05/10/1978 Meeting - Laserfiche WebLink

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e IV. Liquor License Applications A. Annual Renewal of Applications (List attached) Mr. Hamel moved, seconded by Mr. Delay, to approve the renewal applications. Motion carried unanimously. B. Change of Ownership: Stadium Club, 375 East 7th; from H. Casady to Wian, Inc., (Steve Hessel); RMB license. c. Adding Partners: 7-Eleven #19206, 205 East 18th (PS), adding Donald Lee and Carma Jean Herbison. Mr. Hamel moved, seconded by Mr. Delay, to forward with approval to OLCC. Motion carried unanimously. IV. Authorizing Sale of GO Improvement Bonds (Bids Opened 5-10-78 at 10 a.m.) e ~Ianager said the results of the bond sale bid openings were very favor- able, and very close. Richard D. Roberts, Ragen, Roberts, and O'Scannlian, Portland, Oregon, said the results of the bid openings indicated the excellent credit the City of Eugene enjoys. Bidders were from allover the United States. He noted the National Bond Index for an average of 20 firms was 5.98 percent. Most of the bids for Eugene were from 4.9 to 5 percent. This also indi- cated the very attractive credit this city has to offer. Mr. Lieuallen requested clarification as to the meaning of net effective interest rate. Sherm Flogstad, Finance Director, explained there was a net effective rate and a true interest rate. Net effective rate is interest calculated without using a time differential, while true interest rate was calculated over a period of time. The net effective rate would be the one used by banking institutions as reported in various financial reports. Res. No. 2901 -- Awarding sale of GO Bancroft Improvement Bonds in the principal Qmount of $3,125,000 to U.s. National Bank of Oregon at a net interest cost of $866,875, net effec- tive interest rate of 4.9536 percent was read by number and title. Mr. Hamel moved, seconded by Mr. Delay, to adopt the resolution. Roll call vote. Motion carried unanimously. Res. No. 2902 -- Awarding sale of GO Airport Development Bonds, Series 1978, in the principal amount of $500,000 to Continental Illinois National Bank at a net interest cost of $137,650, net effective interest rate of 5.0055 percent was read by number and title. ,r1r. Hamel moved, serondad by Mr.. Delay, to' adoot the resolution. Motion carried unanimously. - 5/10/78--5 3'1'"