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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(5) Other Information, continued <br /> (B) Commitments <br />Pursuant to an intergovernmental agreement between the City and the Agency, the Agency’s tax <br />increment revenues are to be used to provide funding resources to the City to cover debt service <br />associated with the certificates of participation (COPs) issued by the City to finance the construction of a <br />library. If the Agency’s revenues exceed the debt service requirements, such excess may be disbursed to <br />the City to pay other obligations incurred for the library project. During the fiscal year, $2,372,478 in <br />payments were made to the City to cover debt service. The payments are reported as intergovernmental <br />expenditures in the Agency’s Debt Service Fund. <br />Annual debt service requirements to maturity for the City’s Library COPs are as follows: <br /> PrincipalInterest <br />Year ending June 30 <br />2010 2,350,000 58,750 <br />Total $2,350,00058,750 <br /> (C) Outstanding Encumbrances <br />Encumbrances outstanding at June 30, 2009 which the Agency intends to honor are $4,195 in the <br />Riverfront Capital Projects Fund. <br />