HomeMy WebLinkAboutOrdinance No. 19377ORDINANCE No. 19377
AN ORDINANCE AUTHORIZING THE CITY of EUGENE,
ACTING BY AND THRoUGfl THE EUGENE WATER &
ELECTRIC BOARD, TO ISSUE UP TO $~~,ooo,ooo
AGGREGATE PRINCIPAL AMOUNT of REVENUE BONDS oR
OTHER EVIDENCES OF INDEBTEDNESS OF THE CITY,
PAYABLE SOLELY FROM NET REVENUES oR ANY PQRTI4N
THEREQF of THE ELECTRIC UTILITY SYSTEM OF TSE
CITY , FQR THE PURPOSE of FINANCING I iKPRoVEMENTS
To THE ELECTRIC UTILITY SYSTEM of THE CITY;
AND PROVIDING FQR AN EFFECTIVE DATE.
The City Council of the City of Eugene finds that:
1. The Eugene Water & Electric Board has by resolution
requested the City Council to authorize issuance of $25,000,000 in
revenue bonds or other evidences of indebtedness to finance improve--
ments to the Electric Utility System.
Z. The bond proceeds are needed to finance impravements and
additions to the energy management control system, headquarters
facility, repair shops, substations and other facilities of the
Electric Utility System. These improvements are needed in the
judgment of the Board. Now, therefore,
THE CITY of EUGENE DOES ORDAIN AS FOLLOWS:
Section 1. Authori2ation 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 $25,000,000, for
the purpose of financing impravements to the Electric Utility
System of the City.
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Section 2. Terms and Conditions of Bonds. Pursuant to
Eugene Charter Section 47, 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. However, the
bonds shall bear interest at a rate not greater than thirteen
percent per annum ~13~7, shall mature not more than thirty years
from their date of issuance and shall be sold at not less than 96~
of par. 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
or 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 ; ~ 2 ~ that the holders thereof may only look f o r
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 or through the taxing power
of the City.
Section 3. Effective Date. This Ordinance shall take effect
immediately upon its approval by the voters of the City of Eugene,
Passed by the City Council this
12th day of February, 1986
City Recorder
Approved by the Mayor this
12th da ebruary, g86
~ ~
Mayor
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