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In response to a question from Councilor Solomon, Mr. Schoening stated that the City provided financing at <br />8 percent, which was an interim rate until the City sold bonds. He said when the bonds were sold, the rate <br />would be based on the bond rates and would include administrative costs. <br /> <br />Councilor Solomon remarked that a loan could be obtained from a bank for less. Mr. Schoening responded <br />that there was no requirement for property owners to finance through the City. <br /> <br />Councilor Solomon asked if the project would qualify for stimulus money. Mr. Schoening replied that it met <br />the criteria, but all of the transportation dollars that had come to Oregon were already allocated. <br /> <br />Roll call vote; the motion passed, 7:1; Councilor Clark voting in opposition. <br /> <br />The meeting adjourned at 10:31 p.m. <br /> <br />Respectfully submitted, <br /> <br /> <br /> <br />Jon Ruiz <br />City Manager <br /> <br />(Recorded by Ruth Atcherson) <br />MINUTES—Eugene City Council April 13, 2009 Page 19 <br /> Regular Meeting <br />