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HomeMy WebLinkAboutOrdinance No. 19301ORDINANCE NO. 19341 AN ORDINANCE PROVIDING FOR THE ISSUANCE AND SALE FROM! TIME TO TIME BY THE CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WAFER & ELECTRIC BOARD, OF NOT EKCEEDING $3Q,004,400 AGGREGATE PRINCIPAL AMOUNT OF REVENUE BONDS OR OTHER EVIDENCES OF INDEBTEDNESS OF SAID CITY, PAYABLE SOLELY FROM NET REVENUES OR ANY PORTION THEREOF OF THE ELECTRIC UTILITY SYSTEM OF SAID CITY, OR FROM ANY OTHER MONEYS LAWFULLY AVAILABLE THEREFOR, FOR THE PURPOSE OF FINANCING ENERGY CONSERVATION MEASURES AND UNDERTAKINGS ON BEHALF OF CUSTOMERS OF SAID SYSTEM; PROVIDING FOR CERTAIN OTHER MATTERS IN CONNECTION THEREWITH; AND DECLARING AN EMERGENCY. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. Findin s and Determinations. The Cit Y Council of the City of Eugene, Oregon, hereby finds and deter- mines that ~i ~ the electors of the City a roved at an e ' pp lection duly held on September 20, 1983 Ordinance No. 19172 enacted by the City Council and approved by the Mayor on Au ust 17 9 g 1 83, authorizing the City, acting by and through the Eu ene Wat g er & Electric Board, to issue up to $3o,oao,ooo a re ate rinc' gg 9 P ipal amount of revenue bonds or other evidences of indebtedness of the City, payable solely from the net revenues or an ortion th y P ereof of the Electric Utility System of the City, or from an of ~ her moneys lawfully available therefor, for the purpose of financin g energy conservation measures and undertakings on behalf of cus- tourers of the Electric Utility System and providin that none g of said bonds or other evidences of indebtedness shall be ' a.ssued Ordinance - 1 unless the Bonneville Power Administration has a reed to a q p y the principal thereof and interest thereon, and ii the Bon ` ~ 7 nevllle Power Administration has so agreed to pay the rinci~al of a p nd interest on such bonds pursuant to a certain Residential Weatheri2ation Revenue Band Financing Agreement, dated October 24, 193, by and between the Eugene Water & Electric Board and the Administration, a copy of which agreement has been resen p ted to, and filed with the minutes of, the meeting of the Oounci 1 at which this ordinance is enacted, Section 2. Provisions for Issuance and Sale of Bonds. The terms and conditions of such bands or other evidences of indebtedness and the terms upon which the same ma be so d ~' 1 shall be as set forth in this Ordinance, provided however tha t the Eugene water & Electric Board is hereby authorised to rescrib p e by resolution all such terms and conditions in addition to and not in conflict with those set forth herein. The terms and co -- n ditions prescribed by this ordinance are as follows: a. The bonds or other evidences of indebtedness shall not be sold at a price less than ninet -six er centu y p m ~9~~~ of the par amount thereof, shall mature not later th an thirty years from the date thereof and shall bear interes t at such rate or rates per annum not exceeding thirteen er cen~- A tum ~13°s~ per annum, b. Such bonds and other evidences of indebtedness shall include a statement on their face to the effect• . tl~ that they do not in any manner constitute a eneral obli g ga- Ordinance -~ 2 tion of the Eugene Water & Electric Baard, 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 said Board, but are a charge upon and pavable solely from the revenues of the Electric Utility System of the City, or any portion thereof, or from any other moneys lawfully available therefor, pledged to the payment thereof; ~~~ that the holders thereof may only lank far repayment to the revenues of the Electric Utility System which are pledged to the payment thereof, and may not directly, or indirectly, be paid or compensated through the property of the City, or the Eugene Water & Electric Board, or by ar through the taxing power of the City. c. The Board may provide for the refunding of any bonds ar other evidences of indebtedness so issued by the issuance and sale of refunding bonds ar other evidences of indebtedness upon such terms and conditions as it may prescribe, and pledge to such refunding bonds ar other ev i- dences of indebtedness all ar such part of the net revenues of the Electric Utility System, or the portion thereof, ar from any other moneys lawfully avilable 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 ~~6~~ of the par amount thereof, shall mature not later than thirty years from the date Ordinance ~- 3 thereof and shall bear interest at such rate a r rates per annum not exceeding thirteen per centum X13%~ er annum p d. Provision shall be made for the com lete p amor- tization of the principal amount of each issue of b ands issued under the authority of Ordinance Na. 19172 a ' nd this ordinance within a period of thirty years from the res pec~ tive date of such issue, through the medium of seria 1 or sinking fund bonds or otherwise, as the Board ma ' y determine, e. Subject only to the provisions of the resolu- tions heretofore adopted by the Baard rovidin far p g the issuance of bonds payable from the net revenues o f the Electric Utility Systems any pledge of the revenues or other moneys ar obligations of the Electric Utility System made b y the City acting by and through the Baard shall have such lien and priority as the Board shall determine and shall be valid and binding from the time such pled a is made a d g ~ n the revenues or other moneys or obligations so pledged and thereafter received by the pity shall immediatel b ' y e subject to the lien of such pledge without any ph sisal delive y ry or further act. f. Without limiting the powers extended to the Board to determine terms and conditions of the bonds and other evidences of indebtedness in addition to and no ' t in conflict herewith, the Board is authorized in its disc re tion~ and to the extent permitted by law to rov'd ' p i e in con- nection with the authorization ~f any issue of such bands; ordinance -- 4 that such bands and the interest thereon may be pa able Y , collectible or registrable at any place or places within or without the State of Oregon; that such bands may be issued in fully registered form or in coupon farm registrable as to principal or as to both principal and interest, interchan e- g able or nan-interchangeable as between registered and cou on p bonds and as between bonds of differing denominatians• that such bonds may be redeemable, either at the option of the Board, ar by the operation of any sinking fund provided for the issue, at such time or times and at such price or rites p as the Board may determine, whether or not involving a pre- mium over the principal amount of such bonds, provided however, that any such premium shall not exceed 4~ of the principal amount of bonds to be redeemed; for the ap ointment p of such fiscal or paying agents, registrars, trustees, or other agencies, far any such issue of bonds, as the Board ma Y determine, for the benefit and protection of the holders of such bands; for the deposit of funds including bond proceeds with such agents or trustees for any lawful purpose far which such funds may be deposited; for the manner of disbursement of , and accounting for , bond proceeds ; for the rights and remedies of the holders of such bonds; for the establishin 9 and maintaining of special funds or accounts to insure the payment when due and payable of the principal of and interest on such bonds and for other purposes, Pram proceeds of the sale of bonds or revenues of the Electric Utility System or Ord i nance -- 5 other moneys lawfully available and pled ed to the a 9 p yment of such bands and the interest thereon, and for the invest ment and reinvestment of moneys or obligations in such s ecia p 1 funds ; and to covenant cai th, and for the benefit of the holders from time to time of such bonds as the Board ma y determine. g. The Board shall, by resolution, determine the amount ar amounts required for the purposes for which the moneys is borrowed at any particular time or times and shall also determine that any and all acts, conditions and thin s 9 required to exist, to happen and be performed precedent to and in the issuance of such bonds exist, have ha erred and pp have been performed in due time, farm and manner as re aired q by the constitution and statutes of the State of c]re on and 9 the Charter of the City of Eugene. h. The bonds or other evidence of indebtedness shall not be sold until the following actions have taken place: ~1} Legal opinions have been rendered by bond counsel, and special counsel if special counsel is employed, for the Eugene water & Electric Board that the bonds are duly and legally authorized and do not const i- tute general obligations of the City of Eugene and qualify for tax-exempt status. ~2~ A legal opinion has been rendered by general counsel for the Bonneville Power Administration Ordinance - 6 that the Bonneville Power Administration is authorized by law to pay the interest and principal on the bonds and has entered into a legal obligation to do so, ~3~ General counsel for the City has reviewed all resolutions of the Eugene water & Electric Board enacted pursuant to this Ordinance and has deter- mined that such resolutions do not conflict with the terms and conditions prescribed by this ordinance, ~~~ The City tanager is given written notice thirty days in advance of each planned sale of the date of the planned sale and the principal amount of the bonds to be sold at the planned sale, ~5y Bonneville Power Administration concurs with the Bond Resolutions required by the Residential weatherization Revenue Bond Financin 9 Agreement, Section 5, Section 3. Re ortin The Eugene water & Electric Board shall submit to the city of Eugene the followin re orts 9 p on April 1 after the first sale of bonds or other evidences of indebtedness and on each April 1 thereafter until the bonds ha ve been paid and retired, a. A report on the Residential Weatherization Program explaining past and projected expenditures of bond proceeds and conservation benefits realized and antici ated, p b. A report on the funds established pursuant to the Bond Resolution describing the funds established the ordinance - 7 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 amo~~nts scheduled to be paid and the source of such payments, d. A report on Bonneville Power Administration compliance with the terms of the 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 rewired by subsections a, thru d, are included in the Eugene water & Electric Board's yearly audit report, the Eugene Water & Electric Board may comply with this section by transmitting a copy of its yearly audit report to the City of Eugene. Section 4. Audits and ,,Budgets. The Eugene water & Electric Board shall forward to the City of Eugene all reports and audits prepared or conducted pursuant to the Residential Weatherization Revenue Bond Financing Agreement and the Band 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. The Eugene water & Electric Board shall forward to the City of Eugene all written notices from the Bonneville Power Ordinance - 8 Administration objecting to any expenditure of funds. The Eugene Water & Electric 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 essen- tial 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 Gammon Council and approval by the Mayor, Passed by the city Council this Approved by the Mayor this day of December ~ lgg~ ~~th day .. of December , 19D4 ~_ Cit. Recorder Mayor ordinance - 9