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Item 3C - Resolution Authorizing EWEB Bonds for Carmen-Smith Project
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Item 3C - Resolution Authorizing EWEB Bonds for Carmen-Smith Project
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5/29/2012
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<br />payable solely from the revenues of the Electric Utility System operated by EWEB, or <br />any portion thereof, pledged to the payment thereof; and <br /> <br />(b) That the holders thereof may look for repayment only to the revenues of <br />the Electric Utility System which are pledged for the payment thereof, and may not <br />directly or indirectly be paid or compensated through any other property of the City, or <br />EWEB, or by or through the taxing power of the City. <br /> <br />Section 7. <br />Bonds Payable Solely from Revenues. The Bonds shall not be general <br />obligations of the City, nor a charge upon its tax revenues, but shall be payable solely from the <br />revenues and funds which EWEB pledges to the payment thereof pursuant to the Act, any <br />applicable authorizations and in accordance with this Resolution. <br /> <br />Section 8. <br />Bonds Reporting. EWEB shall submit to the City by May 1 of each year <br />the following annual reports commencing after the first sale of any Bonds or other evidences of <br />indebtedness hereunder and each year thereafter until the Bonds have been paid and retired: <br /> <br />(a) A report on the funds for each series of Bonds describing the funds <br />established, the amounts in each fund, expenditure from each fund, the manner in which <br />the monies in each fund have been invested, the income from such investments and the <br />application of such income; and <br /> <br />(b) A report on Bond payments describing amounts paid and amounts <br />scheduled to be paid and the source of such payments. <br /> <br />If the contents of the reports required by subsections (a) and (b) above are included in the <br />yearly audit report of EWEB, then EWEB may comply with this Section 8 by transmitting a <br />copy of its yearly audit report to the City. <br /> <br />Section 9. <br />Appointment of Professionals. EWEB is authorized to appoint bond <br />counsel, disclosure counsel, financial advisor, underwriter in the case of a negotiated sale, <br />trustees, registrars, paying agents, escrow agents, verification agents and any other professional <br />assistance that EWEB determines is necessary or convenient to accomplish the issuance and sale <br />of any or all of the Bonds. <br /> <br />Section 10. <br />Official Statement; Sale Documents. EWEB or any party designated by <br />EWEB is authorized to prepare and distribute or direct the preparation and distribution of one or <br />more preliminary or final official statement(s) or other disclosure document(s) for any of the <br />Bonds or in connection with a preliminary or final official statement or other disclosure <br />document for any other bonds, as determined to be necessary by EWEB, to obtain bond <br />insurance or other credit enhancement or commitments therefor, to obtain a rating on any or all <br />of the Bonds from Moody’s Investors Service, Inc., Standard & Poor’s and/or Fitch Ratings, and <br />to issue and publish such notices of sale of the Bonds or execute such purchase contracts as may <br />be necessary or required to accomplish the sale of the Bonds in accordance with this Resolution <br />and to determine any other terms, conditions or covenants regarding any or all of the Bonds or <br />Resolution – Page 5 <br /> <br />
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