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<br />e <br /> <br />e <br /> <br />e <br /> <br />VI. BANCROFT BOND SALE (memo, resolution distributed) <br /> <br />City Manager Michea1 Gleason introduced the agenda item. Warren Wong, Finance <br />Director, presented the staff report. He said $2.235 million in Bancroft <br />Bonds were sold. The issue was rated AA. The difference between a AA rating <br />and an A rating will save the City $40,000 to $50,000 on the issue. The AA <br />rating will save $1.5 to $2 million on the $30 million which is the Cityls <br />share of the Eugene Plan over a 20-year period. <br /> <br />The City received six bids for the Bancroft Bond sale, Mr. Wong said. Two <br />bids were from Oregon institutions, one bid was from a California institution, <br />and three bids were from Illinois institutions. The bids ranged from 8.41 <br />percent to 8.03 percent. The low bid was from the First National Bank of <br />Chi cago. <br /> <br />Answering a question from Ms. Ehrman, Mr. Wong said the City advertises in <br />newspapers such as The Bond Buyer. The prospectus issued by the City is <br />circulated to underwriters and banks. <br /> <br />Res. No. 3907--A resolution accepting a bid for the purchase <br />of City of Eugene General Obligation Improvement <br />Bonds, Series K, and directing delivery and sale <br />thereof. <br /> <br />Ms. Wooten moved, seconded by Mr. Hansen, to adopt the resolu- <br />tion. Roll call vote; the motion carried unanimously, 8:0. <br /> <br />Mr. Gleason said the whole city is discussed in a bond prospectus. He sug- <br />gested councilors look at one. <br /> <br />Mr. Rutan was impressed with the work of the Mayor, City Manager, and the <br />staff. They identified the need, made a presentation to bond raters, and <br />organized a good sale. It was a major undertaking. <br /> <br />VII. ORDINANCE CONCERNING THE COMMUNITY DEVELOPMENT COMMITTEE (memo, <br />ordinance distributed) <br /> <br />City Manager Micheal Gleason introduced the agenda item. Rich Weinman of the <br />Eugene Development Department presented the staff report. <br /> <br />Referring to a statement in the proposed ordinance stating a position becomes <br />vacant upon lithe incumbent ceasing to be a qualified representative of the <br />interest group he/she was appointed to represent," Mr. Holmer questioned the <br />term "interest group. II He suggested the statement lithe incumbent ceasing to <br />be qualified for the initial appointment" be substituted. <br /> <br />Mr. Sercombe said Mr. Holmerls wording would preserve the meaning of the <br />ordinance. He had a copy of the ordinance with that wording if the council <br />wished to use it. <br /> <br />MINUTES--Eugene City Council <br /> <br />March 13, 1985 <br /> <br />Page 8 <br />