05/13/1981 Meeting - Laserfiche WebLink

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r\ e e e 4. Royalwood First Addition (affected property on petition--assessable costs: paving, 100 percent; sewers, 100 percent; City cost, none) Res. No. 3509--A resolution authorizing street paving and sanitary sewer construction in Royalwood First Addition and sanitary sewer construction within 160 feet of the south and west boundaries of Royalwood First Addition (1921). Mr. Obie moved, seconded by Ms. Smith, to adopt the resolution. Roll call vote; motion carried unanimously. 5. Wolf Meadows Subdivision (affected property on petition--assessable costs; paving, 100 percent; sewers, 100%; City costs, none) Res. No. 3510--A resolution authorizing street paving, sanitary sewer, and storm sewer construction within and adjacent to Wolf Meadows Subdivision (1771). Mr. Obie moved, seconded by Ms. Smith, to adopt the resolution. Roll call vote; motion carried unanimously. III. PURCHASE OFFER FOR CERTIFICATES OF PARTICIPATION TO FINANCE COMMUNITY CONFERENCE CENTER (memo attached) Mr. Whitlow introduced ,Jeff Tashman of the Department of Housing and Community Conservation. Mr. Tashman presented an update on financing arrangements for the' Conference Center. He said that it had been staffls intent to present a bid on the certificates from E. F. Hutton. He indicated that instead staff would provide information to the council recommending that the matter be postponed for a week. Mr. Tashman introduced Jim Gibbs of E. F. Hutton. Mr. Gibbs explained that he had expected to have bids on the certificates by this meeting, but that due to shifts in interest rates, he had only received orders on 30 percent of the certificates at an 11.75-percent rate. He said that he would recommend that his firm continue marketing the certificates and adjust prices on the unsold por- tion. He said that given the experience on May 12, 1981, of the State of Oregon in its marketing efforts, it was felt that a better rate might be obtained. He cautioned that there was some risk attached to this, as there is always the possibility that the situation could worsen rather than improve. Mr. Gibbs introduced Rebecca Marshall, Loan Department of First National Bank of Oregon. Ms. Marshall said that she had been acting as a financial consultant to many municipalities in their efforts to market certificates. She distributed an article and accompanying graphs from the May 4, 1981, issue of The Weekly Bond Buyer. She said that it appears interest rates will continue to grow, but that no one will predict how much. She discussed several major factors which could be used by councilors in evaluating the decision on post- poning marketing the bonds for another week. Ms. Marshall indicated that if the MINUTES--Eugene City Council May 13~ 1981 Page 4