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09/08/1982 Meeting
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09/08/1982 Meeting
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City Council Minutes
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9/8/1982
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<br />. <br />~ <br /> IV. AUTHORIZATION OF GENERAL OBLIGATION BANCROFT BOND SERI ES II I II BOND SALE <br />. (memo distributed) <br /> Mr. Whitlow introduced Warren Wong, Financial Services Director. Mr. Wong said <br /> that the resolution before the council would authorize the notice of sale of <br /> $4,555,000 in Series 11111 General Obligation Bancroft Improvement Bonds and that <br /> the ordinance would authorize the issuance and sale of the bonds. Mr. Wong said <br /> that sealed bids would be opened on September 29, 1982, and would be returned to <br /> the council for the award. He estimated that the rate would be approximately <br /> ten percent. <br /> Mr. Wong said it was important to take this action now 1} because the City has <br /> $4.4 million in warrants coming due in December and January; 2} because interest <br /> rates are favorable at this time; and 3} because passage of Ballot Measure 3 <br /> would preclude the issuance of Bancroft bonds, and the City must therefore act <br /> to cover its outstanding warrants before the general election. <br /> Mr. Wong then addressed the subject of delinquent payments on assessments. <br /> He said that approximately 5,800 accounts totaling $15.9 million are currently <br /> outstanding and that of that amount $3.5 million is delinquent. He said de 1 i n- <br /> quent accounts include 826 accounts with developers, totaling $3.2 million, and <br /> 85 accounts with private homeowners, totaling $263,000. He said the Budget <br /> Committee would be asked to take funds from the Bancroft funds ana put them in <br /> the operating budget to provide staffing for collection efforts. He sai d that <br /> collections staff would work with delinquent accounts to make arrangements for <br /> payments and would proceed with foreclosures if necessary. <br />e Mr. Wong noted that, in light of Ballot Measure 3, the Public Works Department <br /> had agreed to put off all new Bancroft-eligible projects until after the election <br /> and to finish current projects by that time. <br /> Councilor Wooten said she felt that the solutions proposed by staff were good <br /> ones but that she was concerned that the City not foreclose on any owner-occupied <br /> dwellings. She wondered whether a long-term deferral program could be worked <br /> out for delinquent homeowners. Mr. Wong responded that foreclosure was only <br /> used as a last resort, that arrangements for at least token monthly payments <br /> could usually be made, and that the City did not have a record of foreclosing on <br /> private residential property. <br /> After some discussion, councilors indicated that while they shared Ms. Wooten's <br /> concern, they did not feel the need for action at this time, since the City was <br /> presently being extremely flexible in arrangements with delinquent accounts. <br /> Res. No. 3714--A resolution prescribing the form of notice of sale <br /> of $4,555,000 General Obligation Bancroft Improvement <br /> Bonds, Series 11111, of the City of Eugene, Oregon. <br /> Mr. Obie moved, seconded by Ms. Schue, to adopt the resolution. <br /> Roll call vote; motion carried unanimously. <br />e <br /> MINUTES--Eugene City Council September 8, 1982 Page 8 <br />
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