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<br />B. Validity <br /> <br />Should a court of competent jurisdiction find any word, clause, sentence, section, or part <br />of this plan to be invalid, the remaining words, clauses, sentences, section, or parts <br />shall be unaffected by any such finding and shall remain in full force and effect for the <br />duration of the plan. <br /> <br />Section 1400 - Maximum Indebtedness <br /> <br />A. Maximum Indebtedness <br />The sum of $33,000,000 was established in 1998 as the maximum amount of new <br />indebtedness which could be issued or incurred under this Plan after June 1. 1998. The <br />2007 olan amendment increased the maximum indebtedness amount bv $40 million. to <br />a total of $73 million. <br /> <br />The maximum indebtedness limit established bv this Section 1400 does not aoolv to or <br />limit: <br /> <br />1. The obliaation of the Aaencv to oav interest on indebtedness issued or incurred <br />under this Plan: <br /> <br />2. Anv indebtedness issued to refund indebtedness issued or incurred under this <br />Plan. to the extent that the refundina indebtedness does not exceed the orincioal <br />amount of the refunded indebtedness. olus the amount of the refundina <br />indebtedness that is used to oav costs of the refundina: and <br /> <br />This :unount does not includo funds to pay interest on that indebtedness nor <br />L.. 4Eunds to repay indebtedness existing on the date of the 1998 amendment. <br /> <br />B. City-Wide Special Levy. <br /> <br />Option One and its city-wide special levy, as described in ORS 457.435(2)(a), were <br />chosen in 1998 as the method for collecting ad valorem property taxes sufficient to pay <br />when due, indebtedness issued or incurred to carry out the Urban Renewal Plan for the <br />Centr31 Eugene ProjectDowntown Urban Renewal District as permitted by section 11 <br />(16), Article XI of the Oregon Constitution. <br /> <br />Downtown District Urban Renewal Plan - Marked for Changes August 15, 2007 <br /> <br />16 <br />