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<br /> <br />It should be noted that the authorization to issue interim or long-term financing for assessment projects <br />does not authorize the City to undertake any such projects. This resolution only authorizes the City to <br />finance those assessment projects, once the local improvement district has been formed by the council. <br /> <br />Proposed Changes to Authorization <br />The attached resolution includes the following changes to the authorization for interim and long-term <br />financing for assessment projects: <br />? <br /> <br />It conforms to the changes made by the Legislature in the 2007 session, which completely rewrote <br />the public bonding statutes. <br />? <br /> <br />It increases the amount of interim assessment financing from $4 million to $5 million in order to <br />accommodate upcoming projects. The upcoming Crest Drive project includes assessable costs of <br />about $2.6 million. Together with other potential assessment projects over the next few years, such <br />as Maple/Elmira and Jeppesen Acres, the $4 million limit may be insufficient to cover all of the <br />potential assessment projects during the interim construction period. <br />? <br /> <br />It repeals the prior authorization. <br /> <br /> <br />RELATED CITY POLICIES <br />As of March 31, 2008, the City had $0.8 million of outstanding limited tax assessment bonds. Assess- <br />ment bonds are excluded from the City’s calculation of net direct debt, so they do not have an impact on <br />debt capacity. <br /> <br /> <br />COUNCIL OPTIONS <br /> <br />The council can either adopt the resolution or not adopt the resolution. If the resolution is not adopted <br />and interim construction costs for all assessment projects exceed $4 million, the City will have to find <br />another interim funding source for the costs until property owners pay their assessments and the long- <br />term bonds are issued for the projects. <br /> <br /> <br />CITY MANAGER’S RECOMMENDATION <br /> <br />The City Manager’s recommendation is to approve the proposed resolution. <br /> <br /> <br />SUGGESTED MOTION <br /> <br />Move to Adopt Resolution 4937 authorizing interim and long term financing for local improvement <br />projects and terminating the authority under Resolution No. 4807 <br /> <br /> <br />ATTACHMENTS <br /> <br />A. Resolution <br /> <br /> <br />FOR MORE INFORMATION <br /> <br />Staff Contact: Sue Cutsogeorge <br />Telephone: 682-5589 <br />Staff E-Mail: sue.l.cutsogeorge@ci.eugene.or.us <br /> F:\CMO\2008 Council Agendas\M080414\S0804143E.doc <br />