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<br />EUGENE CITY COUNCIL NEWSLETTER <br /> <br />March 2, 2006 <br /> <br /> City of Eugene <br />777 Pearl Street, Room 105 <br /> <br /> Eugene, Oregon 97401-2793 <br /> (541) 682-5010 <br /> (541) 682-5414 (FAX) <br /> www.eugene-or.gov <br /> <br /> <br />IN THIS WEEK’S EDITION <br />REFUNDING BONDS SOLD <br />WORK BEGINS ON PHASE 1 OF COURTHOUSE DISTRICT TRANSPORTATION IMPROVEMENTS <br />PARK BLOCK IMPROVEMENTS UNDERWAY <br />THE QUANTUM DOCTOR—A FREE TALK BY AMIT GOSWAMI <br />MAYOR OPENS “THE ARCHAEOLOGY CHANNEL INTERNATIONAL FILM AND VIDEO FESTIVAL” <br />? <br />HORA DE DIVERSIN MEANS “FUN TIME” AT THE LIBRARY <br /> <br />AROUND THE CITY <br />Refunding Bonds Sold <br />The City of Eugene successfully sold $25 million of refunding bonds on February 16 for the purpose of <br />achieving interest rate savings. The bonds refunded the callable portion of the 1996 General Obligation <br />Public Safety Bonds and the 1999 General Obligation Parks and Open Spaces Bonds. <br /> <br />As a result of the refunding, the City will save more than $1.8 million of interest costs between now and <br />the final bond maturity in 2019. The annual savings each year through FY2016 (the original maturity of <br />the 1996 bonds) is about $155,000, with the savings in the last three years about $50,000 each year. <br />These savings will reduce the amount that the City needs to levy in property taxes, thereby saving <br />taxpayers money each year starting with the FY07 property tax bill. <br /> <br />The City had planned to sell these refunding bonds by competitive bids on the Internet, but because of <br />uncertainties in the bond market the week prior to the refunding sale, the City decided to negotiate the <br />transaction instead. Banc of America Securities LLC was chosen to purchase the bonds through an <br />accelerated request for proposals process. <br /> <br />Moody's Investors Service reviewed the City's credit rating in connection with this sale and confirmed the <br />City's "Aa2" rating. Because the bonds carried insurance from Ambac Assurance Corporation, however, <br />the bonds will carry a triple-A rating. For more information about the refunding bonds, contact Sue <br />Cutsogeorge, financial analysis manager, at 682-5589. <br /> <br />Work Begins on Phase 1 of Courthouse District Transportation Improvements <br />Work has started in the Courthouse District <br />road right-of-way. In preparation for the <br />transportation improvements scheduled to <br />begin in April, Eugene Water and Electric <br />Board (EWEB) is converting aerial <br />telecommunication lines to underground <br />conduits and vaults on Ferry Street between <br />th <br />Broadway and 8 Avenue. The conversion, <br />which is funded by the City of Eugene <br />telecommunications funds, removes electrical <br />power poles currently in the sidewalk areas that <br />have QWEST and EWEB electrical lines <br />attached to them. <br /> <br />EUGENE CITY COUNCIL NEWSLETTER PAGE 1 <br />March 3, 2006 <br />