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05/20/1981 Meeting
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05/20/1981 Meeting
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City Council Minutes
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5/20/1981
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<br />e <br /> <br />CB 2301--An ordinance ~opting a supplemental budget; making appropriations <br />for the City of Eugene for the fiscal year beginning July 1, <br />1980, and ending June 30, 1981. <br /> <br />Ms. Smith moved, seconded by Mr. Hamel, that the bill be read the <br />second time by council bill number only, with unanimous consent <br />of the council, and that enactment be considered at this time. <br />Motion carried unanimously. <br /> <br />CB 2301 was read the second time by council bill number only. <br /> <br />Ms. Smith moved, seconded by Mr. Hamel, that the bill be approved <br />and given final passage. Roll call vote; all councilors present <br />voting aye, the bill was declared passed and numbered 18975. <br /> <br />v. PURCHASE OFFER FOR CERTIFICATES OF PARTICIPATION TO FINANCE COMMUNITY <br />CONFERENCE CENTER <br /> <br />Mr. Gleason introduced Jeff Tashman of the Department of Housing and Community <br />Conservation. Mr. Tashman referred to discussion of this item at the council's <br />May 13 meeting, and reminded councilors that at that time they had agreed to <br />postpone seeking bids for certificates of participation for the conference <br />center due to adverse and volatile market conditions. Mr. Tashman was pleased <br />to inform the council that a more favorable bid had been received. He noted <br />that Jim Gibbs from E. F. Hutton, Rebecca Marshall from First National Bank of <br />Oregon, and Howard Rankin, Bond Counsel, were present to answer any financial or <br />4It legal questions the council might have. <br /> <br />Mr. Tashman indicated that the total amount of the certificates of participation <br />was $6,920,000. $5,790,000 will be in term bonds due in the year 2006. The <br />remaining amount will be in serial bonds due from 1983 to 1992. Last week staff <br />had indicated that the rate on the term bonds, if sold at that time, would <br />effectively have been 12 percent. Today, Hutton proposed to purchase the term <br />bonds with an effective yield of 11.81 percent, slightly over the 11.75 percent <br />which had been mentioned last week as the hoped-for goal. <br /> <br />Mr. Tashman said that the debt service for the certificates, which will be <br />reimbursed by the Renewal Agency, ranges between $770,000 and $780,000 per year, <br />or about $15,000 per year over previous estimates. He said that staff had consulted <br />with Ms. Marshall as an independent analyst, and that she had reviewed the <br />proposal and found it to be a reasonable bid. Staff therefore recommended that <br />the council approve Resolution No. 3511, thereby accepting E. F. Hutton's bid. <br /> <br />Mr. Lindberg asked if the bulk of the certificates had been marketed prior to <br />the recent increase in the prime rate to 20 percent and whether there was a <br />connection between the two rates. Mr. Tashman said that the bonds had been <br />marketed before the increase in the prime rate, but that it was his under- <br />standing that there was no direct link between the two rates. <br /> <br />.e <br /> <br />MINUTES--Eugene City Council <br /> <br />May 20, 1981 <br /> <br />Page 10 <br />
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