Resolution No. 4848 - Laserfiche WebLink

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Section 5~ The City of Eugene, Oregon expects to make expenditures from its available fizmds to pay fbr the costs of improvements to 3rd and 4th Avenues between Pearl Street and Lincoln Street, north of the Southern Pacific Railroad and south of Skinner Butte (the "Prqiect"). The City reasonably expects, and hereby declares its intent, to issue bonds or other obligations (the "Reimbursement Bonds") and to use t~he proceeds of the Reimbursement Bonds to reimburse the City for the expenditures made from the City's available funds for the Prqiect. The City expects that the principal amount of the Reimbursement Bonds will not exceed $467,500, which represents the estimated assessment amount plus a margin of 10%. Secti_ 9n_~_.6. Lines of credit and other evidence of indebtedness authorized by City Council Resolution No. 4807 may be issued to finance the construction of the Improvements. Section 7. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens based on the Improvements and from other budgeted funds including ad valorem taxes, if levied, to pay the debt shall be deposited in the Short Term Debt Fund until the indebtedness issued to finance the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness issued to finance the Improvements. Section 8. The City Manager, or the person designated in ;~qqting by the City Manager to act under Resolution No. 4807 may sign the evidence of indebtedness issued to finance the construction of the Improvements. Section 9. This Resolution shall become effective immediately upon its adoption. The £oregoing Resolution adopted the 18th day of July, 2005. [tyRecorder Resolution - 2