06/24/1991 Meeting (2) - Laserfiche WebLink

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---- e provides the specified municipal services in order to receive State Shared Revenues pursuant to 221.760 of Oregon Revised Statutes. Mr. Rutan moved, seconded by Mr. Boles, to adopt the resolu- tion. Roll call vote; the motion carried unanimously, 7:0. VII!. RESOLUTION AUTHORIZING SALE OF BONO ANTICIPATION NOTES FOR THE 1991 RIVER ROAD SEWER IMPROVEMENT PROJECT Assistant City Manager Linda Norris introduced the topic. Administrative Services Director Warren Wong said that the resolution is to authorize bond anticipation notes of up to $5.05 million for construction under way on sewer Basins 0, E, and F in the River Road area. The City anticipates that the notes would pay 6 to 6.7 percent in interest. At the present time, only 3 percent of the property owners have not signed a bonding agreement or paid their assessments in Basins A, B, and C. Mr. MacDonald asked whether Eugene, as a city under Ballot Measure 5, has experienced any negative impact (perhaps in terms of increase interest rates) within the bond market. Mr. Wong said that Eugene has not experienced any such impact as yet. He pointed out that it is anticipated that most of these bonds will be sold primarily within the state. Responding to a question from Mr. Boles, Mr. Wong said that the security e provisions associated with these bonds are equivalent to those associated with Basins A, B, and C and place no additional burdens on the City. Res. No. 4253--A resolution authorizing the issuance and sale of bond anticipation notes in an amount not to exceed $5,050,000, to provide interim financing of the River Road Sewer Project, Basins 0, E, and F. Mr. Boles moved, seconded by Ms. Ehrman, to adopt the resolu- tion. Roll call vote; the motion carried unanimously, 7:0. IX. PUBLIC HEARING: ANNEXATION/REZONING REQUEST FOR PROPERTY GENERALLY LOCATED IN THE RIVER ROAD AREA, BETWEEN KOURT DRIVE AND HAMILTON AVENUE, EAST OF DALTON DRIVE (GATES, AZ 91-6) Assistant City Manager Linda Norris introduced the topic. Cathy Czerniak, Planning and Development Department, briefly summarized the code criteria necessary for zone change and annexation. This is a property owner-initiated request which includes a single tax lot in the River Road area. Access to this site is currently off Kourt Drive; there is also potential access off Hamilton Avenue. The property owner initiated annexation in hopes of broad- ening her options with respect to the property, giving her the potential to apply for home rehabilitation loahs, construct another home on the lot" or e MINUTES--Eugene City Council June 24, 1991 Page 8