Ordinance No. 20120 - Laserfiche WebLink

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THE CITY OF EUGENE DOES GRDAIN AS FOLLOWS: Section 1. The Urban Renewal Plan for the Central Eugene Project, attached as Exhibit A hereto, is hereby amended by adding new paragraphs H and I to section 600, to read as follows: H. MAxIMUM INDEBTEDNESS The sum of $33,000,000 is established as the maximum amount of new indebtedness which may be issued or incurred under this Plan. This amount does not include funds to pay interest on that indebtedness, nor funds to repay indebtedness existing on the date of this amendment. I. CITY-WIDE SPECIAL LEVY Option One and its city-wide special levy, as described in ORS 457.4352}~a}, are hereby chosen 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 Project as permitted by section 11 ~ 16}, Article XI of the Oregon Constitution. Notwithstanding the other provisions of this section 600, if the Agency notifies the County Assessor to impose the special levy, tax increment funds shall be used only to assist with the development of a downtown library including providing funds for site preparation; design and building of the structure; and the library's fixtures, furnishings and equipment}, to pay existing indebtedness, to carry out project activities commenced prior to the adoption of this amendment such as the Overpack elevator project, disposition of the Sears building and other urban renewal assets, and the close-out of the loan portfolio} and to pay administrative costs associated with those projects and indebtedness. Section 2, If any section, subsection, sentence, clause, phrase, or portion of this Ordinance is for any reason held invalid or unconstitutional by any court of competent jurisdiction, that portion shall be deemed a separate, distinct, and independent provision and that holding shall not affect the validity of the remaining portions of this Ordinance. Passed by the City Council this 1st day of June, 1998 City Recorder Approved by the Mayor this st day of June, 1998 Mayan Ordinance - 3