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<br />'1): f,jJ.E ~Qr 44 -<l3 - 0 I <br /> <br />.. <br /> <br />ADMINISTRATIVE ORDER <br />OF <br />THE CITY MANAGER <br />CITY OF EUGENE <br /> <br />Pursuant to Sections 2.022 and 2.023 of the Eugene Code, 1971, the <br /> <br /> <br />City Manager is authorized to establish by Administrative Order the interest <br /> <br /> <br />rate to be charged on sums due the City. <br /> <br />The City Manager finds that: <br /> <br />A. The rates for assessments payable in installments should reflect <br /> <br /> <br />the actual cost to the City of the bonds issued to finance the improvements <br /> <br />and an override for administrative costs. A two percent override is a reason- <br /> <br />able estimate of the administrative costs incurred by the City. <br /> <br /> <br />B. Eighteen percent (18%) per annum is a reasonable rate to be charged on <br /> <br /> <br />amounts owed to the City. <br /> <br />C. Similarly situated obligors will pay the same interest rates. <br /> <br /> <br />Based upon the above findings of fact, the City Manager hereby orders that: <br /> <br />1. The interest rate on assessments payable in installments shall <br /> <br />be two percentage points above the interest rate payable by the City on the <br /> <br /> <br />most recent assessment bonds issued by the City. This rate is subject to change <br /> <br />to reflect the actual interest rate payable by the City on the bonds issued to <br /> <br />finance the improvement which is being paid in installments. When such bonds <br /> <br /> <br />are issued the interest rate shall be adjusted upward or downward to a rate <br /> <br /> <br />equal to two points over the rate of the bonds. The change shall be retroactive <br /> <br /> <br />to the last billing and interest at the revised rate shall commence on the day <br /> <br />after the last billing <br /> <br />Administrative Order - 1 <br />