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<br />necessary to make the improvements. The assessments to be levied for this Improvement project are <br />hereby characterized for purposes of the property tax limitation in Section II b, Art. XI of the Oregon <br />Constitution as assessments for a local improvement, not subject to the constitutional limitation of <br />$10 per thousand of real market value. Notice of the intent to so characterize the assessments was <br />sent to the affected property owners prior to the adoption of this Resolution. <br /> <br />Section 3. The City Council hereby declares that the construction of the Improvements, as <br />well as acquisition of rights-of-way or easements necessary for the construction, is for a public <br />purpose, is necessary for the public welfare, and is authorized under the laws of the State of Oregon <br />and Charter and ordinances of the City of Eugene, and is directed by this Resolution. <br /> <br />Section 4. Improvement warrants, short-term promissory notes and other evidence of <br />indebtedness authorized by Chapter 902, 1991 Oregon Session Laws, issued to finance the <br />construction of the Improvements shall be indebtedness for them. When improvement warrants are <br />issued they may be general obligation warrants or limited general obligation warrants or other similar <br />instrument. Such indebtedness shall bear interest at a rate set by Council resolution authorizing the <br />debt. The interest shall be paid upon redemption. <br /> <br />Section 5. 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 6. The Mayor, City Manager, and Finance Officer may sign the evidence of <br />indebtedness herein authorized by facsimile signature with a check signing machine. The Finance <br />Officer shall cause the seal of the City to be printed on the evidence of indebtedness when required <br />by law or by the purchaser. <br /> <br />The foregoing Resolution adopted the 12th day of June, 2000 <br /> <br />jP- &lty <br /> <br />City Recorder <br /> <br />Resolution - 2 <br />