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e IV. ORDINANCE APPROVING ISSUANCE OF AIRPORT REVENUE BONDS City Manager Mike Gleason introduced the item. Finance Director Warren Wong presented the staff report. Mr. Wong said passage of the ordinance will permit issuance of revenue bonds of up to $8,170,000 to finance the portion of the project to be paid from airline revenues. He said the actual amount will probably be closer to $6,775,000 because of market fluctuations. Mr. Wong said a study completed by a national consultant concluded the project is financially feasible and there is more than sufficient revenues to support the debt service on the bonds. He said the bonds will be insured by Bond .Investors Guarantee for a one-time premium of $82,000. This will allow the bonds to sell as though they were rated Aaa, and will save an estimated $1.6 million. CB 3038--An ordinance authorizing the issuance of revenue bonds of the City of Eugene to pay the costs of airport improvements; prescribing the terms of the bonds and the terms under which bonds payable from airport revenues may be issued in the future; pledging and limiting the use of airport revenues; providing for related matters; and declaring an emergency. e Ms. Bascom moved, seconded by Ms. Schue, that the bill, with unanimous consent of the council, be read the second time by council bill number only, and that enactment be considered at this time. Roll call vote; the motion carried unanimously, 6:0. Council Bill 3038 was read the second time by council bill number only. Ms. Bascom moved, seconded by Ms. Schue, that the bill be approved and given final passage. Roll call vote; all councilors present voting aye, the bill was declared passed (and became Ordinance No. 19551). V. WORK SESSION: FUTURE LIBRARY PROJECT--SITING City Manager Mike Gleason introduced the item. Pat Decker, Planning Department, presented the staff report. She reviewed council and staff assumptions about the process as well as the proposed calendar. She said a meeting has been scheduled for May 11 to discuss library branches. A meeting on construction phasing is also being scheduled. Ms. Decker said June 15 has been set as a tentative date for the site decision to be made. Mr. Rutan called the council's attention to an article in the April 26 edition of USA Today that lists Eugene/Springfield as one of five areas in the country projected to have a population decrease by 1992. e MINUTES--Eugene City Council April 27, 1988 Page 6