunding and defeasing the Refunded 1996 Bonds and financing the costs of the design, construction, installation, acquisition, relicensing and equipping of the 2006 Improvement Program and the 2006 New Project, and to fund any required reserves and costs of issuance, and to publish the Notice as aforesaid. If petitions for an election, containing the valid signatures of not less than 5 percent of the City’s qualified electors, are received within the time indicated in the Notice, the question of issuing that portion of the Bonds which are 2006 New Project Bonds shall be placed on the ballot at the next legally available election date. If such petitions are received no Bonds which are 2006 New Project Bonds may be sold until the question of whether to issue the Bonds is approved by a majority of electors living within the boundaries of the City who vote on that question; provided that, the issuance of the Bonds which are 2006 New Project Bonds shall not for any reason constitute a condition to the issuance of the Bonds which are 2006 Refunding Bonds and/or 2006 Improvement Bonds. Any such petitions will be subject to ORS 288.815 and Sections 2.970- 2.992 of The Eugene Code, 1971. Section 2. Conditions of Issuance and Sale. The City Council hereby prescribes that: (a) The Bonds of each series shall: (i) mature not later than thirty (30) years from the date of issuance of the series; (ii) be sold pursuant to public competitive bid pursuant to ORS §288.835 at par or with a net original issue discount or premium that does not exceed seven percent (7%) of the aggregate principal amount thereof; and (iii) have an effective interest rate of not to exceed seven percent (7%) per annum; and (b) The proceeds of the Bonds shall be used only for the following purposes: