HomeMy WebLinkAboutResolution No. 4656
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COUNCIL RESOLUTION 4656
A RESOLUTION AMENDING RESOLUTION 4616 AND
AUTHORIZING THE CITY OF EUGENE, ACTING BY
AND THROUGH THE EUGENE WATER & ELECTRIC
BOARD, TO ENTER INTO A REVOLVING LINE OF
CREDIT
DATE SUBMITTED: December 11,2000
PASSED: 7/0
OPPOSED:
ABSENT: FaIT
REJECTED:
DEFERRED TO:
RESOLUTION NO. 4656
A RESOLUTION AMENDING RESOLUTION 4616 AND AUTHORIZING
THE CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE
WATER & ELECTRIC BOARD, TO ENTER INTO A REVOLVING LINE
OF CREDIT
The City Council (the "Council") of the City of Eugene, a municipal corporation of the
State of Oregon (the "City"), finds:
A. That the electors of the City approved at an election duly held on May 18, 1993,
Resolution No. 4360 adopted by the Council on February 17, 1993, authorizing the
City, acting by and through the Eugene Water & Electric Board ("EWEB"), to issue
up to One Hundred Fifty Million Dollars ($150,000,000) aggregate principal amount
of revenue bonds or other evidences of indebtedness of the City, payable solely from
the net revenues or any portion thereof of the Electric Utility System of the City (the
"Electric System"), or from any other moneys lawfully available therefor, for the
purpose of financing improvements to the Electric System, including, but not limited
to, the acquisition of energy conservation.
B. That Section 2 of Resolution No. 4360 requires that all terms and conditions ofthe
bonds or other evidences of indebtedness, and the terms upon which the same may
be sold, shall be prescribed by resolution.
C. That on December 7, 1999 EWEB adopted a Resolution authorizing the
establishment of a commercial paper program for funding conservation loans to
Electric System consumers pursuant to Resolution No. 4360 (the "Project") and the
issuance of commercial paper notes in an aggregate principal amount not to exceed
Six Million Dollars ($6,000,000) for the purpose of financing all or a portion of
EWEB's costs relating to the Project, the funding of any debt service reserves and
the payment of costs of issuance.
D. That the Council on February 28, 2000 adopted its Resolution No. 4616 authorizing
the issuance of the commercial paper notes or other evidence of indebtedness to
finance the Project.
E. That the City and EWEB have determined that it is in the interests of the City and
EWEB to finance the Project through the establishment of a revolving line of credit
or through the issuance of commercial paper notes depending upon market conditions
at the time of financing, and have further determined that it is advisable and in the
interests of the City and EWEB to authorize EWEB to select a bank ("Bank") as the
provider of the line of credit, and to clarify that Resolution No. 4616 authorizes
EWEB to enter into lines of credit.
F. That on December 5, 2000, EWEB adopted a resolution authorizing a line of credit
subject to the Council approving this Resolution.
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 Line(s) of Credit and Amendment and Supplement of Resolution No.
4616:
To clarify its intention that EWEB is authorized to establish lines of credit, the Council
hereby amends the first sentence of Section 2(a) of Resolution 4616 to read as follows:
"In anticipation of the issuance and sale of the bonds approved by the electors of the City on
May 18, 1993, EWEB is authorized to provide for the issuance and sale of notes or other
obligations, including without limitation lines of credit (collectively, the "notes") in an
aggregate principal amount of Six Million Dollars ($6,000,000)."
Section 2.: Effective Date:
This Resolution shall become effective immediately upon its adoption.
The foregoing Resolution adopted this 11th day of December, 2000.
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City Recorder