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<br />EUGENE CITY COUNCIL NEWSLETTER <br /> <br />January 26, 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 />CITY TO ISSUE REFUNDING BONDS <br />TH <br />PUBLIC WORKS ACTIVATES NEW TRAFFIC SIGNAL AT 11AVENUE AND MILL STREET <br />RIVERBANK TRAIL TO BE EXTENDED UNDER BELTLINE HIGHWAY <br />NEW EXHIBIT OPENING AT JACOBS GALLERY <br />GOOD EARTH HOME SHOW FEATURES THREE CITY INFORMATION BOOTHS <br /> <br />AROUND THE CITY <br />City to Issue Refunding Bonds <br />The City of Eugene is preparing to sell refunding bonds for the purpose of achieving interest rate <br />savings. The council authorized refunding of the 1996 General Obligation Public Safety Bonds and the <br />1999 General Obligation Parks and Open Spaces Bonds in 2003. The City attempted to sell refunding <br />bonds at that time, but the interest rate environment changed and the refunding was not completed as a <br />result. Since that time, staff has been monitoring interest rates in order to determine if another <br />opportunity to refund these bonds would arise. <br /> <br />The City is now prepared to make another attempt at refunding these two issues. The estimated amount <br />of the refunding bond issue is $23.7 million. As a result of the refunding, the City is currently estimating <br />that it could save more than $1.6 million of interest costs between now and the final bond maturity in <br />2019. 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 competitive sale of the refunding bonds is scheduled for February 14. The City will be requiring that <br />all bids to purchase the bonds must be submitted electronically. This is the first time that the City will <br />have a requirement, rather than an option, to submit bids electronically. Results of the bond sale will be <br />provided in a future City Council newsletter. For more information about the refunding bonds, contact <br />Sue Cutsogeorge, financial analysis manager, at 682-5589. <br /> <br />th <br />Public Works Activates New Traffic Signal at 11 Avenue and Mill Street <br />Eugene’s newest traffic signal was activated Wednesday, January 25, at the intersection of Mill Street <br />th <br />and East 11 Avenue. The new signal is needed to operate Lane Transit District’s EmX service between <br />downtown Eugene and downtown Springfield. LTD and the City of Eugene have been working <br />cooperatively since last summer to ready streets and intersections for EmX service, scheduled to begin <br />in late 2006. LTD paid the full cost of installing the signal, which includes functions for pedestrian <br />crossings and vehicle-activated signal timing. <br /> <br />thth <br />The signal at 11 Avenue and Mill Street is Eugene’s 226 traffic signal. In late November 2005, a new <br />thth <br />signal was activated at 10 Avenue and High Street to allow the conversion of 10 Avenue to two-way <br />traffic and also to accommodate future EmX service. Work is currently under way on a private contract <br />th <br />to install the city’s 227 signal on Coburg Road, midway between Oakway Road and Oakmont Way. <br />That signal is scheduled to be activated later this spring. For more information, contact City Traffic <br />Engineer Tom Larsen at 682-4959. <br /> <br /> <br />EUGENE CITY COUNCIL NEWSLETTER PAGE 1 <br />March 3, 2006 <br />