06/27/1988 Meeting - Laserfiche WebLink

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. Mr. Wong said staff proposes to payoff the outstanding warrants and fund current cash needs for the new projects with draws against the line of credit, and to go to market with a Bancroft Bond issue in January 1989. The Bancroft Bonds would provide the permanent financing for the projects and repay the draws against the line of credit. Res. No. 4090--A resolution authorizing the Finance Director to negotiate a line of credit or revolving credit facility and related documents in an aggregate principal amount not to exceed $6,000,000 at any time outstanding in any fiscal year for the purpose of providing inter- im financing of local improvements of the City. Mr. Holmer moved, seconded by Ms. Bascom, to adopt the resolution. Roll call vote; the motion carried unanimously. X. ORDINANCE AUTHORIZING ACQUISITION BY CONDEMNATION OF STREET RIGHT-OF-WAY FOR IMPROVEMENTS ON TANEY STREET City Manager Mike Gleason introduced the item. He said staff does not anticipate needing condemnation for the street improvements. However, he said the ordinance gives the City that option if necessary. CB 3055--An ordinance authorizing the institution of e proceedings in eminent domain for the acquisition by condemnation of property interests along Taney Street between Barger Drive and Marshall Street for the purposes of construction of street improvements; and declaring an emergency. Mr. Holmer moved, seconded by Ms. Bascom, 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, 8:0. Council Bill 3055 was read the second time by council bill number only. Mr. Holmer moved, seconded by Ms. Bascom, that the bill be approved and given final passage. Ro 11 ca 11 vote; a 11 councilors voting aye, the bill was declared passed (and became Ordinance No. 19567). e MINUTES--Eugene City Council June 27, 1988 Page 10 -----