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Item B - Res.on River Ave.LID
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Item B - Res.on River Ave.LID
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6/9/2010 1:11:35 PM
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4/14/2005 8:32:58 AM
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City Council
City_Council_Document_Type
Agenda Item Summary
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4/20/2005
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(vacant property, future equivalent assessment), #17041300 03501, and #17041300 03502; Store N <br />Lock, Tax Lots #17041300 03600 and #17041300 03601; and Rucker, Tax Lot #17041322 00902. <br />On March 30, 2005, the Lane County Board of Commissioners reconsidered and made no changes to <br />Board Order 05-2-9-5. <br /> <br /> Section 5. The City Council hereby declares that the construction of the Improvements, as <br />well as acquisition of rights-of-way or easements necessary for the construction, is for a public <br />purpose, is necessary for the public welfare, is authorized under the laws of the State of Oregon and <br />Charter and ordinances of the City of Eugene, and is directed by this Resolution. <br /> <br /> Section 6. The City of Eugene, Oregon expects to make expenditures from its available <br />funds to pay for the costs of improvements to River Avenue from 200 feet east of River Road to <br />100 feet west of B eltline Highway (the "Project"). The City reasonably expects, and hereby <br />declares its intent, to issue bonds or other obligations (the "Reimbursement Bonds") and to use <br />the proceeds of the Reimbursement Bonds to reimburse the City for the expenditures made from <br />the City's available funds for the Project. The City expects that the principal amount of the <br />Reimbursement Bonds will not exceed $1,174,440.15, which represents the estimated assessment <br />amount plus a margin of 10%. <br /> <br /> Section 7. Lines of credit and other evidence of indebtedness authorized by City Council <br />Resolution No. 4807 may be issued to finance the construction of the Improvements. <br /> <br /> Section 8. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens <br />based on the Improvements and from other budgeted funds including ad valorem taxes, if levied, to <br />pay the debt shall be deposited in the Short Term Debt Fund until the indebtedness issued to finance <br />the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness <br />issued to finance the Improvements. <br /> <br /> Section 9. The City Manager, or the person designated in writing by the City Manager to act <br />under Resolution No. 4807 may sign the evidence of indebtedness issued to finance the construction <br />of the Improvements. <br /> <br /> Section 10. This Resolution shall become effective immediately upon its adoption. <br /> <br /> The foregoing Resolution adopted the 20th day of April, 2005. <br /> <br /> City Recorder <br /> <br />Resolution - 2 <br />L:\CMO\2005 Council Agendas\M050420\S050420B-attA. doc <br /> <br /> <br />
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