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<br />e <br /> <br />e <br /> <br />e <br /> <br />" <br /> <br />M E MaR AND U M <br /> <br />January 11, 1985 <br /> <br />To: <br /> <br />City Counci~ ~ <br />Warren nr ,fait Finance Director <br /> <br />From: <br /> <br />Subject: Advanced Refunding of Community Conference Center <br />Certificates of Par~icipation <br /> <br />In January of 1984, Council au~horized refinancing of Certificates of <br />Participation ($6,920,000 at 11.75%) used to construct and equip the Eugene <br />Communi~y Conference Center. Subsequent market interest rate changes made it <br />unfeasible to proceed with the refinancing effort in early 1984. Current <br />market rates indicate that it is both financially and legally feasible as well <br />as financially prudent to reinitiate the effort to refinance the Certifica~es. <br />The refinancing effort could save in excess of $300,000 in debt service <br />payments, with the savings accruing to the Eugene Urban Renewal Agency. <br />The Renewal Agency remits funds to the Ci~y from its Tax Increment revenue; <br />and, the City, in turn, pays lease payments to the trustee acting for the <br />Certificate holders. <br /> <br />The attached resolution authorizes refinancing the Certificates subject to <br />favorable market conditions and compliance with applicable federal and <br />state regula~ions. <br /> <br />cc: M. Gleason <br />G. Long <br />Moore-Breithaupt <br />C. Dallas <br /> <br />Attachment -- 1 <br /> <br />fnwgw510 <br />