HomeMy WebLinkAboutOrdinance No. 19692ORDINANCE NO. I f~~
AN ORDINANCE PROVIDING FUR THE ISSUANCE AND SALE BY THE
CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER
& ELECTRIC BOARD, OF NOT MORE THAN $15000,000 AGGREGATE
FRINCIPAL AMOUNT OF REVENUE BONDS FOR THE PURPOSE OF fly
REFUNDING $14,145,000 OF ELECTRIC UTILITY SYSTEM
CONSERVATION REVENUE BONDS, SERIES 1985, AND ~2} PAYING
THE COST OF AN ENERGY CONSERVATION PROGRAM UNDERTAKEN BY
SAID CITY, ACTING BY AND THROUGH THE EUGENE WATER &
ELECTRIC BOARD, TO FINANCE ENERGY CONSERVATION MEASURES
AND UNDERTAKINGS ON BEHALF OF CUSTOMERS SERVED BY THE
EUGENE WATER & ELECTRIC BOARD; PROVIDING FOR CERTAIN
OTHER MATTERS IN CONNECTION THEREWITH; AND DECLARING AN
EMERGENCY.
THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS:
Section i. Findin sand Determinations. The City Council of
the City of Eugene, Oregon, hereby finds and determines that ~1}
on December 1~, 1954, the City Council enacted and the Mayor
approved ordinance No. 19301, authorizing the City, acting by and
through the Eugene Water & Electric Board ~"Board"}, to issue and
sell up to $30,000,000 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, or from any other moneys lawfully available
therefor, for the purpose of financing energy conservation measures
and undertakings on behalf of customers of the Electric Utility
System; ~2} pursuant to said Ordinance No. 19301, the City, acting
by and through the Board, issued $17,000,000 aggregate principal
amount of Electric Utility System Conservation Revenue Bonds,
Series 19H5 thereafter referred to as "19$5 Bonds" } ; and ~3 } it is
now deemed advisable and in the best interest of the City to issue
not more than $15,000,000 aggregate principal amount of Electric
Ordinance - 1
Utility System Conservation Revenue Bonds to refund $14,145,044 of
the 1955 Bonds, and to pay the cost of an energy conservation
program undertaken by the City acting by and through the Board.
Section 2. Pravisians far Issuance and Sale of Bands. The
terms and provisions of such bonds and the terms upon which the
same may be sold shall be as set forth in this ordinance; provided,
however, that the Board is hereby authorized to prescribe by
resolution ~"Bond Resolution"} all such terms and conditions in
addition to and not in conflict with those set forth herein. The
terms and conditions prescribed by this ordinance are as follows:
a. The bonds shall not be sold at a price less than
ninety-eight and f ive-tenths per cent ~ 9 S . 5 ~ } of the par value
thereof, shall mature not later than eleven years from the
date thereof, and shall bear interest at such rate or rates
per annum not exceeding thirteen per cent ~13~} per annum.
b. Such bonds shall include a statement on their face
to the effect that ~1} they do not in any manner constitute
a general obligation of the Board, or of the City of Eugene,
or create a charge upon the tax revenues of said City, or upon
any other revenues or property of said City, or property of
the Board, but are a charge upon and payable solely from the
revenues of the Electric Utility System of the City, or any
portion thereof, yr from any other moneys lawfully available
therefor, pledged to the payment thereof; and ~2} the holders
thereof may only look for repayment to the revenues of the
Electric Utility System which are pledged to the payment
ordinance - 2
thereof, and may not directly, or indirectly, be paid or
compensated through the property of the City, or the Board,
or by or through the taxing power of the City.
c. The Board may provide for the refunding of any bonds
by the issuance and sale of refunding bonds or other evidences
of indebtedness upon such terms and conditions as it may
prescribe, and pledge to such refunding bonds or other
evidences of indebtedness all ar such part of the net revenues
of the Electric Utility System, or the portion thereof, or any
other moneys lawfully available therefor, as it may determine;
provided, however, that such refunding bonds or other
evidences of indebtedness shall not be sold at a price less
than ninety-six percent X96%~ of the par amount thereof, shall
mature not later than ten years from the date thereof, and
shall bear interest at such rate or rates per annum not
exceeding thirteen per cent ~13%~ per annum.
d. Provision shall be made for the complete amortization
of the principal amount of the bands issued under the
authority of this Ordinance within a period of eleven years
from the date of issuance, through the medium of serial or
sinking fund bonds or otherwise, as the Board may determine.
e. Subject only to the provisions of resolutions
heretofore adopted by the Board providing for the issuance of
bonds payable from the net revenues of the Electric Utility
System, any pledge of the revenues or other moneys or
obligations of the Electric Utility System made by the City
Ordinance - 3
acting by and through the Board shall have such lien and
priority as the Board shall determine and shall be valid and
bindirng from the time such pledge is made. The revenues or
other moneys or obligations so pledged and thereafter received
by the City shall immediately be subject to the lien of such
pledge without any physical delivery or further act.
f. Without limiting the powers extended to the Board to
determine terms and conditions of the bonds in addition to and
not in conflict herewith, the Board is authorized, in its
discretion, and to the extent permitted by law, to provide in
connection with the authorization of such bands: that such
bonds and the interest thereon may be payable, collectible or
registrable at any place or places within or without the State
of Oregon; that such bends may be issued in fully registered
form; that such bonds may be redeemable, either at the option
of the Board, or by the operation of any sinking fund provided
for the issue, at such time or times and at such price or
prices as the Board may determine; for the appointment of such
fiscal or paying agents, registrars, trustees, or other
agencies, for such bonds, as the Board may determine, for the
benefit and protection of the holders of such bonds; for the
deposit of funds including bond proceeds with such agents ar
trustees far any lawful purpose for which such funds may be
deposited; far the manner of disbursement of, and accounting
for, bond proceeds; for the rights and remedies of the holders
of such bands ; for the establishing and maintaining of special
ordinance - 4
funds or accounts to insure the payment when due and payable
of the principal of and interest vn such bands and for other
purposes, from proceeds of the sale of bonds or revenues of
the Electric Utility System yr other moneys lawfully available
and pledged to the payment of such bonds and the interest
thereon, and for the investment and reinvestment of moneys or
obligations in such special funds; and to covenant with, and
for the benefit of, the holders from time to time of such
bonds as the Board may determine.
g. The Board shall, by resolution, determine the amount
or amounts required far the purposes for which the bonds are
authorized hereunder, and shall also determine that any and
all acts, conditions and things required to exist, to happen
and be performed precedent to and in the issuance of such
bonds exist, have happened and have been performed in due
time, form and manner as required by the Constitution and
statutes of the State of Oregon and the Charter of the City
of Eugene.
h. The bends Shall not be sold until the fn~7nw;nn
actions have taken place:
~1~ Legal opinions have been rendered by bond
counsel, and special counsel if special counsel is
employed, for the Board that the bonds are duly and
legally authorized and do not constitute general
obligations of the City of Eugene and qualify for tax--
exempt status.
Ordinance - 5
~2~ A legal opinion has been rendere
d by general
counsel for the Bonneville Power Administrat'
ion that the
Bonneville Power Administration is author'
ized by law to
pay the interest and principal on the bon
ds and has a
legal obligation to do so ursuant to ~ '
p the Residential
Weatherization Program Conservation A ree
g went, executed
by the United States of America De art
r p went of Energy,
acting by and through the Bo '
nneville Power
Administration, and the Cit dated Se
Y ptember 29, 1983,
as the same is or may be amended and su
pplemented from
time to time, yr any agreement in subs '
titution therefor;
or the Amendatory Residential Weatherization
Revenue Bond
Financing Agreement, executed b the '
y United States of
America, Department of Energy, actin b
g y and through the
Bonneville Power Administration, and the Cit
y, dated June
l0, 1985, as the same is or ma be
Y amended or
supplemented from time to time.
~3} General counsel for the Cit has re '
Y viewed the
Bond Resolution and any other resolutions
of the Board
enacted pursuant to this Ordinance and has '
determined
that such resolutions} do not conflict '
with the terms
and conditions prescribed by this Ordinance
Section 3. Re ortin . The Board shall s '
--~~~~-~ ubmit tv the City of
Eugene the following reports on Au ust 1 a
g fter the first sale of
bonds and on each October 1 thereafter `
until the bonds have been
paid and retired.
Ordinance - 6
a. A report on the Residential Weatherization Program
explaining past and projected expenditures of bond proceeds
and conservation benefits realized and anticipated.
b. A report on the funds established pursuant to the
Bond Resolution describing the funds established, the amounts
in each fund, expenditures from each fund, the manner in which
the moneys in each fund have been invested, the income from
such investments and the application of such income.
c. A report on bond payments describing amounts paid and
amounts scheduled to be paid and the source of such payment.
d. A report on Bonneville Power Administration
compliance with the terms of the Amendatory Residential
Weatherization Revenue Bond Financing Agreement describing
amounts billed to and paid by the Bonneville Power
Administration and the dates of such payments.
e. If the contents of the reports required by
subsections a, through d, are included in the Board's yearly
audit report, the Board may comply with this section b
Y
transmitting a copy of its yearly audit report to the City of
Eugene.
Section 4. Audits and Bud ets. The Board shall forward to
the City all reports and audits prepared or conducted pursuant to
the Amendatory Residential Weatherization Revenue Bond Financing
Agreement and the Bond Resolution, including, but not limited to,
audits conducted by the Bonneville Power Administration, within ten
days of the date such reports or audits are prepared or received.
ordinance - 7
The Board shall forward to the City all written notices from
the Bonneville Power Administration objecting to any expenditure
of funds. The Board shall provide the City with copies of all
approved and proposed budgets submitted to or approved by
Bonneville Power Administration,
Section 5. Emer enc Clause. This Ordinance is essential to
the public welfare and safety and therefore an emergency is hereby
declared to exist and this ordinance shall take effect immediately
upon its passage by the City Council and approval by the Mayor,
retention by the Mayor for more than ten days, or readoption over
a mayoral veto by two-thirds of all members of the Council.
Passed by the City Council this
~~day of ~ , 1990
(rte ~.
City Recor r
Approved by the Mayor this
~,~ day o f ~~„~, , 19 9 0
o,
Ordinance - 8