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Section 1400 — Maximum Indebtedness <br />The sum of $33,000,000 was established in 1998 as the maximum amount of new <br />indebtedness which could be issued or incurred under this Plan. This amount does not <br />include funds to pay interest on that indebtedness nor funds to repay indebtedness <br />existing on the date of the 1998 amendment. <br />CITY -WIDE SPECIAL LEVY, <br />Option One and its city -wide special levy, as described in ORS 457.435(2)(a), were <br />chosen in 1998 as the method for collecting ad valorem property taxes sufficient to pay <br />when due, indebtedness issued or incurred to carry out the Urban Renewal Plan for the <br />Central Eugene Project as permitted by section 11 (16), Article XI of the Oregon <br />Constitution. <br />Urban Renewal Plan For Central Eugene Adopted: September 13, 2004 16 <br />