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<br /> GENERAL. BONDS
<br />I Amount due December 31, 1937 $698,840-:45 '::;0
<br /> Sinking Fund 71.220.24 ~
<br /> Balance due l627,620.21
<br /> Assessed valuation 1938 $12,458,663.00
<br /> Allowed 5% for Bond debt 622.933.15
<br /> City owes (General Bonds} $, 627,620.21
<br />I lmprovement Bonds ' 517.444.52
<br /> Total 1,145,064.83
<br /> The 5 per cent allowable 622.933.15
<br /> Deficit $ 522,131.61
<br /> AUDITORIUM
<br /> Gash $ 500,000.00
<br /> Grant of 45% or 225,000.00
<br /> Must pay 55% or 275,000.00
<br /> Stated that this could be done through the University of Oregon,
<br /> School District No. 4 and the City of Eugene on basis of:
<br /> University of Oregon $15,000 per year
<br /> School Dist No. 4 5,000 per year
<br /> Eugene 10.000 per year
<br /> Total of $30,000 for a period of thirty
<br /> years. My understanding is that this amount would be needed in
<br /> addition to any revenue that might be had from the auditorium..
<br /> This means that the people.of the City of Eugene would pay $450,000
<br /> and the State of Oregon $450".000 for a total of: $906,0,00 which would!
<br /> cost us on the project basis $275,000. Eugene's share of.$lD,GOO
<br />I per year is a little more than 5/6 of 1 mill..
<br /> At this point. it was stated by City Attorney Calkins that Mayor Large, before leav-
<br /> ing on his trip to Chica8D, requested that the council give this matter their ap-
<br />. , proval at this time. It was determined to hold any proposal on this until the
<br /> next meeting of the council and it was so ordered.
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<br /> , Off~r of Walters and Seiff~rt Company to redeem Lots 9 and 10, Block 4,
<br /> Croner's Addition by payment of r2~59 cash and $2.59 per month until the entire
<br /> amount of $119..74 is fully paid, was presented. Walters and Seiff'ert' s further offe
<br /> to redeem Lots 2 and 3, Block 5, Croner's Addition by payment of $18.07, which is
<br /> tne total amount of assessments against the property, was likewise presented. In
<br /> addition to the foregoing, Walters and Seiffert's will pay $80.~B in back taxes and
<br /> agree to pay sufficient back taxes s6 that the property will not be foreclosed by
<br /> the County. It was the recommendation of the Finance Committee that the above
<br /> outlined plan of redemption be accepted on the condition that the city acquire a
<br /> 7. quit-claim deed and it was so ordered upon motion duly made and seconded.
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<br /> Communication from W. B. Dillard, County Clerk, notifying the Council of a
<br /> receipt of a bid by them for the "North 32.4t of the So~th 66.4t of Lot 1, Block 12,
<br /> Fairmount Addition, Eugene, against which the cit~ has liens in the amoUnt of $320.8 .
<br /> The taxes necessary to pay the County on this is 45.01 and the Finance Committee
<br /> recommended that the taxes be paid in order to protect the city's liens and it was s
<br /> 8 ordered upon motion made and seconded.
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<br />I The $718.85 offer of C. J. and Martha B. Wells for Lot 2" Block 2, Quimby's
<br /> Addition, was accepted by the Finance Committee and the Treasurer's Office herewith
<br /> instructed to proceed with the execution of the necessary papers in confirmation of
<br /> the sale as; directed by the general resolution adopted by the Common Council on
<br /> ,9 June l~, 1938, authorizing such action and it was so ordered.
<br /> The $175.0Q, offer of Eldred D. FeI"guson for the "South 168.63 feet of the
<br /> West 100 feet of the following described property: Beginning at a point 933..8 feet,
<br /> East and 388 feet south of the Northwest corner of D.L.C. James Huddleston in T 17
<br />I SR 4 WWM and run south 341.a feet more or less to the North side of 10th Street,
<br /> thence East 266 feet, thence North 341.8 feet more or less to the South line of 9th
<br /> Street if extended, thence West 266 feet to the beginning in Eugene," was rejected
<br /> by the Finance Committee and upon motion made and seconded, recommendation sustained
<br /> /10 by the council.
<br /> The $2000 offer of William Collins for the South 90 feet of Lot 3, Block 17,
<br /> FairmountAddition, was presented to the Council by the Finance Committee. It was
<br /> revealed, that Mr. Collins does not wish to make a down payment but proiosed to rende
<br /> certain repairs and improvements to the house, totalling in amount, to 2,65.. 75, which
<br /> is exclusive of plumbing, to be applied in lieu of any cash payment. He offers to
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