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HomeMy WebLinkAboutOrdinance No. 19378ORDINANCE N0 . 19 3 7 S AN ORDINANCE ORDERING A SPECIAL CITY ELECTION TO BE CONDUCTED BY THE LANE COUNTY ELECTION DEPARTMENT ON THE 25th DAY OF MARCH, 1986, IN ACCORDANCE WITH THE PROVISIONS OF CHAPTER 254 OF OREGON REVISED STATUTES; FOR THE PURPOSE OF REFERRING TO THE LEGAL ELECTORS OF THE CITY OF EUGENE FOR THEIR APPROVAL OR REJECTION, AN ORDINANCE AUTHORIZING THE CITY OF EUGENE, ACTING BY AND THROUGH TSB EUGENE WATER & ELECTRIC BOARD TO ISSUE REVENUE BANDS OR OTHER EVIDENCES OF INDEBTEDNESS OF THE CITY IN AN AMOUNT NOT EXCEEDING $25,000,000 AGGREGATE PRINCIPAL AMOUNT IN ACCORDANCE WITS THE PROVISIONS OF ORDINANCE N0. 19377; PROVIDING FOR ALL ACTS NECESSARY FOR THE CARRYING ON OF SAID ELECTION'; AND DECLARING AN EMERGENCY. THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: Section 1. The City Council does hereby order an election t o be held in the City of Eugene, Oregon concurrently with the special election on Tuesday, the 25th day of March, 1986, at which time there shall be submitted to the electors of the City for their approval or rejection, the following Ordinance, to-wit: Measure No. 51 SUBMITTED TO THE ~TOTERS BY THE CITY COUNCIL Authorizes $25,000,000 revenue bonds or debt f or EWE B utility improvements, Should the City of Eugene be authorized to issue $25, 000, 000 revenue bonds or other debt f or EWEB Electric Utility improvements? Approval of Eugene Ordinance No, 19377 is sought. ordinance allows issuance of revenue bonds or other debt up to the amount of $25 million. The debt will be paid solely f rom revenues of the Eugene dater & Electric Board Electric Utility System, No taxes may be imposed to pay the debt. The proceeds will be used 1 - Ordinance to pay for improvements by EWEB to the Electric Utility System, ORDINANCE N0. 19377 r ADOPTED BY THE COUNCIL AND APPROVED BY THE MAYOR ON FEBRUARY 12, 1986, AUTHORIZING THE CITY OF EUGENE, ACTING BY AND THROUGH THE EUGENE WATER & ELECTRIC BOARD, TD ISSUE UP To $25,~Q4,000 AGGREGATE PRINCIPAL AMOUNT OF REVENUE BONDS OR OTHER EVIDBNCES OF INDEBTEDNESS OF THB CITY, PAYABLE SOLELY FROM NET REVENUES OR ANY PORTION THEREOF OF THE ELECTRIC UTILITY SYSTEM OF THB CITY, FOR THB PURPOSE OF FINANCING IIKPROVE-- MENTS TO THE ELECTRIC UTILITY SYSTEM OF THE CITY; AND PROVIDING FOR 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 $25,000,044 in revenue bonds ar other evidences of indebtedness to finance improvements to the Electric Utility System, 2. The bond proceeds are needed to finance improvements 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, the ref o re , THE CITY OF EUGENE DABS 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 $25, 000, 000, for the purpose of financing improvements to the Electric Utility System of the City, 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~~, 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 2 ~- prdinance 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 for repayment to the revenues of the Electric Utility System which are pledged to the payment thereof, and may not directly, ar 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. Section ~. The proposed Measure shall be placed upon the official ballot by the City Recorder. There shall be furnished to the County Clerk f or Lane County certified copies of the ballot title for the Measure, The City Attorney shall prepare and the City Recorder shall furnish the ballot title for the Measure and direct that the County Clerk far Lane County place the Measure upon the ballot to be used at the special city election to be held on the 25th day of March, 19 8 6 , to be voted upon by the electors of the City. Section 3. The City Council hereby orders that the election shall be held can c urrently with and in the same manner as the special election an the 25th day of March, 1986, in accordance with the provisions of Chapter 254 of Oregon Revised Statutes, and the ballots shall be counted and tabulated and the results certified as provided by law. Section 4. The City Recorder is directed to give not less than ten days notice of the election by publication of one notice 3 ~ Ordinance thereof in the Register Guard, a newspaper published in the City and of general circulation therein. Section 5. The matters contained herein concern the peace, health, and safety of the citizens of Eugene, and in order to comply with the directives contained herein, an emergency is hereby declared to exist, and this Ordinance shall become effective immediately upon its passage by the City Council and approval by the Mayor. Passed by the City Council this 12th day of February, 1986 C y Recorder Approved by the Mayor this 12th d Febru y, 1986 ayor 4 - Ordinance