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<br />e <br /> <br />Cash Requirements <br /> <br />1. Call the Bancroft bonds related to the $900,000 <br />Overpark as of June 1 and July 1, 1984. <br />2. Adjust assessments such that future installments 200,000 <br />not yet due will be zero; refund payments <br />on prepaids. <br />3. Declare rebate of net operating revenue (including 988,000 <br />interest on accumul ated ba1 ance) as of June 30, <br />1984. Request declaratory judgment on who gets <br />wh at . <br />4. Amend EC 3.760, et a1., effective as of July 1, <br />1984, to eliminate the credits for the future. <br />5. Amend EC 7.545 effective as of July 1, 1984, to <br />eliminate the rebates in the future. <br />6. Make remaining funds available for disposition <br />at the direction of the Downtown Commission, <br />Budget Committee, and Council, taking into <br />consideration the original commitments made to <br />the 10th and Oak property owners. 212,000 <br /> <br />Cash and Investments as of June 30, 1983 <br /> <br />2,300,000 <br /> <br />The cash requirements outlined above do not include expense for staff time, <br />legal and/brokerage fees, or other costs related to these recommendations. <br /> <br />The optimal timeline for the implementation of these recommendations is: <br /> <br />e <br /> <br />March 1984 <br />June 1, 1984 <br />July 1, 1984 <br /> <br />Sept.-Oct., 1984 <br />November 1984 <br /> <br />Council approv~ of plan. <br />1969 series bonds call ed. <br />1974 series bonds called, council action to adjust <br />assessments and amend code. <br />Final determination of amount to be rebated. <br />Declaration of rebate by council, application <br />of rebate credits to FY85 DDD ad valorem billings, <br />determination of funds remaining. <br /> <br />Mr. Wong said that staff is requesting approval of the timeline as presented, <br />a resolution to call the two bonds, and of two ordinances to change the code, <br />as presented above. <br /> <br />In response to Councilor Obie's question on the disposition of the $212,000, <br />Mr. Wong said that City procedure for Bancroft funds surpluses is to declare <br />them surplus to the General Fund. Then, there is immediate transfer to the <br />most recent series of Bancroft issues for debt service payments. <br /> <br />In response to Councilor Hansen's question on the $212,000 interest amount, <br />Mr. Wong said that it was interest on prepaid assessments. Staff has recom- <br />mended that this amount remain in the 10th and Oak fund and be used at <br />the discretion of the Downtown Commission and City Council in the FY86 budget <br />process. <br /> <br />-- <br /> <br />MINUTES-Eugene City Council <br /> <br />March 12, 1984 <br /> <br />Page 2 <br />