Resolution No. 4870 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 4870 A RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF ELECTRIC UTILITY SYSTEM REVENUE AND REFUNDING BONDS IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED EIGHTEEN MILLION THREE HUNDRED FIFTY-FOUR THOUSAND TWO HUNDRED EIGHTY DOLLARS ($18,354,280) FOR THE PURPOSES OF FINANCING AND REFINANCING CAPITAL IMPROVEMENTS TO THE ELECTRIC UTILITY SYSTEM AND PROVIDING FOR RELATED MATTERS The City Council of the City of Eugene finds that: A. ORS ~288.805 to ~288.945, commonly known as the Uniform Revenue Bond Act, authorizes the City to issue bonds payable solely from revenues generated by facilities, projects, utilities or systems owned or operated by the City. The City, acting by and through the Eugene Water & Electric Board ("EWEB"), owns and operates an electric utility 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 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 nor constitute a general obligation of the City or create a charge upon the tax revenues or any other property or revenues of the City. D. On May 18, 1993, the electors of the City of Eugene authorized issuance of up to $150,000,000 of electric system revenue bonds. Subsequently, the City Council adopted Resolution No. 4425 authorizing the issuance of electric revenue bonds. Pursuant to that authorization, the City, acting by and through EWEB, issued the City of Eugene, Oregon, Electric System Revenue Bonds, Series 1996 (the "1996 Bonds"), which 1996 Bonds will be outstanding in the principal amount of $12,420,000 as of August 1,2006. E. EWEB has determined that substantial present value savings may be achieved by issuing refunding bonds for the purpose of refunding and defeasing the outstanding 1996 Bonds which may be called and redeemed as of August 1,2006, without premium (the "Refunded 1996 Bonds"). F. EWEB has requested that the City Council adopt this Resolution in part to set the terms for the issuance of not to exceed $13,500,000 principal amount of bonds (the "2006 Refunding Bonds") and ORS 288.592 authorizes the issuance of the 2006 Refunding Bonds. Resolution - 1 - 1 -