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<br /> e Mr. Bennett directed questions about timing and financing to Mr. Wong. Mr. <br /> Wong explained that construction began in June and the project will be <br /> assessed in February or March 1991, with the issue maturing in February 1992. <br /> He clarified that the additional cost to the project comprises the difference <br /> in the rate that was available August 7 and that which will be available <br /> October 9. <br /> Mr. Boles asked if specific assets were being pledged as additional security <br /> or the City's full faith and credit. Mr. Wong explained that only <br /> unobligated proceeds in the Sewer Capital Projects Fund were involved and <br /> property taxes could not be levied to payoff the issue. He reiterated <br /> council's direction to staff as being that all costs will be borne by the <br /> property owners. <br /> Responding to a question from Mr. Holmer about rising interest rates, Mr. <br /> Wong said that if bids received exceed eight percent, an alternative proposal <br /> will be brought to the council. <br /> Res. No. 4209--A resolution authorizing the issuance and sale <br /> of construction financing notes, in an amount <br /> not to exceed $4,300,000, to provide interim <br /> financing of the River Road Sewer Improvement <br /> Project, Basins A, B, and C. <br /> Ms. Schue moved, seconded by Mr. Bennett, to adopt the <br /> resolution. Roll call vote; the motion carried unanimously, <br /> e 8:0. <br /> The meeting adjourned at 8:52 p.m. to September 26, 1990. <br /> Respectfully submitted, <br /> 7~". fl,",n <br /> ~ ~ J', ;~ <br /> '~':r~~'{'r>o"~ <br /> Mieheal Gleason, <br /> City Manager <br /> (Recorded by Mary Feldman) <br /> mnce 092490-730 <br /> e <br /> MINUTES--Eugene City Council September 24, 1990 Page 10 <br />