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<br />final costs therefor will be calculated and the owners of benefited property shall be notified and the <br /> <br />property assessed as provided in E.C. 7.185 to 7.240. The assessments to be levied for these <br /> <br />improvements are hereby characterized for purposes of the property tax limitation in Section 11 b, <br /> <br />Art. XI of the Oregon Constitution as assessments for a local improvement, not subject to the <br /> <br />constitutional limitation of $10 per thousand of real market value. Notice of the intent to so <br /> <br />characterize the assessments was sent to the affected property owners prior to the adoption of this <br /> <br />resolution. <br /> <br />Section 4. The City Council hereby declares that the construction of the Improvements, as <br /> <br />well as acquisition of rights-of-way or easements necessary for the construction, is for a public <br /> <br />purpose, is necessary for the public welfare, and is authorized under the laws of the State of Oregon <br /> <br />and Charter and ordinances of the City of Eugene, and is directed by this Resolution. <br /> <br />Section 5. Improvement warrants, short-term promissory notes and other evidence of <br /> <br />indebtedness authorized by Chapter 902, 1991 Oregon Session Laws, issued to finance the <br /> <br />construction of the Improvements shall be indebtedness for them. When improvement warrants are <br /> <br />issued they may be general obligation warrants or limited general obligation warrants or other <br /> <br />similar instrument. Such indebtedness shall bear interest at a rate set by Council resolution <br /> <br />authorizing the debt. The interest shall be paid upon redemption. <br /> <br />Section 6. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens <br /> <br />based on the Improvements and from other budgeted funds including ad valorem taxes, if levied, to <br /> <br />pay the debt shall be deposited in the Short Term Debt Fund until the indebtedness issued to finance <br /> <br />the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness <br /> <br />issued to finance the Improvements. <br /> <br />Resolution - 2 <br />