HomeMy WebLinkAboutResolution No. 4782
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COUNCIL RESOLUTION NO. 4782
A RESOLUTION AMENDING RESOLUTION
NO. 4692 IN ORDER TO AUTHORIZE EWEB
TO UTILIZE A LINE OF CREDIT AS ONE
OF THE FORMS OF INDEBTEDNESS
AUTHORIZED BY RESOLUTION NO. 4692
PASSED: 7/0
REJECTED:
OPPOSED:
ABSENT: Meisner
CONSIDERED: January 12, 2004
EFFECTIVE: Immediately
RESOLUTION NO. 4782
A RESOLUTION AMENDING RESOLUTION NO. 4692 IN
ORDER TO AUTHORIZE EWEB TO UTILIZE A LINE OF
CREDIT AS ONE OF THE FORMS OF INDEBTEDNESS
AUTHORIZED BY RESOLUTION NO. 4692
The City Council of the City of Eugene finds that:
A. On October 22,2001, the City Council adopted Resolution No. 4692 authorizing
EWEB to issue not to exceed $60,000,000 of principal amount of indebtedness. Pursuant to
Resolution No. 4692, EWEB has issued bonds or other evidence of indebtedness totaling
$30,000,000, leaving $30,000,000 of authorized but unissued debt remaining under Resolution
No. 4692.
B. EWEB has requested that the City Council adopt this Resolution to include a line
of credit as one form of indebtedness that EWEB may issue under the authority of Resolution
No. 4692.
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. Based on the above findings, Resolution No. 4692 is amended to authorize
EWEB, on behalf of the City, to enter into a line of credit as one type of indebtedness authorized
under Resolution 4692. Resolution 4692 is hereby further amended to add the additional
condition that the bonds or other evidence of indebtedness, including a line of credit, shall have
an effective interest rate of not to exceed nine percent (9%) per annum. These amendments are
subject to the other unamended terms and conditions prescribed by Resolution No. 4692.
Section 2. Except as explicitly amended by this Resolution, Resolution No. 4692
shall remain in full force and effect.
Section 3.
This Resolution shall become effective immediately upon its adoption.
The foregoing Resolution adopted the 12th day of January, 2004.
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