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official intent to reimburse a condition to the constitute reason New Project Bonds shall not for any issuance of the Bonds which are 2006 the ; provided that, vote on that questionin
<br /> the boundaries of the City who withapproved by a majority of electors living question of whether to issue the Bonds is New Project Bonds may be sold until the are received no Bonds
<br /> which are 2006 available election date. If such petitions placed on the ballot at the next legally ll be are 2006 New Project Bonds shaissuing that portion of the Bonds which individual
<br /> designated by EWEB)conclusively and for all purposes by any e determined circumstances shall bquestioning the issuance of the 2006 New a Guard,-The Registerbe published in through
<br /> EWEB, shall cause the Notice to submitted, and the City, acting by and ch petitions may be last date on whi“Notice”). The Notice shall specify the this Resolution as Exhibit “A” (the
<br /> being in substantially the form attached to 2005 URBA Authorization), such notice the 2001 URBA Authorization or the which are not already authorized under lution bonds authorized under
<br /> this ResoNew Project Bonds (being the revenue Bond Authorization relating to the 2006 publication of the Notice of Revenue Resolution in part to authorize the that the City Council
<br /> adopt this by resolution requested EWEB has<#>¶Code”).“Revenue Code of 1986, as amended (the purposes under §103 of the Internal from gross income for federal income tax interest on
<br /> such bonds to be excludable City, including EWEB, intends for the under federal tax law and regulations, the Bonds may qualify 2006 New Projectthe 2006 Improvement Bonds and the expenditures
<br /> and the use of proceeds of Project Bonds. To the extent that the Improvement Bonds and the 2006 New Project from the proceeds of the 2006 Improvement Program and the 2006 New ade on
<br /> the 2006 xpenditures me for the fselit
<br />
<br />Utility System Revenue Bonds, Series 2001B, $7,000,000 of the 2003 New Project Bonds
<br />and $10,575,000 of Electric Utility System Revenue Bonds, Series 2005 (of which
<br />$2,500,000 was issued under the 2001 URBA Authorization), leaving $2,929,280.79 of
<br />Deleted:
<br /><#>It is in the best interest of
<br />the City, acting by and through EWEB, to
<br />authorized but unissued debt remaining under the 2001 URBA Authorization and the
<br />provide funds for the principal purposes
<br />aggregate principal amount of bonds issued pursuant to the 2005 URBA Authorization is
<br />of final design work associated with
<br />relocation of certain EWEB operating
<br />$8,075,000, consisting of $10,575,000 of Electric Utility System Revenue Bonds, Series
<br />functions to a new site in West Eugene,
<br />2005 (of which $8,075,000 was issued under the 2005 URBA Authorization), leaving
<br />final design work for remodel of the
<br />existing downtown EWEB headquarters
<br />$1,925,000 of authorized but unissued debt remaining under the 2005 URBA Authorization.
<br />building and certain planning work
<br />Formatted: Font: Times New
<br />necessary for future disposal of surplus
<br />M. EWEB property located at the downtown
<br />EWEB has requested by resolution that the City Council adopt this Resolution in part to set
<br />riverfront site (the “2006 New Project”).¶
<br />Roman, 12 pt
<br />the terms for the issuance of not to exceed $4,854,280 principal amount of bonds (the “2006
<br /><#>The cost of the 2006 New Project,
<br />including bond issuance costs and debt
<br />Improvement Bonds”) for the principal purposes of reimbursing the Electric Utility general
<br />service reserves, is estimated not to
<br />account for funds expended in the application process for the Carmen Smith Hydroelectric
<br />exceed $8,000,000.¶
<br /><#>EWEB has requested by resolution
<br />license and additional funding toward the completion of that process, and for the
<br />purchase of
<br />that the City Council adopt this
<br />property in West Eugene for a new Operations Center (the “2006 Improvement Program”),
<br />Resolution in part to set the terms for the
<br />issuance of not to exceed $8,000,000
<br />which constitute Project purposes under the 2001 URBA Authorization and the 2005 URBA
<br />principal amount of bonds (the “2006
<br />Authorization (the “2006 Improvement Program”), to fund necessary reserves for the 2006
<br />New Project Bonds”), which bonds will
<br />not be general obligations of the City, nor
<br />Improvement Bonds and to pay the costs of issuance of the 2006 Improvement Bonds.
<br />a charge upon its tax revenues, but will be
<br />payable solely from revenues of the
<br />N.
<br />Notwithstanding the provisions of any prior resolution, EWEB now desires that all of the
<br />Electric Utility System which EWEB
<br />pledges to the payment of such bonds
<br />Bonds be sold at competitive bid and with maturities not exceeding thirty (30) years as
<br />pursuant to ORS 288.825(1) and the
<br />herein provided.
<br />resolutions to be adopted by EWEB
<br />pursuant to this Resolution.¶
<br /><#>EWEB has by resolution undertaken
<br />NOW THEREFORE,
<br />to cause to be prepared a plan showing
<br />that EWEB’s estimated Electric Utility
<br />System revenues are sufficient to pay the
<br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a
<br />estimated debt service on the 2006 New
<br />municipal corporation of the State of Oregon, as follows:
<br />Project Bonds authorized by this
<br />Resolution.¶
<br /><#>The City, including EWEB,
<br />Section 1.
<br />Authorization of Bonds; Purpose of Issue. Based on the above findings, the
<br />anticipates incurring expenditures
<br />(“Expenditures”) to finance the costs of
<br />Council hereby authorizes EWEB, on behalf of the City, to issue and sell “City of Eugene,
<br />the 2006 Improvement Program and the
<br />Oregon Electric Utility System Revenue and Refunding Bonds” (the “Bonds”) in one or more
<br />2006 New Project and wishes to declare
<br />series (being 2006 Refunding Bonds and/or 2006 Improvement Bonds), in the aggregate
<br />Deleted: and Publication of Notice
<br />principal amount of not to exceed $18,354,280, for the purpose of refunding and defeasing the
<br />Deleted:
<br /> (but with regard only to the
<br />Refunded 1996 Bonds and financing the costs of the design, construction, installation,
<br />2006 New Project Bonds, subject to the
<br />acquisition, relicensing and equipping of the 2006 Improvement Program and to fund any
<br />prior publication of the Notice and the
<br />expiration of the 60-day period following
<br />required reserves and costs of issuance.
<br />the publication of the Notice without the
<br />receipt of a petition for an election
<br />Deleted:
<br /> and/or 2006 New Project
<br />Section 2.
<br />Conditions of Issuance and Sale. The City Council hereby prescribes that:
<br />Bonds
<br />Deleted:
<br />26
<br />(a) The Bonds of each series shall: (i) mature not later than thirty (30) years
<br />Deleted:
<br />the 2006 New Project, and
<br />from the date of issuance of the series; (ii) be sold pursuant to public competitive bid pursuant to
<br />Deleted: , and to publish the Notice as
<br />ORS §288.835 at par or with a net original issue discount or premium that does not exceed seven
<br />aforesaid. If petitions for an election,
<br />percent (7%) of the aggregate principal amount thereof; and (iii) have an effective interest rate of
<br />containing the valid signatures of not less
<br />than 5 percent of the City’s qualified
<br />not to exceed seven percent (7%) per annum; and
<br />electors, are received within the time
<br />indicated in the Notice, the question of
<br />(b) The proceeds of the Bonds shall be used only for the following purposes:
<br />S533299.6
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