Item 3C: Resolution on FY11 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, 2011: Fiscal year ending June 30Rentals 2012$792,892 20131,029,030 20141,001,870 2015830,473 2016685,405 Total minimum future rentals$4,339,670 (H) Bond Anticipation Note On November 3, 2009 the City entered into a Revolving Credit Facility with Bank of America, N.A. with an authorized limit of $2,500,000. For each draw the City elects from either a LIBOR based taxable or tax exempt interest rate. On June 30, 2011, the City elected to close this credit facility. Draws on this credit facility were recorded as a liability of the Special Assessment Capital Projects Fund. The line of credit was available to finance construction of local improvement projects which primarily benefit the property owners against whose properties special assessments were levied. Beginning Ending balanceIncreaseDecreasebalance Governmental activities Revolving credit facility$829,318822,857(1,652,175)0 (I) Noncurrent Liabilities General Obligation Bond and Revolving Credit Facility (Street) 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. The City has a G.O. and revolving credit facility with Bank of America, N.A. which matures on June 1, 2012 and has an authorized limit of $4,000,000. The City elects from either a LIBOR based taxable or tax exempt interest rate for each draw. As of June 30, 2011, the City had a $0 balance on the credit facility with $22,590,000 in authorized borrowing remaining. 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. debt limit. continued 59