Item 3C: Adoption of Resolution Acknowleding CAFR

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CITY OF EUGENE, OREGON Notes to Basic Financial Statements (4) Detailed Notes on All Funds, continued (G) Operating Leases, continued The following is a schedule of future minimum rental payments required under operating leases that have initial or remaining non-cancelable lease terms in excess of one year as of June 30, 2009: Fiscal year ending June 30 Rentals 2010 $ 661,760 2011 607,131 2012 507,139 2013 377,904 2014 353,616 2015 152,520 Total minimum future rentals $ 2,660,070 (H) Bond Anticipation Note The City entered into an arrangement with KeyBank National Association in the form of a Revolving Credit Facility dated November 9, 2004 having an authorized limit of $2,500,000 maturing on November 29, 2009. As of June 30, 2009, the City had a $0 balance on this credit facility. Draws on this credit facility are recorded as a liability of the Special Assessment Capital Projects Fund. The line of credit is available to finance construction of local improvement projects which primarily benefit the property owners against whose properties special assessments are levied. (I) Current Liabilities General Obligation Bond and Revolving Credit Facility On November 4, 2008, Eugene voters passed Measure 20-145, authorizing the City to issue a maximum of $35,900,000 of general obligation (G.O.) bonds. The proceeds from the sale of the bonds are to be used for street preservation. The City can issue the bonds in one or more series. The bonds can be issued to provide interim financing and to refund the bonds that provide interim financing. On January 27, 2009, the City entered into a General Obligation Bond and Revolving Credit Facility (Street and Off-Street Bike and Pedestrian Paths) with Bank of America, currently bearing interest at 2.35% and having an authorized limit of $5,000,000 maturing on June 1, 2010. As of June 30, 2009, the City had a $485,000 balance on the credit facility. Draws on this credit facility are recorded as a financing source in the Transportation Capital Projects Fund. The debt will be repaid from general property tax revenues or by the future issuance of long-term general obligation bonds, which can be issued at the City’s discretion. The General Obligation Bond and Revolving Credit Facility (Street and Off-Street Bike and Pedestrian Paths) is backed by the full faith and credit of the City and is included in the City’s G.O. bonded debt margin limit. Beginning Ending balance Increase Decrease balance Governmental activities G.O. bond and revolving credit facility (Street) $0 485,000 0 485,000 continued