Item 3: Ordinance on Downtown Urban Renewal Plan Amendments

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B.Validity Should a court of competent jurisdiction find any word, clause, sentence, section, or part of this plan to be invalid, the remaining words, clauses, sentences, section, or parts shall be unaffected by any such finding and shall remain in full force and effect for the duration of the plan. Section 1400 – Maximum Indebtedness A. Maximum Indebtedness The sum of $33,000,000 was established in 1998 as the maximum amount of new indebtedness which could be issued or incurred under this Plan after June 1, 1998.The 2007 plan amendment increased the maximum indebtedness amount by $40 million, to a total of $73 million. The maximum indebtedness limit established by this Section 1400 does not apply to or limit: 1. The obligation of the Agency to pay interest on indebtedness issued or incurred under this Plan; 2. Any indebtedness issued to refund indebtedness issued or incurred under this Plan, to the extent that the refunding indebtedness does not exceed the principal amount of the refunded indebtedness, plus the amount of the refunding indebtedness that is used to pay costs of the refunding; and This amount does not include funds to pay interest on that indebtedness nor 3. fFunds to repay indebtedness existing on the date of the 1998 amendment. B.City-Wide Special Levy. Option One and its city-wide special levy, as described in ORS 457.435(2)(a), were chosen in 1998 as the method for collecting ad valorem property taxes sufficient to pay when due, indebtedness issued or incurred to carry out the Urban Renewal Plan for the Central Eugene ProjectDowntown Urban Renewal District as permitted by section 11 (16), Article XI of the Oregon Constitution. Downtown District Urban Renewal Plan - Circulation Draft of MayJune 2007 16