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<br />e <br /> <br />Ms. Schue commented that the League of Oregon Cities has been involved in <br />this issue and is making an effort to address issues of fairness. <br /> <br />Council President Schue opened the public hearing. There being no requests <br />to speak, the public hearing was closed. <br /> <br />CB 4216--An ordinance concerning the Pacific Northwest Bell <br />Telephone Company franchise; amending Ordinance No. <br />19425; and declaring an emergency. <br /> <br />Mr. Bennett moved, seconded by Mr. Holmer, that the bill be <br />approved and given final passage. Roll call vote; all <br />councilors present voting aye, the bill was declared passed <br />(and became Ordinance No. 19685). <br /> <br />XVII. ORDINANCE AUTHORIZING EWEB CONSERVATION BOND REFUNDING <br /> <br />e <br /> <br />Mr. Wong said that in 1984-85, voters approved $30 million in energy <br />conservation bonds that were to be supported by Bonneville Power <br />Administration (BPA) revenue. EWEB issued $17 million in bonds in 1985 and <br />at this time, given the favorable market situation with respect to interest <br />rates and a recent bond upgrade, recommends refinancing to recoup savings and <br />take advantage of money available since the debt service reserve is no longer <br />required. The EWEB Board adopted the Bond Refinancing Resolution at its May <br />14 meeting as a department of the City, and the council is now required to <br />authorize the issuance of the bonds. <br /> <br />Answering a question from Mr. Rutan, Mr. Wong said the bonds are fully <br />supported by the BPA and are not backed by the good faith and credit of the <br />City of Eugene. <br /> <br />CB 4222--An ordinance providing for the issuance and sale by <br />the City of Eugene, acting by and through the Eugene Water & <br />Electric Board, of not more than $15,000,000 aggregate <br />principal amount of revenue bonds for the purpose of (1) <br />refunding $14,145,000 of electric utility system conservation <br />revenue bonds, series 1985, and (2) paying the cost of an <br />energy conservation program undertaken by said City, acting <br />by and through the Eugene Water & Electric Board, to finance <br />energy conservation measures and undertakings on behalf of <br />customers served by the Eugene Water & Electric Board; <br />providing for certain other matters in connection therewith; <br />and declaring an emergency. <br /> <br />Mr. Bennett moved, seconded by Mr. Holmer, that the bill, with <br />unanimous consent of the council, be read the second time by <br />council bill number only, and that enactment be considered at <br />this time. Roll call vote; the motion carried unanimously, <br />8:0. <br /> <br />e <br /> <br />MINUTES--Eugene City Council <br /> <br />June 11, 1990 <br /> <br />Page 12 <br />