Item 1: An Ordinance Establishing a Process

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December 31, 2010, then not later than two weeks prior to the last scheduled council meeting before expiration of the extended authorization deadline. Applications may be in the form of a letter addressed to the City Manager; the application shall describe the proposed project, the amount of recovery zone facility bond financing that is requested for the project, and the proposed purchaser of the recovery zone facility bonds. Section 3. Standards and Approval. The City Council may consider any relevant data before approving a project for financing with economic development project revenue bonds that qualify as recovery zone facility bonds. Before approving a project for that financing the City Council shall consider the benefit to the community of the project, the availability of recovery zone facility bond volume cap for the project, and the likelihood that applicant will be successful in having the recovery zone facility bonds issued by December 31, 2010, or any later date authorized by the federal government for issuance of recovery zone facility bonds. The issuance of economic development project revenue bonds that qualify as recovery zone facility bonds may be approved by resolution of the City Council. Section 4. Emergency. ARRA currently requires recovery zone facility bonds to be issued by December 31, 2010. Applications for economic development project revenue bonds that qualify as recovery zone facility bonds must be received by the City Manager before they may be acted on by the City Council. Proposed users of those bonds need substantial time after the City Council finally acts on their application to arrange for the issuance of the bonds by December 31, 2010, the current deadline for issuance of recovery zone facility bonds. Section 28(4) the Eugene Charter authorizes an exception to the timeline and content of the public notice for this ordinance. Full compliance with the notice requirements of section 28(1) of the City Charter would delay final City consideration of applications for financing with the bonds beyond the time final action is needed by applicants. An emergency is therefore declared to exist, and the City Council finds that the notice described in Recital E practicable under the circumstances. Section 5. Effective Date. For the reasons described in section 4 above, this ordinance shall take effect immediately upon its approval by the City Council. Passed by the City Council this Approved by the Mayor this 22nd day of November, 2010 ____ day of November, 2010 City Recorder Mayor Ordinance - Page 2 of 2