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05/22/1989 Meeting (2)
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05/22/1989 Meeting (2)
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City Council Minutes
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5/22/1989
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<br />e <br /> <br />Res. No. 4121--A resolution approving of an advance refunding <br />plan and authorizing submittal of the advance <br />refunding plan to the State Treasurer for his <br />approval, appointing a financial advisor, and <br />designating bond counsel. <br /> <br />Mr. Holmer directed a question to Mr. Wong. Referring to Government Finance <br />Associates of Portland being designated financial adviser to the City, he <br />asked if a written recommendation had been made that this was the appropriate <br />time to receive the most favorable interest rates for an advance refunding. <br />Mr. Wong answered affirmatively and said both the financial adviser and the <br />underwriting firm (Seattle-Northwest Securities Corporation) have been <br />monitoring the refinancing of the certificate of participation for over 15 <br />months and have determined that interest rates are at a favorable level. He <br />added that the final sale date would be set after assessing the market to <br />determine whether the issuance should proceed or be delayed. This <br />determination would be based on professional judgment, in consultation with <br />the City's financial advisor. <br /> <br />Mr. Boles said it was not his intent that this type of item be included on <br />the consent calendar. He asked about the escrow agent not being named and <br />Mr. Wong said that would not influence the council's approval. <br /> <br />e <br /> <br />Ms. Bascom moved, seconded by Mr. Rutan, to approve the items <br />listed under the consent calendar on the City Council agenda. <br />Roll call vote; the motion carried unanimously, 7:0. <br /> <br />The meeting was adjourned to May 24, 1989, at 10:30 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br />(Recorded by Mary Feldman) <br />mncc 052289-730 <br /> <br />e <br /> <br />MINUTES--Eugene City Council <br /> <br />May 22, 1989 <br /> <br />Page 16 <br />
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