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~ . B. Awarding of Construction Warrants (memo distributed) Mr. Henry stated that these bids are not very satisfying because the interest . rate is so high. On all four blocks of warrants, First National Bank of Oregon was the low bidder. Staff recommends proceeding at these interest rates. Other possibilities have been considered for this work that has already been done. The warrants can be approved at these rates and if interest rates lower, the warrants could be resold at a lower rate. He introduced Bill McGuire, Finance Director, to provide additional information. Mr. McGuire stated that staff will be looking at refunding these warrants if the interest rate improves. Also, staff will be coming to the council with a resolution on December 17 to adjust the overhead rate which the City charges. This rate is now 18 percent and staff will be asking that it be increased. ~. Delay asked how much percentage difference would be needed to make refunding the warrants worthwhile. Mr. McGuire stated that he is not certain, but these are two-year warrants and this will be researched. Res. No. 3445--A resolution awarding sale of Block #1 of Limited General Obligation Improvement Warrants to First National Bank of Oregon in the amount of $1,033,000. Ms. Smith moved, seconded by Mr. Lieuallen, to adopt the resolu- tion. Roll call vote; motion carried unanimously. Res. No. 3446--A resolution awarding sale of Block #2 of Limited General Obligation Improvement Warrants to First National Bank of . Oregon in the amount of $1,100,000. Ms. Smith moved, seconded by Mr. Lieuallen, to adopt the resolu- tion. Roll call vote; motion carried unanimously. Res. No. 3447--A resolution awarding sale of Block #3 of Limited General Obligation Improvement Warrants to First National Bank of Oregon in the amount of $1,088,000. Ms. Smith moved, seconded by Mr. Lieuallen, to adopt the resolu- tion. Roll call vote; motion carried unanimously. Res. No. 3448--A resolution awarding sale of Block #4 of Limited General Obligation Improvement Warrants to First National Bank of Oregon in the amount of $1,558,000. Ms. Smith moved, seconded by Mr. Lieuallen, to adopt the resolu- tion. Roll call vote; motion carried unanimously. C. Proclamation of November 4, 1980, Election Results Mayor Keller stated, "I hereby proclaim and declare as follows: . MINUTES--Eugene City Council December 3, 1980 Page 2