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<br /> , <br /> Mr. Wong said another option waul d be to take the existing debt and to refi- <br /> - nance and reschedule everything over the next 20 years, which would mean that <br /> the funds would come in sooner and the debt service would be levelled off. He <br /> said that analysis probably would not be too difficult. <br /> Mr. Holmer asked how callable the bonds were or if another refinance mechanism <br /> woul d be used. Mr. Wong sa id a new debt wou1 d be issued and most of it put <br /> into an escrow fund to payoff existing bonds. They wou1 d then be called as <br /> they become ava i1ab1e. He added that all bonds could not be called in now, <br /> but woul d have to go through some type of trust agreement. Mr. Wong sa id he <br /> would check on whether that would be subject to any arbitrage problems. <br /> Staff said the deadline for the November ballot was October 2. Two work <br /> sessions were scheduled for SeptenDer 10 and irrmediate1y following the elec- <br /> tion, with a public hearing at the regular Council meeting on September 23. <br /> Ms. Wooten surveyed menDers and said she thought it \\as safe to proceed under <br /> the assumption that the sales tax probably would fail. Mr. Ru ta n sa i d he <br /> thought the sessions would need to be fairly lengthy. Ms. Ba scorn asked <br /> whether the gas tax was just for Eugene, and she said she felt that encour- <br /> agement for including the rest of Lane County should begin soon. <br /> The meeting was adjourned at 7:10 p.m. <br /> e <br /> (Recorded by Les1 ie Scales) <br /> LS:ss/1820C <br /> e <br /> MINUTES--City Council Dinner Session August 12, 1985 Page 7 <br />