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needed to meet IRS requirements. One possibility mentioned to the council at that time was that the City <br />could use a line of credit facility to meet the IRS requirements. After additional discussions with the City's <br />financial advisor and bond counsel, this approach was determined to be the appropriate method for <br />funding parks projects at this time. <br />The City requested proposals from banks to provide a flexible line of credit facility. Thirteen banks <br />(including local banks) received the RFP, and the City received five very good proposals from Bank of <br />America, Key Bank, US Bank, Wells Fargo Bank, and Zions Bank.After reviewing the proposals for <br />various factors, such as financing approach, costs, experience of the banking team, and reporting <br />requirements, the City chose Bank of America to provide the line of credit facility. Bank of America <br />offered the City a high level of flexibility at the lowest cost. It also has a highly experienced banking team <br />and has worked with the City in the past, so it is familiar with the City's financial situation. <br />The next steps are to negotiate a contract with Bank of America, in time for a first draw on the line of <br />credit facility by June 1. The City has already begun spending money on projects included in the bond <br />measure, and the first draw on the line of credit will reimburse those expenditures. The FY08 budget <br />includes a property tax levy to pay principal and interest on this line of credit. For more information, <br />contact Sue Cutsogeorge at Sue.L.Cutsogeorge@ci.eugene.or.us or call 682-5589. <br />Third Year Of Downtown Flower Power Promises To Be Better Than Ever <br />For the last two years, the Downtown Flower Program has provided spectacular color to the Downtown <br />area from mid-May through mid-October. The colorful hanging baskets and sidewalk flower pots will be <br />back again this year, bigger and better than ever, with additional plant varieties and new colors. The <br />Facility Management Division’s downtown crew will begin planting the 131 sidewalk flower pots the week <br />of May 14th and 115 hanging baskets will be delivered and installed the following week. Funding for the <br />acquisition and ongoing maintenance of this seasonal beautification program is a public-private <br />partnership between Downtown Eugene, Inc., some downtown property owners and the City of Eugene. <br />For information regarding planting and maintenance, please contact Ron Sutton, Facility Management <br />Division, at 682-5438 (ron.w.sutton@ci.eugene.or.us). For information regarding funding, please contact <br />Richie Weinman, Planning and Development Department, at 682-5533 <br />(richie.d.weinman@ci.eugene.or.us) <br />Cuthbert Amphitheater—Another Great Summer Line-up <br />After the first successful contract season, David <br />Leiken and Kit Kesey are back in 2007 with <br />another exciting summer series at Cuthbert <br />Amphitheater. Even more events are expected <br />to be added. <br /> May 19-20: University of Oregon Cultural <br />Forum Willamette Valley Folk Festival <br /> FREE to everyone. Saturday, May <br /> 19, noon to 10 p.m.; Sunday, May 20, <br /> noon to 7 p.m. <br /> May 26: Michael Franti and Spearhead, <br />with Blackalicious and Reeble Jar <br />opening <br /> July 6: Willie Nelson <br /> August 8: Diana Krall with Chris Botti <br />opening <br /> August 10: Slightly Stoopid, G Love & Special Sauce with special guest Ozomatli <br /> August 14: Los Lonely Boys, Jonny Lang <br /> August 18: Floydian Slips <br /> August 24: Gordon Lightfoot <br />To purchase tickets, go to ticketswest.com. For more information, visit www.thecuthbert.com. <br />EUGENE CITY COUNCIL NEWSLETTER PAGE 2 <br />May 10, 2007 <br />