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The City's projected net direct debt outstanding as of June 30, 2004, including these bonds, is $47.4 <br />million, which is 0.42% of real market value. This is well below the newly revised debt policy that <br />allows a maximum net direct debt outstanding of 1.0% of real market value. <br /> <br />Other Background Information <br />None. <br /> <br />Timing <br />A bond issuance schedule has been developed that would result in a competitive bond sale on April 21, <br />2004, with bond proceeds to be transferred to the City at a closing on May 5. Offering documents will <br />be sent out on April 2. <br /> <br />OPTIONS <br />The council can either adopt the resolution or not adopt the resolution. If the resolution is not adopted, <br />the City will not be able to issue the remaining parks and open spaces bonds and will not be able to <br />complete the parks and open space projects authorized by the voters. <br /> <br />STAFF RECOMMENDATION <br />Staff recommends that the council approve the resolution. <br /> <br />SUGGESTED MOTION <br />Move to adopt Resolution 4787 of the City of Eugene, Oregon authorizing the issuance and sale of the <br />City's General Obligation Parks and Open Spaces Bonds in a principal amount of not more than <br />$6,305,000. <br /> <br />ATTACHMENTS <br />A. Resolution <br /> <br />FOR MORE INFORMATION <br />Staff Contact: Sue Cutsogeorge <br />Telephone: 682-5589 <br />Staff E-Mail: sue.l.cutsogeorge~ci.eugene.or.us <br /> <br /> L:\CMO\2004 Council Agendas\M040308\S0403082C.doc <br /> <br /> <br />