04/10/1989 Meeting (2) - Laserfiche WebLink

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. proposal in that it did not provide for a nuclear free zone board. Mr. Potter considered Mayor Miller's proposal one with a narrower and more clearly defined scope of prohibitions than the ordinance proposed by Councilors Boles and Green. Mr. Boles moved, seconded by Mr. Green, to replace the current Nuclear Free Zone ordinance with the minimally revised version (MRV) with an appointed board, as developed by the Nuclear Free Zone Task Force. Ms. Schue said that because several proposals have been presented with insufficient time to adequately review each, she found it difficult to make a decision on the issue at this time. Ms. Schue moved, seconded by Mr. Bennett, to table the motion and to request staff to schedule a work session on the nuclear free zone issue. Roll call vote; the motion carried, 5:3, with Councilors Bascom, Rutan, Bennett, Holmer, and Schue voting aye; and Councilors Boles, Ehrman, and Green voting nay. Mr. Gleason said the item would be on the council's April 19 agenda. Mr. Boles expressed disappointment at the council's delay. At this point, members of the public interrupted the meeting and Mayor Miller called for a five-minute recess. ~ Mr, Rutan left the meeting at 8;35 p.m. VIII. RESOLUTION AUTHORIZING SALE OF BANCROFT BONDS AND NOTICE OF SALE City Manager Mike Gleason introduced the item. Warren Wong, Finance Director, gave the staff report. Mr. Wong said the resolution would authorize the issuance of up to $2,500,000 in Bancroft Bonds. The City's last bond sale was in April 1985, and since that time, a letter of credit and warrants have been used as interim financing for construction activity. He said the new bonds will be used to repay the line of credit. Mr. Wong reported that he, Mr. Gleason, Mayor Miller, and Planning, Development, and Building Department Director Abe Farkas recently presented the issue to the credit-rating agencies in New York and expect to receive a bond rating by mid-May. The sale will not take place until May 31 and the exact amount will be determined once a "cut date" is established and it is known what assessment contracts will be included in the bond issue. Mr. Bennett asked whether the City could continue using interim financing while awaiting an improvement in the rate environment. Mr. Wong responded that the letter of credit could be extended. He noted that warrants are allowed for up to 24 months and the current line of credit expires on e MINUTES--Eugene City Council April 10, 1989 Page 7