HomeMy WebLinkAboutOrdinance No. 19741ORDINANCE NO. I, ~7~-~,
AN ORDINANCE AUTHORIZING THE CITY OF EUGENE,
ACTING BY AND THROUGH THE EUGENE WATER &
ELECTRIC BOARD, TO ISSUE UP To $~~,OOQ,000
AGGREGATE PRINCIPAL AMOUNT OF REVENUE BANDS OR
OTHER EVIDENCES OF INDEBTEDNESS OF THE CITY,
PAYABLE SOLELY FRAM NET REVENUES OR ANY
PORTION THEREOF OF THE ELECTRIC UTILITY SYSTEM
of THE CITY, FOR THE PURPOSE OF FINANCING
CERTAIN IMPROVEMENTS To THE ELECTRIC UTILITY
SYSTEM; AND PROVIDING FOR AN EFFECTIVE DATE.
The City Council of the City of Eugene finds that:
A. The Eugene Water & Electric Board has by resolution
requested the City Council to authorize issuance of $22,000,000
aggregate principal amount of revenue bonds or other evidences of
indebtedness to finance improvements to the Electric Utility
System.
B. The bond proceeds are needed to finance hydroelectric and
steam generation facility improvements; electric and steam
transmission and distribution system improvements; and substation
improvements and additions. Now, therefore,
THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS:
Section 1. Authorization of Electric Utilit S stem Revenue
Bonds, The City of Eugene, Oregon acting by and through the Eugene
Water & Electric Board, is hereby authorized to borrow money and
issue revenue bonds or other evidences of indebtedness payable
solely from the net revenues or any portion thereof of the Electric
Utility System of the City at one time or from time to time, in an
amount not to exceed in the aggregate $22,000,000 for the purpose
of financing certain improvements to the Electric Utility System
Ordinance - 1
including:
1. Hydroelectric and steam generation facility
improvements;
2. Electric and steam transmission and distribution
system improvements; and
3. Substation improvements and additions.
section 2. Terms ,and Conditions _,,,,o„f Bonds. All terms and
conditions of the bonds or other evidences of indebtedness and the
terms upon which the same may be sold shall be prescribed by
ordinance to be adopted by the City Council. However, such bonds
or other evidences of indebtedness shall mature not later than
thirty years from the date thereof and shall bear interest at a net
effective rate not tv exceed thirteen per centum X13%} per annum.
Such bonds or other evidences of indebtedness shall include a
statement on their face to the effect : ~ 1 } that they do not in
any manner constitute a general obligation of the Eugene Water &
Electric Board, or of the City of Eugene, or create a charge upon
the tax revenues of the City, or upon any other revenues ar
property of the 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, pledged to the payment
thereof; ~Z} that the holders thereof may look for repayment only
to the revenues of the Electric Utility System which are pledged
tv the payment thereof, and may not directly or indirectly be paid
or compensated through the property of the City, yr the Eugene
Water & Electric Board, or by or through the taxing power of the
City.
ordinance ~- 2
Section 3. Effective Date. This Crdinance shall take effect
immediately upan its approval by the voters of the City of Eugene.
Passed by the City Council this
9th day of January, 1991
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City Reco er
Approved by the Mayor this
9th day of January, 1991
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