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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 seven new construction projects during 2019. <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 2017 bond proceeds and <br />project expenditures from inception of the Street Bond projects to December 31, 2019: <br />From <br />Issuance to <br />12/31/2019 <br />Bond proceeds9,800,000$ <br />Project expenditures8,355,736$ <br />As of December 31, 2019, the City had $4,500,000 outstanding on the line of credit facility. From <br />January 1, 2019 through December 31, 2019, the City received $9,800,000 in bond proceeds and was <br />charged interest of $46,331.32; the City repaid $5,300,000 during the same period, as well as <br />$46,331.32 of interest. At December 31, 2019, the City had $41,400,000 in authorized borrowing <br />remaining on the bonds ($51,200,000 authorized less $9,800,000 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 5204. <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 the City Manager. <br />Isler CPA <br />Eugene, Oregon <br />February 18, 2020 <br /> <br />