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<br />RESOLUTION NO. ~ <br /> <br />A RESOLUTION OF THE CITY OF EUGENE, LANE COUNTY, OREGON, <br />DECLARING OFFICIAL INTENT TO REIMBURSE EXPENDITURES FOR A <br />NEW LIBRARY. <br /> <br />The City Council of the City of Eugene finds as follows: <br /> <br />A. The City is authorized to issue tax-exempt bonds and other obligations (the <br />"Obligations") to finance a new library to be built in the downtown urban renewal district (the <br />"Proj ect"). <br /> <br />B. The City may expend funds on hand to pay for the costs of the Project before the City <br />issues the Obligations. <br /> <br />C. Federal tax law requires an issuer of tax-exempt bonds to declare its intention if the <br />issuer expects to spend its funds on a project and later reimburse itself for those expenditures from <br />the proceeds of tax-exempt bonds. <br /> <br />D. The City reasonably expects to reimburse the expenditures it makes for the Project <br />from the proceeds of the Obligations. <br /> <br />E. The City estimates that approximately $18,000,000 principal amount of bonds will <br />be issued and the maximum amount used for reimbursement is $18,000,000. <br /> <br />NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal <br />Corporation of the State of Oregon, that the City of Eugene hereby declares its official intent to <br />reimburse its expenditures on the Project with the proceeds of the Obligations. <br /> <br />The foregoing Resolution adopted on the~day of July, 1998. <br /> <br />fl- # n? <br /> <br />City Recorder <br /> <br />Resolution <br />