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<br /> - --------- <br />." <br />;. <br /> NOW THEREFORE <br />e BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, as fellews: <br /> Section 1. That the sale .of $4,910,000 principal ameunt of General Obligatien <br /> Bancroft Improvement Bends, Series "W, of the City .of ,Eugene, Oregen, is hereby <br /> awarded te First Interstate Bank .of Califernia fer the sum .of $4,910,000 principal, <br /> said bonds te be in the denominatien of $5,000 each and to bear interest at the <br /> rate of $10.0761% fer a tetal interest cest .of $2,709,930. Said First Interstate <br /> Bank .of California agrees -te pay the City of Eugene, Oregon, the value .of bends bid <br /> fer, plus accrued interest frem Octeber 1, 1981, te the date of delivery of the <br /> bonds. <br /> Mr. Obie moved, secended by Mr. Haws, to adept the reselution. <br /> Ms. Weeten asked what the current level .of interest is. David Coombs, Management <br /> Services, stated that this sale was advertised with a 13% interest limit. <br /> Mr. Gleason arrived at the meeting. <br /> Mr. Ceombs stated that the interest rates on the bids came in low and that the City <br /> is fortunate to have received the number .of bids that they did. There were nine <br /> bidders. This shews interest in the cemmunity, and shews that the City has a geed <br /> credit rating. Last week, Salem seld bends at 11%. <br /> Ms. Weoten asked if there is a fixed interest rate charged on assessments. Mr. Coembs <br /> responded that there is; the rate is 10%. Mr. Whitlow asked if this will cause the <br />e City to pay a subsidy. Mr. Ceembs respcnded that it sheuld net. There is sufficient <br /> money in the Bancrcfting prcgram, and with pre-payment and cash flew. the City sheuld <br /> be able tc cover the investments. <br /> Rell call vote; motien carried unanimeusly. <br /> Mayor Keller ncted that October is Citizen Participatien Menth and these whe are <br /> interested in beinginvelved with City beards and cemmissions can pick up applica- <br /> tions at City Hall and return them by the end. of Octeber. <br /> The meeting was adjourned te Octeber 12, 1981. <br /> Micheal D. Gleas n <br /> City Manager <br /> (Recorded by Lynda Nelson) <br />e <br /> MINUTES--Eugene City Council Octeber 7, 1981 Page 2 <br />