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/923 <br />.Date Ord. No. Amount <br />4/29/69 15635 $1,995,000 <br />5/21/74 17481 445 404 <br />Total Band Issue: $2,44,440 <br />4. In 1972, with voter approval, the City Council created <br />the Downtown Development District which included the Assessment <br />District to finance and administer a program of economic romo- <br />P <br />tion and development, free public parking for vehicles and the <br />promotion of alternate modes of transportation within the Down- <br />town Development District. The Downtown Development District <br />provided a new method of taxation within the Downtown Development <br />District to finance, among other thins free off-street ub ' <br />g ~ p lic <br />parking and included a scheme of credits and deferrals for 14th & <br />Oak Dverpark special benefit assessments which resulted in a debt <br />from the 14th & Oak Dverpark Fund ~No. 521} to the Downtown <br />Development District Fund ~No. 113} . <br />5 . There now exist sufficient funds in the 14th & Oak <br />Dverpark Fund ~No. 521} to retire the outstanding unpaid general <br />obligation bonds. Further, there exist excess net o eratin <br />p g <br />revenues in the 14th & Oak Dverpark Fund ~No. 521} which have <br />never been declared as rebates and applied to lflth & Oak Dverpark <br />special benefit assessments or the debt of the 10th & Oak <br />Dverpark Fund ~No. 521} to the Downtown Development District Fund <br />~No. 113} as contemplated by the Eugene Cade. <br />6. For the vitality of the downtown area of the City it is <br />Page 2 -- Ordinance <br />