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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(4) Detailed Notes on All Funds, continued <br /> (H) Noncurrent Liabilities, continued <br />Certificates of Participation <br />The City issues certificates of participation (COPs) to finance major construction projects in governmental activities. <br />The Atrium Obligations are backed by the full faith and credit of the City, and debt payments are to be paid from rental <br />payments made by property occupants, including City departments. <br />Annual debt service requirements to maturity for certificates of participation are as follows: <br />Limited Tax Bonds <br /> <br />The City issues limited tax bonds in governmental and business-type activities. Limited tax bonds in governmental <br />activities include limited tax improvement bonds and limited tax pension bonds. Limited tax improvement bonds <br />finance public improvements that benefit private parties. Improvement bonds are secured by the benefited properties <br />and are to be repaid in installments from property owners. Limited tax pension bonds finance a portion of the <br />estimated unfunded actuarial liability with the Oregon Public Employees Retirement System. The pension bonds are <br />to be repaid from existing revenue sources. All limited tax bonds are backed by the full faith and credit of the City, <br />within the limitations of Article XI of the Oregon Constitution. <br />continued <br />63 <br />