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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br />(5) Other Information, continued <br />(B) Commitments <br />Pursuant to an intergovernmental agreement between the City and the Agency, the Agency's tax <br />increment revenues are to be used to provide funding resources to the City to cover debt service <br />associated with the certificates of participation (COPs) issued by the City to finance the construction of a <br />library. If the Agency's revenues exceed the debt service requirements, such excess may be disbursed to <br />the City to pay other obligations incurred for the library project. During the fiscal year, $2,379,933 in <br />payments were made to the City to cover debt service. The payments are reported as intergovernmental <br />expenditures in the Agency's Debt Service Fund. <br />Annual debt service requirements to maturity for the City's Library COPs are as follows: <br />Year ending June 30 Principal Interest <br />2009 $ 2,200,000 172,500 <br />2010 2,350,000 58,750 <br />Total $ 4,550,000 231,250 <br />(C) Subseauent Events <br />In July 2008, the Agency entered into acontract -with BEAM Development for the renovation of the <br />historic Centre Court building in downtown Eugene. The City borrowed $2,706,000 from the U.S. <br />Department of Housing and Urban Development (HUD) to help finance the project. The City and the <br />Agency entered into an intergovernmental agreement in which the proceeds from the HUD loan will be <br />loaned to the Agency. <br />27 <br />