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CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(4) Detailed Notes on All Funds, continued <br /> (G) Operating Leases, continued <br />Fiscal year <br />ending June 30Rentals <br />2008$365,766 <br />2009130,625 <br />2010107,990 <br />201153,356 <br />20122,747 <br />Total minimum future rental$660,484 <br /> (H) Bond Anticipation Note <br /> <br />The City entered into an arrangement with KeyBank National Association in the form of a Revolving Credit <br />Facility dated November 9, 2004, currently bearing interest at 6.35%, and having an authorized limit of <br />$2,500,000 maturing on November 29, 2009. As of June 30, 2007, the City had a $0 balance on this credit <br />facility with no draws made during the current fiscal year. Draws on this credit facility are recorded as a liability <br />of the Special Assessment Capital Projects Fund. The line of credit is available to finance construction of local <br />improvement projects which primarily benefit the property owners against whose properties special <br />assessments are levied. <br /> (I) General Obligation Bond and Revolving Credit Facility <br />On November 7, 2006, Eugene voters passed Measure 20-110, authorizing the City to issue a maximum of <br />$27,490,000 of general obligation (G.O.) bonds. The proceeds from the sale of the bonds are to be used for <br />costs related to the purchase of land for parks and open space, and the construction and improvement of <br />athletic fields and the West Eugene Wetlands Education Center. The City can issue the bonds in one or more <br />series. The bonds can be issued to provide interim financing and to refund the bonds that provide interim <br />financing. <br />On May 13, 2007, the City entered into a General Obligation Bond and Revolving Credit Facility with Bank of <br />America, currently bearing interest at 5.75% with a maturity date of June 1, 2012. The facility has an <br />authorized limit of $6,875,000 and is further limited to $27,490,000 less the amount of any general obligation <br />bonds issued for the purpose of repaying the credit facility. As of June 30, 2007, the City had a $1,425,000 <br />balance on the credit facility with no long-term bonds issued to repay this debt. <br />Draws on this credit facility are recorded as a liability of the General Capital Projects Fund. The debt will be <br />repaid from general property tax revenues or by the future issuance of long-term general obligation bonds, <br />which can be issued at the City’s discretion. The General Obligation Bond and Revolving Credit Facility is <br />backed by the full faith and credit of the City and is included in the City’s G.O. bonded debt margin limit. <br /> Beginning Ending <br />balanceIncreaseDecreasebalance <br />Governmental activities <br /> G.O. bond and revolving credit facility$01,425,00001,425,000 <br />continued <br />ëè <br />