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<br /> <br />In 2005, MWMC took steps to strengthen our organiza- <br />tional capability and ready ourselves to enter the <br />debt-financing markets for the first time in MWMC's <br />history. These accomplishments, highlighted in the <br />sections to follow, now provide a strong foundation on <br />which to upgrade and expand the Regional Wastewater <br />Facilities, which will require a significant community <br />investment through access to cost-effective financing <br />tools. <br />The MWMC partnership was initially created in 1977, <br />through execution of an intergovernmental agreement <br />(IGA) among Eugene, Springfield, and Lane County. The <br />partnership has served the community well, enabling <br />MWMC to construct, operate and maintain the Regional <br />Wastewater Facilities for many years with competitive <br />user rates and an excellent environmental track record. <br />Looking toward the future need to fund expanded <br />construction programs in the most cost-effective manner <br />available to our ratepayers, we worked <br />t~ ;., <br />;J ~; <br />~, ,~'! <br />~. <br />- ~'~"', <br />~ ~ x `- o J <br />T <br />with our agency parrners to update the IGA. In <br />2005, Eugene, Springfield, and Lane County <br />confirmed their confidence in the MWMC partner- <br />ship by successfully updating the IGA. As a result, <br />MWMC is now established as an intergovernmental <br />entity with all statutory authorities necessary to <br />enter into long-term capital financing. This will <br />enable MWMC to issue over ~ 100 million in revenue <br />bonds at competitive interest rates. The comprehen- <br />sive refinements to the IGA also more clearly <br />describe ownership of MWMC wastewater system <br />assets. <br />