Resolution No. 4870 - Laserfiche WebLink

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Utility System Revenue Bonds, Series 2001B, $7,000,000 of the 2003 New Project Bonds and $10,575,000 of Electric Utility System Revenue Bonds, Series 2005 (of which $2,500,000 was issued under the 2001 URBA Authorization), leaving $2,929,280.79 of authorized but unissued debt remaining under the 2001 URBA Authorization and the aggregate principal amount of bonds issued pursuant to the 2005 UREA Authorization is $8,075,000, consisting of $10,575,000 of Electric Utility System Revenue Bonds, Series 2005 (of which $8,075,000 was issued under the 2005 URBA Authorization), leaving $1,925,000 of authorized but unissued debt remaining under the 2005 URBA Authorization. M. EWEB has requested by resolution that the City Council adopt this Resolution in part to set the terms for the issuance of not to exceed $4,854,280 principal amount of bonds (the "2006 Improvement Bonds") for the principal purposes of reimbursing the Electric Utility general account for funds expended in the application process for the Carmen Smith Hydroelectric license and additional funding toward the completion of that process, and for the purchase of property in West Eugene for a new Operations Center (the "2006 Improvement Program"), which constitute Project purposes under the 2001 URBA Authorization and the 2005 URBA Authorization (the "2006 Improvement Program"), to fund necessary reserves for the 2006 Improvement Bonds and to pay the costs of issuance of the 2006 Improvement Bonds. N. Notwithstanding the provisions of any prior resolution, EWEB now desires that all of the Bonds be sold at competitive bid and with maturities not exceeding thirty (30) years as herein provided. NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a municipal corporation of the State of Oregon, as follows: Section 1. Authorization of Bonds~ Purpose of Issue. Based on the above findings, the Council hereby authorizes EWEB, on behalf of the City, to issue and sell "City of Eugene, Oregon Electric Utility System Revenue and Refunding Bonds" (the "Bonds") in one or more series (being 2006 Refunding Bonds and/or 2006 Improvement Bonds), in the aggregate principal amount of not to exceed $18,354,280, for the purpose of refunding and defeasing the Refunded 1996 Bonds and financing the costs of the design, construction, installation, acquisition, relicensing and equipping of the 2006 Improvement Program and to fund any required reserves and costs of issuance. Section 2. Conditions of Issuance and Sale. The City Council hereby prescribes that: (a) The Bonds of each series shall: (i) mature not later than thirty (30) years from the date of issuance of the series; (ii) be sold pursuant to public competitive bid pursuant to ORS ~288.835 at par or with a net original issue discount or premium that does not exceed seven percent (7%) of the aggregate principal amount thereof; and (iii) have an effective interest rate of not to exceed seven percent (7%) per annum; and (b) The proceeds of the Bonds shall be used only for the following purposes: Resolution - 3 - 3 -