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EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br /> <br />Approval of Resolution 4787 of the City of Eugene, Oregon Authorizing the Issuance and <br />Sale of the City's General Obligation Parks and Open Spaces Bonds in a Principal <br />Amount of Not More Than $6,305,000 <br /> <br />Meeting Date: March 8, 2004 Agenda Item Number: 2C <br />Department: Central Services Staff Contact: Sue Cutsogeorge <br />www. cl. euget~e, or. us Contact Telephone Number: 682-5589 <br /> <br />AGENDA ITEM SUMMARY <br />The council is asked to approve the issuance of debt to fund the remaining parks and open space projects <br />approved by voters. <br /> <br />BACKGROUND <br /> <br />Council Action History <br />In July 1998, the council submitted a measure to the voters authorizing the issuance of $25,305,000 of <br />general obligation bonds to purchase parkland, build parks and youth sports fields, and replace Amazon <br />Pool. In November 1998, voters approved the measure. <br /> <br />In June 1999, the council authorized the issuance of a first series of up to $20 million of the parks and <br />open spaces bonds. In August 1999, the City issued $19 million of parks and open space bonds. The <br />bond issue was sized at $19 million due to IRS regulations regarding the expected amount of bond <br />proceeds that could be spent over a three year period. <br /> <br />Policy Issues <br />Should the City issue the balance of general obligation bonds approved by voters for parks and open <br />spaces purposes? <br /> <br />Council Goal Action Priority <br />None. <br /> <br />Financial and/or Resource Considerations <br />The voters authorized $25,305,000 of general obligation bonds for parks and open space purposes, and <br />the City has issued $19 million of those bonds. In order to complete the list of projects that was <br />developed in conjunction with the bond measure, the City must now issue the remaining bonds. <br />Approximately $1.1 million of cash is left in the bond fund from the first bond issue. It is expected that <br />this cash will be depleted prior to fiscal year end. The proceeds from the next bond issue are expected to <br />be received by early May in order to ensure continued availability of cash to fund the parks and open <br />space projects. <br /> <br /> L:\CMO\2004 Council Agendas\M040308\S0403082C.doc <br /> <br /> <br />