Resolution No. 5061 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 5061 A RESOLUTION AUTHORIZING EWEB TO ISSUE AND SELL ELECTRIC UTILITY SYSTEM REVENUE BONDS AND ELECTRIC UTILITY REVENUE REFUNDING BONDS. The City Council of the City of Eugene finds that: A. Oregon Revised Statutes ( "ORS ") Sections 287A.150 and 287A.360 (the "Act ") authorize the City of Eugene, Oregon (the "City ") to issue revenue bonds and revenue refunding bonds payable from identified revenues of the City. The City, acting by and through the Eugene Water & Electric Board ( "EWEB "), owns and operates an electric utility system and related facilities and systems. B. On June 16, 1986, EWEB adopted a resolution authorizing and providing for the issuance, from time to time, of City of Eugene, Oregon Electric Utility System Revenue Bonds to be equally and ratably secured by the pledge of revenues, funds and accounts thereunder (as amended and supplemented, the "Bond Resolution "). C. The Bond Resolution provides in part that the principal of, premium, if any, and interest on the bonds issued thereunder shall not be payable from any funds of the City or EWEB other than the Bond Fund established by the Bond Resolution, nor constitute a general obligation of EWEB or of the City or create a charge upon the tax revenues of the City or any other revenues or property of the City or property of EWEB, except the revenues and other moneys and securities pledged under the Bond Resolution. D. EWEB has requested by resolution that the City Council of the City (the "City Council ") adopt this Resolution in part to set the terms for and authorize the issuance of not to exceed $45,000,000 in aggregate principal amount of electric utility system revenue bonds (the "New Money Bonds ") for the purpose of financing the design, construction, installation and equipping of certain capital improvements related to the relicensing of the Carmen -Smith Hydroelectric Project (the "New Money Project "), to fund necessary reserves and to pay the costs of issuance of the New Money Bonds. E. On March 26, 1991, the electors of the City authorized issuance of up to $22,000,000 of electric system revenue bonds. Subsequently, the City Council adopted Ordinance No. 19741 on January 9, 1991, and Ordinance No. 19780 on June 10, 1991, authorizing the issuance of electric revenue bonds in an amount not to exceed $22,000,000, and Resolution No. 4719 on May 13, 2002, authorizing the issuance of energy utility system conservation bonds in an amount not to exceed $12,000,000, and refunding bonds in an amount not to exceed $3,500,000. Pursuant to that authorization, the City, acting by and through EWEB, issued the City of Eugene, Oregon Electric Utility System Revenue Bonds, Series 2002C in the Resolution — Page 1