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<br /> VI I. SALE OF GENERAL OBLIGATION BANCROFT BONDS--SERIES "1" (memo, resolution <br /> distributed) <br /> e Mr. Gleason said that this would be the City's last sale of Bancroft bends, <br /> pending outceme .of voting en Ballet Measure 3 at the Nevember 2, 1982, election. <br /> Mr. Gleason introduced Finance Director Warren Wong. Mr. Wong noted that en <br /> September 8, 1982, the ceuncil had authorized the staff to preceed with issuing <br /> $4,555,000 in Bancroft bonds. Mr. Wong said that the bids for the bonds had <br /> been opened this morning. He said that he had worked for seme time with the <br /> bond analysts at Moody's, discussing the City's goed record for financial manage- <br /> ment, sound financial forecasting, and rapid adjustment of expenditures to meet <br /> resources available. He said that the AA rating that this bond issue had <br /> received was a compliment to the City organization and the City's programs. <br /> Mr. Wong said that seven banks had submitted bids, with the lowest bid of 8.2782 <br /> coming from the First Interstate Bank of California in Los Angeles. Mr. Wong <br /> noted that this interest rate was one-half percent less than any other recent <br /> bond issue in the State .of Oregon. <br /> Mayor Keller thanked Mr. Wong fer his excellent werk. Ceuncilor Smith expressed <br /> the appreciatien of the council for Mr. Wong's commendable efforts. <br /> Res. Ne. 3722--A resolution awarding the sale of General Obligatien <br /> Bancroft Improvement Bonds Series "1", in the princi- <br /> pal amount .of $4,555,000 to First Interstate Bank of <br /> California at a net interest cost of $2,051,995.00 <br /> and a true interest rate of 8.2782 percent. <br /> Ms. Schue moved, secended by Ms. Smith, to adept the resolution. <br /> e Roll call vete; motion carried unanimously. <br /> Councilor Smith left the meeting. <br /> VIII. ESTABLISHMENT OF COUNCIL POSITIONS ON BALLOT MEASURES ONE, THREE, AND SIX <br /> AT THE NOVEMBER 2, 1982, ELECTION (memos, resolutions, impact statement <br /> on Ballet Measure Three distributed) <br /> Mr. Gleason asked Finance Director Warren Wong to discuss Ballot Measure 1. <br /> Mr. Wong said that the effect of the measure weuld be to include the value of <br /> new construction in a jurisdictien's tax base. He said that presently the tax <br /> base can .only be increased by the constitutional six percent limitation, unless <br /> increased by the voters or by annexations. <br /> Mr. Gleason intreduced Jim Farah, Interim Planning Directer, to discuss Ballot <br /> Measure 6. Mr. Farah said that passage of Measure 6, repealing the State's <br /> comprehensive land use laws, weuld preduce a loss of direction and policy for <br /> the City's economic development strategy and programs; would eliminate the <br /> present means of arbitrating local intergovernmental differences on land use <br /> issues; would greatly reduce the predictability of land use decisions for new <br /> industries and expanding firms; and would eliminate the land use directien <br /> needed as a base en which te plan the City's capital improvement program. <br /> - MINUTES--Eugene City Council September 29, 1982 Page 6 <br />