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Section 5. The City of Eugene, Oregon expects to make expenditures from its available <br />funds to pay for the costs of improvements to 3rd and 4th Avenues between Pearl Street and <br />Lincoln Street, north of the Southern Pacific Railroad and south of Skinner Butte (the "Project"). <br /> The City reasonably expects, and hereby declares its intent, to issue bonds or other obligations <br />(the "Reimbursement Bonds") and to use the proceeds of the Reimbursement Bonds to reimburse <br />the City for the expenditures made from the City's available funds for the Project. The City <br />expects that the principal amount of the Reimbursement Bonds will not exceed $467,500, which <br />represents the estimated assessment amount plus a margin of 10%. <br /> <br /> Section 6. 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 7. 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 8. 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 9. This Resolution shall become effective immediately upon its adoption. <br /> <br /> The foregoing Resolution adopted the 18th day of July, 2005. <br /> <br /> City Recorder <br /> <br />Resolution - 2 <br />Q:LPROJECTS~PROJ-7X3827~ASSESSX3827 LID Resolution .DOC <br /> <br /> <br />