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Section 1400- Maximum Indebtedness <br />The sum of $33,000,000 was established in 1998 as the maximum amount of new <br />indebtedness which could be issued or incurred under this Plan. This amount does not <br />include funds to pay interest on that indebtedness nor funds to repay indebtedness <br />existing on the date of the 1998 amendment. <br /> <br />CITY-WIDE SPECIAL LEVY. <br />Option One and its city-wide special levy, as described in ORS 457.435(2)(a), were <br />chosen in 1998 as the method for collecting ad valorem property taxes sufficient to pay <br />when due, indebtedness issued or incurred to carry out the Urban Renewal Plan for the <br />Central Eugene Project as permitted by section 11 (1(~), Article XI of the Oregon <br />Constitution. <br /> <br />DRAFTAMENDMENTS- Urban Renewal Plan For - 16 - <br />Central Eugene <br /> <br /> <br />