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6GIij2~ ~Y ~ Attachment B <br /> LIBRARY FINANCING PLAN <br /> The estimated cost of the library construction project, including the expansion space and the <br /> parking, is approximately $32.2 million, as of February 2000 (see Attachment A, "Current Status <br /> of Project"). The following chart sets out the plan for financing this project. Following the chart <br /> is an explanation of each of the resources. <br /> Estimated Resources <br /> (as of February 2000) <br /> Bonds: Backed By Urban Renewal Funds $18,500,000 <br /> Backed by Net Freed-Up Lease Payments 4.400.000 <br /> Total Bonds $22,900,000 <br /> Library Foundation Fundraising 4,000,000 <br /> Library Local Option Levy 1,935,000 <br /> Sale of Assets: Existing Library 1,400,000 <br /> Olive Street Parking Lot 300,000 <br /> Sears Building 550,000 <br /> Total Asset Sales 2,250,OQ0 <br /> Urban Renewal Cash Contribution in FY00 500,000 <br /> Miscellaneous: Library Trust Fund 340,000 <br /> Interest Earnings 150,000 <br /> Other 154,000 <br /> Total Miscellaneous 644.000 <br /> TOTAL ESTIMATED RESOURCES $32,229.000 <br /> Please note that all resources are estimates as of February 2000. It is likely that some of these <br /> financing resources could change over the construction period. <br /> BONDS <br /> <br /> It is expected that two series of bonds will be issued to finance the library project. The bonds <br /> will be issued by the City of Eugene, and will be self-supporting from dedicated revenue sources. <br /> The bonds will also be secured by the City's General Fund. They will be called "Library Full <br /> Faith and Credit Obligations." <br /> <br />