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03/13/2017 City Council Agenda
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03/13/2017 City Council Agenda
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City of Eugene <br />Street Bonds - agreed-upon procedures <br />Page 2 <br />(2) We reviewed bids and contracts related to two of eight new construction projects during 2016. <br />The bidding and contracting process for the two projects complied with the City's procurement <br />policies and procedures. <br />(3) We recalculated the amount of unspent bond proceeds and compared that amount to the actual <br />amount of bond proceeds remaining. The following is a summary of the 2012 bond proceeds and <br />project expenditures from inception of the Street Bond project to December 31, 2016: <br />Issuance to 1/1/2015 1/1/2016 <br />12/31/2014 12/31/2015 12/31/2016 Total <br />Bond proceeds $ 8,500,000 6,289,700 $ 6,690,000 $ 21,479,700 <br />Project expenditures 8,445,638 6,355,849 6,378,148 21,179,635 <br />As of December 31, 2016, the City had $1,500,000 outstanding on the line of credit facility. From <br />January 1, 2016 through December 31, 2016, the City received $6,690,000 in bond proceeds and <br />was charged interest of $18,818; the City repaid $6,908,818 during the same period. At December <br />31, 2016, the City had $21,520,300 in authorized borrowing remaining on the bonds ($43,000,000 <br />authorized less $21,479,700 in proceeds received to date). <br />Based on our limited testing, we noted that the City followed the purpose and limitation of the City Council <br />Resolution 5063. <br />We were not engaged to and did not conduct an audit, the objective of which would be the expression of <br />an opinion on the financial records. Accordingly, we do not express such an opinion. Had we performed <br />additional procedures, other matters might have come to our attention that would have been reported to <br />you. <br />This report is intended solely for the information and use of the City Manager of the City of Eugene, and is <br />not intended to be and should not be used by anyone other than this specified party. <br />Isler CPA <br />JkJ,, COA <br />Eugene, Oregon <br />January 27, 2017 <br />
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