09/25/1985 Meeting - Laserfiche WebLink

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CB 2855--0rdinances ordering a special City election to be e conducted by the Lane County Elections Department on November 5, 1985, regarding measures submitted by the City Council on City income tax, revenue bonding authority, and general obligation bonds and providing for all acts necessary for the carrying on of said election; and declaring an emergency. Ms. Wooten moved, seconded by Ms. Schue, that the bill be read the second time by council bill number only, with unanimous consent of the council, and that enactment be considered at this time. Roll call vote; the motion carried unanimously, 6:0. Council Bill 2855 was read the second time by council bill number only. Ms. Wooten moved, seconded by Ms. Schue, that the bill be approved and given final passage. Roll call vote; all council- ors present voting aye, the bill was declared passed (and became Ordinance No. 19358). Replying to a question from Mayor Obie, Mr. Wong said an Oregon statute does not permit a city to repay bonds from income tax revenue. Eugene could issue bonds on which the debt service would be paid by airport user fees and charges. Other options are: (1) the City charter could be amended to create a local revenue bond authority (which would have to be approved by the e voters), and (2) a public building corporation could be formed to constuction and equipment a specific public facility. Income tax revenues could be used for lease payments to the public building corporation. Mayor Obie stated that bonds for each of the two projects could be sold using the full faith and credit of the City after voter approval. Mayor Obie adjourned the meeting at 1:35 p.m. ~~ Micheal Gleason Ci ty Manager (Recorded by Betty Lou Rarick) 1875C . MINUTES--Eugene City Council September 25, 1985 Page 8 }: