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<br /> (i) An amount not to exceed $4,854,280 shall be used to finance the
<br />2006 Improvement Program, to pay related costs of issuance and to fund a reserve fund for the
<br />payment of Bonds issued to finance the 2006 Improvement Program; and
<br /> (ii) An amount not to exceed $13,500,000 shall be used to refund and
<br />defease the Refunded 1996 Bonds and to pay related costs.
<br />Deleted:
<br />An amount not to exceed
<br />$8,000,000 shall be used to finance the
<br />2006 New Project, to pay related costs of
<br />Section 3.
<br /> Delegation of Authority for Terms of Bonds; Provisions for Issuance.
<br />issuance and to fund a reserve fund for
<br />Pursuant to ORS §288.825(4)(a), ORS §288.520(4), ORS §288.540 and ORS §288.545, EWEB,
<br />the payment of Bonds issued to finance
<br />the 2006 New Project; and¶
<br />or any individual designated by EWEB, is hereby authorized and directed to determine, with
<br />(iii)
<br />respect to the Bonds, the form of bond and series designation, the manner of disbursement of
<br />proceeds of the bonds, the maturity dates, principal amounts, redemption provisions, interest
<br />rates or the method for determining a variable or adjustable interest rate, denominations, form
<br />and authorized signatory and other terms and conditions of the Bonds because the same cannot
<br />be determined by the Council at this time. Prior to the issuance of any Bonds, EWEB shall: (i)
<br />prepare a plan showing that the estimated Electric Utility System revenues are sufficient to pay
<br />the estimated debt service on the Bonds; (ii) adopt a bond resolution and provide a copy of such
<br />resolution to the City; and (iii) provide to the City a resolution determining that any and all acts,
<br />Formatted: Indent: First line: 0.99"
<br />conditions and things required to exist, to happen and to be performed precedent to and in the
<br />issuance of the Bonds, exist, have happened and have been performed in due time, form and
<br />manner as required by the Constitution and statutes of the State of Oregon, the Charter of the
<br />City of Eugene and any other applicable resolutions of the Eugene City Council.
<br />Section 4.
<br />Declaring Intent To Reimburse. The City reasonably anticipates that the City
<br />and EWEB may incur preliminary, cost of issuance and other project expenditures that qualify as
<br />“Original Expenditures” under Treasury Regulation §1.150-2 prior to the date of issuance of the
<br />Bonds, and hereby declares its official intent to reimburse itself, including EWEB, with proceeds
<br />Deleted:
<br />[26
<br />of the sale of the Bonds to be issued in an amount not to exceed $18,354,280.
<br />Deleted:
<br />]
<br />Section 5.
<br />Statement on Form of Bond. All Bonds shall include a statement on their face
<br />to the effect:
<br />(a) That they do not in any manner constitute a general obligation of EWEB
<br />or of the City, or create a charge upon the tax revenues of the City, or upon any other revenues or
<br />property of the City, or property of EWEB, but are charges upon and are payable solely from the
<br />revenues of the Electric Utility System operated by EWEB, or any portion thereof, pledged to the
<br />payment thereof; and
<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 directly or
<br />indirectly be paid or compensated through the property of the City, or EWEB, or by or through
<br />the taxing power of the City.
<br />Section 6.
<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 of the Electric Utility System which EWEB pledges to the payment thereof
<br />pursuant to ORS §288.825, the 2001 URBA Authorization and the 2005 URBA Authorization,
<br />S533299.6
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