01/23/1985 Meeting - Laserfiche WebLink

Home Browse Search

II. ROUTINE ITEM FOR COUNCIL APPROVAL: CITY COUNCIL DINNER/WORK SESSION MINUTES OF DECEMBER 10, 1984 (minutes distributed) ~ Ms. Wooten moved, seconded by Mr. Hansen, to approve the City Council minutes of December 10, 1984. Roll call vote. The motion carried unanimously, 7:0. e e III. ISSUANCE AND SALE OF BANCROFT BONDS (memo, ordinance and resolution distributed) City Manager Micheal Gleason introduced the agenda item. Warren Wong presented the staff report. He asked the Council to approve the issuance and sale of $2.235 million of Bancroft bonds. The bonds finance pUblic improve- ments, such as streets or sewers, in the city. The City absorbs part of the cost and the benefitting property owner pays the other part. Property owners may pay immediately or over a ten year period. The City sells Bancroft bonds to replenish the construction account and makes payments on the bonds from the payments property owners make to the City. The bonds will be sold on March 13, 1985. The low bid from Oregon First Bank will cost the City $39,000 in registration costs. The Council will be asked to award the bonds to the low bidder. Answering questions from Ms. Bascom and Mr. Hansen, Mr. Wong said the Council had approved the projects previously and the improvements were in all parts of the city. Bancroft bonds are the least expensive way for Oregon property owners to make improvements. The Eugene Bancroft account is in relatively good shape because the City has used Bancroft bonds mostly in developed parts of the city where the value of the security is comparatively high. Mr. Wong discussed some undeveloped properties on which the City may foreclose. Mr. Gleason said the City carries significant cash reserves in the Bancroft account. Ms. Wooten asked for a one-page report on the Bancroft account. Responding to questions from Ms. Wooten about possible forclosures on 16 owner-occupied homes, Mr. Wong said the staff had arranged payment schedules with ten of the owners. Six of the owners have indicated the City should foreclose. They owe the tax assessor and lending institutions also. The owners will have one year after foreclosure to redeem the property. The City has not foreclosed on an owner-occupied property in the last four years. CB 2803--An ordinance authorizing the issuance and sale of two million, two hundred thirty-five thousand dollars ($2,235,000) General Obligation Bancroft Improvement Bonds, Series "K" of the City of Eugene, Oregon, and directing that they be advertised for sale, all in accordance with the provisions of Chapter 223, Oregon Revised Statutues, commonly known as the Bancroft Bonding Act, and appointing a registrar, and declaring an emergency. MINUTES--Eugene City Council January 23, 1985 Page 5