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Item 2C - Formation of LID (SC)
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Item 2C - Formation of LID (SC)
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6/9/2010 12:31:44 PM
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8/9/2004 11:49:31 AM
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Agenda Item Summary
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8/9/2004
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Constitution as assessments for a local improvement, not subject to the constitutional limitation of <br />$10 per thousand of real market value. Notice of the intent to so characterize the assessments was <br />sent to the affected property owners prior to the adoption of this Resolution. <br /> <br /> Section 4. The City Council hereby declares that the construction of the Improvements, as <br />well as acquisition of rights-of-way or easements necessary for the construction, is for a public <br />purpose, is necessary for the public welfare, is authorized under the laws of the State of Oregon and <br />Charter and ordinances of the City of Eugene, and is directed by this Resolution. <br /> <br /> Section 5. The City of Eugene, Oregon expects to make expenditures from its available <br />funds to pay for the costs of improvements to Santa Clara Avenue from River Road to approximately <br />600 feet west (the "Project"). The City reasonably expects, and hereby declares its intent, to issue <br />bonds or other obligations (the "Reimbursement Bonds") and to use the proceeds of the <br />Reimbursement Bonds to reimburse the City for the expenditures made from the City's available <br />funds for the Project. The City expects that the principal amount of the Reimbursement Bonds will <br />not exceed $130,659.08 plus 10%. <br /> <br /> Section 6. Improvement warrants, short-term promissory notes and other evidence of <br />indebtedness authorized by Chapter 902, 1991 Oregon Session Laws, issued to finance the <br />construction of the Improvements shall be indebtedness for them. When improvement warrants are <br />issued they may be general obligation warrants or limited general obligation warrants or other similar <br />instrument. Such indebtedness shall bear interest at a rate set by Council resolution authorizing the <br />debt. The interest shall be paid upon redemption. <br /> <br /> Section 7. Proceeds from unbonded assessments, improvement bonds, foreclosure of liens <br /> <br />Resolution - 2 <br /> <br /> <br />
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