Resolution No. 4806 - Laserfiche WebLink

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