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City of Eugene 2 <br />Agreed-Upon Procedures <br />(2) Bond proceeds and project expenditures. The following is a summary of bond proceeds and <br />project expenditures from inception of the Street Bond project to November 30, 2010: <br />(3) <br />From Issuance toFrom December 1, 2009 <br />11/30/2009November 30, 2010Total <br />Bond proceeds2,795,000$ 5,555,000$ 8,350,000$ <br />Project expenditures2,682,749 5,737,236 8,419,985 <br />As of November 30, 2010 the City had $1,850,000 outstanding on the credit facility ($8,350,000 in <br />proceeds less $6,500,000 repaid) with $27,550,000 in authorized borrowing remaining <br />($35,900,000 authorized less $8,350,000 in proceeds). <br />Based on our limited testing, we noted that the City followed the purpose and limitation of the City Council <br />Resolution #4953. <br />We were not engaged to and did not conduct an audit, the objective of which would be the expression of <br />an opinion on the financial records. Accordingly, we do not express such an opinion. Had we performed <br />additional procedures, other matters might have come to our attention that would have been reported to <br />you. <br />This report is intended solely for the information and use of the City Manager of the City of Eugene, and is <br />not intended to be and should not be used by anyone other than these specified parties. <br />Isler CPA <br />Eugene, Oregon <br />December 30, 2010 <br />