Item 3C: Resolution Forming LID for River Avenue

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#1704130003502; Stor N Lok Warehouses Inc., Tax Lots #17041300 03600 and #17041300 0360l. On March 30,2005, the Lane County Board of Commissioners reconsidered and made no changes to Board Order 05-2-9-5. Section 5. The City Council hereby declares that the construction of the Improvements, as well as acquisition of rights-of-way or easements necessary for the construction, is for a public purpose, is necessary for the public welfare, is authorized under the laws ofthe State of Oregon and Charter and ordinances ofthe City of Eugene, and is directed by this Resolution. Section 6. The City of Eugene, Oregon expects to make expenditures from its available funds to pay for the costs of improvements to River Avenue from 200 feet east of River Road to 100 feet west ofBeltline Highway (the "Project"). The City reasonably expects, and hereby declares its intent, to issue bonds or other obligations (the "Reimbursement Bonds") and to use the proceeds of the Reimbursement Bonds to reimburse the City for the expenditures made from the City's available funds for the Project. The City expects that the principal amount ofthe Reimbursement Bonds will not exceed $1,359,918.66, which represents the estimated assessment amount plus a margin of 1 0%. Section 7. Lines of credit and other evidence of indebtedness authorized by City Council Resolution No. 4807 may be issued to finance the construction of the Improvements. Section 8. Proceeds from unbonded assessments, improvement bonds, foreclosure ofliens based on the Improvements and from other budgeted funds including ad valorem taxes, iflevied, to pay the debt shall be deposited in the Short Term Debt Fund until the indebtedness issued to finance the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness issued to finance the Improvements. Section 9. The City Manager, or the person designated in writing by the City Manager to act under Resolution No. 4807 may sign the evidence ofindebtedness issued to finance the construction of the Improvements. Section 10. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution adopted the 26th day of June, 2006. City Recorder Resolution - 2 C:\Documents and Settings\cewetlb\Local Settings\Temporary Internet Files\OLK4\River Ave LID Resolution (00146526).DOC