Item 6: Resolution Forming an LID (Chad Drive/Old Coburg Road)

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Section 5. The City of Eugene, Oregon expects to make expenditures from its available funds to initially pay for the costs of the improvements to Chad Drive and Old Coburg Road from the east end of Chad Drive to North Game Farm Road (the “Project”). The City reasonably expects, and hereby declares its intent, to issue bonds or other obligations (the “Reimbursement Bonds”) and to use the proceeds of the Reimbursement Bonds to reimburse the City for the expenditures made from the City’s available funds for the Project. The City expects that the principal amount of the Reimbursement Bonds will not exceed the total project cost of $2,466,338.87. The Reimbursement Bonds are secured by and payable from the installments of final assessments established in accordance with Section 3 of this Resolution. Section 6. Lines of credit and other evidence of indebtedness authorized by City Council Resolution No. 4937 may be issued to finance the construction of the Improvements. Section 7. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens based on the Improvements and from other budgeted funds including ad valorem taxes, if levied, to pay the debt shall be deposited in the Special Assessments Capital Projects Fund until the indebtedness issued to finance the Improvements is redeemed. Proceeds so deposited may be used only to pay the indebtedness issued to finance the Improvements. Section 8. The City Manager, or the person designated in writing by the City Manager to act under Resolution No. 4937, may sign the evidence of indebtedness issued to finance the construction of the Improvements. Section 9. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution adopted the 8th day of June, 2009. ________________________________________ AIC City Recorder Resolution - Page 2 of 2