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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 />Limited Tax Bonds, continued <br />Annual debt service requirements to maturity for limited tax pension bonds are as follows: <br />Tax Increment Bonds <br />The City’s Urban Renewal Agency issues tax increment bonds to finance major construction projects in governmental <br />activities. The purpose of the Urban Renewal Agency is to stimulate economic development by financing public <br />improvements within designated districts. Tax increment bonds are serviced by property tax increment revenues. <br />When an urban renewal district is first created, the property assessed value within the district boundaries is <br />established as a “frozen base.” The Urban Renewal Agency receives property taxes related to the incremental <br />increase in the property assessed value that are in excess of the “frozen base.” <br />Annual debt service requirements to maturity for tax increment bonds are as follows: <br />continued <br />65 <br />