03/11/1987 Meeting - Laserfiche WebLink

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Mr. Gleason said the government pays for trunk storm sewers that carry water from several local systems. The property owners pay for local systems. e Roll call vote; the motion carried unanimously, 7:0. VI. CITY COUNCIL MINUTES OF DINNER/WORK SESSION OF JANUARY 14, 1987; MEET! NGS OF JANUARY 21. 1987, AND JANUARY 28, 1987; AND LUNCH/WORK SESSION OF FEBRUARY 11. 1987 Mr. Holmer moved, seconded by Ms. Wooten, to approve the City Council minutes of January 14, 1987. January 21. 1987, January 28) 1987, and February 11, 1987. Roll call vote; the motion carried unanimously, 7:0. VII. LEGISLATIVE SUBCOMMITTEE MINUTES OF FEBRUARY 25, 1987 Mr. Holmer moved, seconded by Ms. Wooten. to approve the February 25. 1987, Legislative Subcommittee minutes. Roll call vote; the motion carried unanimously. 7:0. VIII. FINANCING PUBLIC SHARE OF AIRPORT TERMINAL EXPANSION PROJECT e City Manager Micheal Gleason introduced the item. Finance Director Warren Wong gave the staff report. He said the proposed ordinance reflects the council1s intent to pay the debt serv~ce on General Obligation Bonds for the public share of the Mahlon Sweet Airport expansion from: 1) airport operations; 2) new airport-generated revenue; 3) the growth in the General Fund working capital; 4) reallocation of funds from the capital improvement budget; and 5) additional property taxes. Ms. Wooten thanked the staff for the ordinance. She said the public did not understand that the council intends to pay the debt service on the bonds from existing resources. She emphasized that the council does not intend to increase property taxes to pay the debt service. She said the ordinance makes it clear that the City's general operating funds cannot be used to pay the debt service on the bonds. Only capital funds can be used. Mr. Rutan said approval of the ordinance will indicate that the City Manager will prepare a budget that will use the first four items to pay the debt service on the bonds and that the City Manager and the council will have to prove that resources from the four items are not sufficient before property taxes can be raised to pay the debt service. He said the present council and future council s will have to provide written evi dence to anyone in the community that the process detailed in the ordinance has been followed. Mr. Wong said servicing the annual debt on the bonds will be an item in the balanced Executive Budget. Both the Budget Committee and the City Council will have to approve increased property taxes if existing resources are not sufficient. e MINUTES--Eugene City Council March 11, 1987 Page 6