06/20/1990 Meeting - Laserfiche WebLink

Home Browse Search

e M I NUT E S Eugene City Council McNutt Room--City Hall I June 20, 1990 11:30 a.m. COUNCILORS PRESENT: Rob Bennett, Freeman Holmer, Debra Ehrman, Ruth Bascom, Shawn Boles. COUNCILORS ABSENT: Mayor Jeff Miller, Emily Schue, Bobby Green, Roger Rutan. The adjourned meeting of June 18, 1990, of the Eugene City Council was called to order by Councilor Rob Bennett. I. ITEMS FROM THE CITY COUNCIL, MAYOR, AND CITY MANAGER A. River Road Sewer Construction At Ms. Bascom's request, Christine Andersen, Public Works, reported on the status of the River Road Sewer Construction project. Ms. Andersen said that e the City has issued a notice to proceed to the contractors responsible for sewer construction in Basins A, B, and C. Construction in Basins A and B should begin in early July; construction in Basin C is scheduled to begin June 25. Warren Wong, Administrative Services Director, updated the council on possible financing mechanisms being considered for sewer construction. He noted that because the City has failed to secure financing from the County Service District, it has been forced to consider other means of sewer financing. Mr. Wong said that staff recommends the City issue short-term Bond Anticipation notes. Although previously uncertain about its ability to BANs, Mr. Wong said that City of Gresham has recently been successful in issuing notes for a sewer project which were not backed by the full faith and credit of the city. He emphasized that the overall cost to the property owner of providing this alternate mode of financing would be negligible. The council authorized staff to issue up to $5 million in tax-exempt notes backed by a pledge to issue long-term financing. Interest rates would be between 7.2 and 7.6 percent and bonds would mature within 24 months. Mr. Wong indicated that a resolution would be prepared for the June 25 City Council meeting. e MINUTES--Eugene City Council Page 1 June 20, 1990