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scheduled in time to effect changes before January 1. Mr. Carlson noted that a joint meeting with <br />the ClC was scheduled on November 12, 2002, and that might be an appropriate time to discuss <br />the issues involved. <br /> <br />Responding to a question from Ms. Taylor, Mayor Torrey indicated he would ask staff to provide <br />her with the results of the council poll. He noted that no councilor had expressed willingness to <br />serve on the ClC. <br /> <br />Mr. Carlson reported that the City had received only one application for the citizen positions on <br />the Lane Regional Air Pollution Authority and the Metropolitan Wastewater Management <br />Commission, and he anticipated that the recruitment process would be reopened. <br /> <br />B.WORK SESSION: Assessment Bond Fund Reserves <br /> <br />The council was joined by Financial Services Director Cindi Hamm for the item. Ms. Hamm said <br />that staff was bringing the item to the council's attention now because activity in the assessment <br />program was winding down and bonds were being retired, prompting a review of the reserves. <br />Staff had determined there was money in excess of what was required to operate the <br />assessment program. The council could appropriate the excess money for any General Fund <br />purpose. <br /> <br />Ms. Hamm provided background on the how the assessment bond funds worked. She <br />emphasized that the City actively managed its funds to ensure it had the lowest interest costs <br />possible and the highest interest earnings. She said that there were approximately $560,000 in <br />one-time funds available from the River Road/Santa Clara bond reserve fund. Staff estimated <br />that another $400,000 to $500,000 would be available before 2010. Ms. Hamm said staff <br />recommended that as those moneys became available, they be used to purchase the site for the <br />Santa Clara fire station and to implement the recommendations of the Santa Clara/River Road <br />Urban Services Committee. Staff also projected that about $4.6 million in one-time money would <br />be available for other purposes from the in-City Assessment Bond Reserve, and recommended <br />that those moneys be used to first make the assessment management fund whole ($100,000), to <br />upgrade the City's assessment management software ($50,000), to increase the Facility Reserve <br />balance to implement the Downtown Space Plan ($2,460,000), and to invest in the delayed <br />assessment program ($2 million). <br /> <br />Ms. Hamm explained the staff rationale for the recommendation, pointing to the council's policies <br />for the use of one-time funds, and noting that the moneys were proposed to be used in areas <br />related to the original source of the revenues. She said that the item was not time-sensitive. Ms. <br />Hamm reminded the council that it was scheduled to discuss the Santa Clara fire station site on <br />October 28, and at that time staff would ask the council to appropriate funds to purchase the site <br />from the River Road/Santa Clara funds. The council could also choose to decide on the use of <br />the funds through the fiscal year 2004 budget review. <br /> <br />Mayor Torrey solicited council comments and questions. <br /> <br />Mr. Kelly commended the staff materials. Regarding the in-City reserves, he questioned the $2 <br />million figure for the delayed assessment program, noting that former City Engineer Les Lyle <br />suggested that the fund be capitalized at the level of $500,000 to $1 million. He was concerned <br /> <br />MINUTES--Eugene City Council October 14, 2002 Page 3 <br /> Work Session <br /> <br /> <br />