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City of Eugene <br />Street Bonds - agreed -upon procedures <br />Page 2 <br />(2) Bond proceeds and project expenditures. The following is a summary of bond proceeds and <br />project expenditures from inception of the Street Bond project to November 30, 2012: <br />From Issuance to 12/1/2009 12/1/2010 12/1/2011 <br />11/30/2009 11/30/2010 11/30/2011 11/30/2012 Total <br />Bond proceeds $ 2,795,000 $ 5,555,000 $ 9,690,000 $ 7,460,000 $ 25,500,000 <br />Project expenditures 2,682,749 5,737,236 9,631,111 7,492,730 25,543,826 <br />(3) As of November 30, 2012 the City had $4,000,000 outstanding on the line of credit facility <br />($7,460,000 in proceeds plus interest of $4,565 less $3,464,565 repaid) with $10,400,000 in <br />authorized borrowing remaining on the bond ($35,900,000 authorized less $25,500,000 in <br />proceeds). <br />Based on our limited testing, we noted that the City followed the purpose and limitation of the City Council <br />Resolution 4953. <br />We were not engaged to and did not conduct an audit, the objective of which would be the expression of <br />an opinion on the financial records. Accordingly, we do not express such an opinion. Had we performed <br />additional procedures, other matters might have come to our attention that would have been reported to <br />you. <br />This report is intended solely for the information and use of the City Manager of the City of Eugene, and is <br />not intended to be and should not be used by anyone other than this specified party. <br />Isler CPA <br />JkLt CPA <br />Eugene, Oregon <br />December 20, 2012 <br />2012 SRRP REPORT <br />