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ORDINANCE NO, 20468 <br />AN ORDINANCE ESTABLISHING A PROCESS AND STANDARDS FOR <br />ISSUING ECONOMIC DEVELOPMENT PROJECT REVENUE BONDS <br />AS RECOVERY ZONE FACILITY BONDS. <br />The City Council of the City of Eugene finds that: <br />A. The City received an allocation of $11,083,000 of recovery zone facility bond <br />volume cap under the American Recovery and Reinvestment Act of 2009 ( "ARRA "). That <br />volume cap allows the City to issue tax - exempt bonds to finance privately owned depreciable <br />property. <br />2010. <br />B. ARRA requires that recovery zone facility bonds be issued by December 31, <br />C. The City is authorized by ORS 280.410 to 280.485 to issue economic <br />development project revenue bonds that qualify as recovery zone facility bonds under ARRA. <br />D. ORS 280.420 requires the City to adopt an ordinance approving standards and a <br />process for receiving and processing applications for economic development project revenue <br />bonds that are issued under ORS 280.410 to 280.485. <br />THE CITY OF EUGENE DOES ORDAIN AS FOLLOWS: <br />Section 1 . Purpose. The purpose of this ordinance is to provide procedures and <br />standards to carry out the powers granted to the City by ORS 280.410 to 280.485 with respect to <br />economic development projects that may be financed with recovery zone facility bonds that are <br />authorized by the American Recovery and Reinvestment Act of 2009 ( "ARRA "). ORS 280.410 <br />to 280.485 authorize the City to issue revenue bonds to finance or refinance certain economic <br />development projects and to loan the proceeds of those bonds to private entities to provide for <br />the construction, substantial rehabilitation or permanent financing of those economic <br />development projects. The provisions of this ordinance are to be liberally construed in order to <br />carry out this purpose. <br />Section 2 . Applications. Applications for financing with economic development project <br />revenue bonds that qualify as recovery zone facility bonds may be filed with the City Manager <br />not later than two weeks prior to the last scheduled council meeting in calendar year 2010; or, if <br />the legislation authorizing issuance of recovery zone facility bonds is extended beyond <br />December 31, 2010, then not later than two weeks prior to the last scheduled council meeting <br />before expiration of the extended authorization deadline. Applications may be in the form of a <br />Ordinance - Page 1 of 2 <br />