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e Answering questions from Ms. Wooten, Mr. Wong said about $6.7 or $6.8 million of the 1982 issuance is still outstanding. Of the $11.4 million to be financed, only about $7 million will earn interest for the certificate holders at about nine percent. The Parcade and the Conference Center garage are not being refinanced, but the debts on them must be considered when the Renewal Agency considers issuing additional bonds. The financing mechanism used by the City to finance the Conference Center is still in use elsewhere, but recent legislation has decreased the benefits to some users. e Mr. Holmer pointed out the Conference Center is not tax exempt. Mr. Wong said the City maintains the Conference Center is really owned by the City and has asked for a ruling from the Department of Revenue. The City will have to go to court if the ruling is adverse. The insurance cost is about the same as the savi ngs between a tri pl e "A" interest rate and a hi gher interest rate with no insurance coverage. Mr. Holmer wondered if the City should wait three months to refinance the Community Center. Mr. Wong said interest rates seem to be going down now; but they will probably go up in the spring. Answering questions from Ms. Ehrman and Mr. Hansen, Mr. Wong said half of the General Fund comes from non-property tax sources, such as revenue sharing and user fees. Those sources could be used to make the lease payments if the Renewal Agency did not make payments to the City. There are no prohibitions on how those revenue sources can be used. The net savings to the City from the refinancing will begin the first year. The Renewal Agency will save about $52,000 the first year and about $20,000 each year afterwards. Res. No. 3895--A resolution approving Advance Refunding Plans for Certificates of Participation on Community Conference Center to be used in the alternative and authorizing submittal of such plans to the State Treasurer for his approval. Ms. Wooten moved, seconded by Mr. Hansen, to adopt the resolution. Roll call vote. The motion carried unanimously, 8:0. IV. RESULTS OF BALLOTING FOR DOWNTOWN COMMISSION INTERVIEWEES/SET INTERVIEW TIME Mqyor Obie announced the results of the balloting for Downtown Commission interviewees. Mary Young received eight votes, Nancy Willard received six votes, Christine Miller received three votes, and Marilyn Odell received two votes. No other candidates received more than one vote. Ms. Wooten moved, seconded by Ms. Ehrman, to interview Mary Young, Nancy Willard, Christine Miller, and Marilyn Odell for the positions on the Downtown Commission. Mr. Rutan and Mr. Hansen expressed doubts about the wisdom of interviewing the candidates who received only two or three votes. e MINUTES--Eugene City Council January 16, 1985 Page 4