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<br />e <br /> <br />e <br /> <br />e <br /> <br />III. PUBLIC HEARING: CITY OF EUGENE SUPPLEMENTAL BUDGET NO. 3a <br /> <br />City Manager Micheal Gleason introduced the item. <br /> <br />Mayor Obie opened the public hearing. <br /> <br />There being no requests to testify, Mayor Obie closed the public hearing. <br /> <br />CB 2971--An ordinance adopting a Supplemental Budget; making <br />appropriations for the City of Eugene for the fiscal <br />year beginning July 1, 1986, and ending <br />June 30, 1987; and declaring an emergency. <br /> <br />Ms. Ehrman moved, seconded by Mr. Holmer, that the bill be <br />read the second time by council bill number only, with unanimous <br />consent of the council, and that enactment be considered at this <br />time. The motion carried unanimously, 7:0. <br /> <br />Council Bill 2971 was read the second time by council bill number only. <br /> <br />Ms. Ehrman moved, seconded by Mr. Holmer, that the bill be <br />approved and given final passage. The motion carried 6:1 with <br />Councilors Ehrman, Schue, Bascom, Rutan, Miller, and Bennett <br />voting aye and Councilor Holmer voting nay. The bill was <br />declared passed (and became Ordinance No. 19477). <br /> <br />IV. RESOLUTION CONCERNING SUBMISSION OF A REFUNDING PLAN <br /> <br />City Manager Micheal Gleason introduced the item. Mike Albrich of the Finance <br />Division gave the staff report. He said the council approved a plan to <br />refi nance the Community Conference Center in February 1987. The State <br />Treasurer approved the plan but the bond market changed. He said the <br />MuniCipal Bond Investors Assurance Company refused to insure a partial <br />refunding. The resolution before the council will authorize a full refunding <br />plan that will be submitted to the State Treasurer. He said the City will not <br />sell the bonds until the bond market improves. <br /> <br />Answering questions from Mr. Holmer and Ms. Bascom, Mr. Albrich said an <br />interest rate of either 4.5 or 5 percent would be acceptable to the City. The <br />maximum rate acceptable to the City would be about 6.5 percent but the bonds <br />probably will not be sold at that rate. The present interest rate is a little <br />over 8 percent. <br /> <br />Replying to questions from Mr. Bennett, Mr. <br />rates will decrease in the next few months. <br />plan to refinance only bonds callable by a <br />advantageous to the City. <br /> <br />Albrich said he hopes interest <br />He said the partial refunding <br />specific date was financially <br /> <br />MINUTES--Eugene City Council <br /> <br />May 27, 1987 <br /> <br />Page 3 <br />