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City of Eugene Page 2
<br />Street Bonds - agreed-upon procedures
<br />(2) We reviewed bids and contracts related to two of eight new construction projects during 2017.
<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, 2017:
<br />Issuance to1/1/20151/1/20161/1/2017
<br />12/31/201412/31/201512/31/201612/31/2017Total
<br />Bond proceeds8,500,000$ 6,289,700 6,690,000 8,750,000$ 30,229,700$
<br />Project expenditures8,445,638 6,355,849 6,378,148 8,386,719 29,566,354
<br />As of December 31, 2017, the City had $1,000,000 outstanding on the line of credit facility. From
<br />January 1, 2017 through December 31, 2017, the City received $8,750,000 in bond proceeds and
<br />was charged interest of $25,425; the City repaid $9,275,425 during the same period. At December
<br />31, 2017, the City had $12,770,300 in authorized borrowing remaining on the bonds ($43,000,000
<br />authorized less $30,229,700 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 />Eugene, Oregon
<br />January 31, 2018
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