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<br />$30,265,000, respectively. The 2002C bonds were originally issued to finance the generation, <br />transmission, substations, distribution and general plant. The 2003 bonds were primarily for facility <br />improvements to the Leaburg-Walterville and Carmen-Smith Hydroelectric Projects and refunding of <br />previous debt issues. <br /> <br />The bonds are currently callable. EWEB is proposing to refinance these bonds to achieve approximately <br />$4,600,000 in interest savings over the life of the bonds. The savings of these bonds will help reduce <br />future rates. <br /> <br /> <br />RELATED CITY POLICIES <br />There are no City policies related to this item. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />The council can approve or not approve this resolution. If council does not approve the resolution, <br />EWEB would not be able to issue new revenue bonds for its Carmen-Smith Project and proceed with the <br />refinancing of the Series 2002C and 2003 bonds to achieve interest rate savings. EWEB would <br />minimize ongoing design and implementation work and re-evaluate project options once the license is <br />issued. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager recommends adoption of the resolution <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to adopt Resolution No. 5061 authorizing EWEB to issue and sell electric utility system revenue <br />bonds and electric utility revenue refunding bonds. <br /> <br /> <br />ATTACHMENTS <br /> <br /> <br />A.Proposed Resolution <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Staff Contact: Sue Cutsogeorge <br />Telephone: 541-682-5589 <br />Staff E-Mail: Sue.L.Cutsogeorge@ci.eugene.or.us <br /> <br /> <br /> <br /> <br /> <br /> <br /> S:\CMO\2012 Council Agendas\M120529\S1205293C.doc <br />