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Item 2G: Resolution Authorizing EWEB Bonds for Roosevelt and Downtown Projects
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Item 2G: Resolution Authorizing EWEB Bonds for Roosevelt and Downtown Projects
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6/9/2010 12:41:50 PM
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5/4/2006 10:09:41 AM
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Agenda Item Summary
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5/8/2006
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ATTACHMENT E <br /> <br /> <br /> <br /> <br /> <br /> <br />EUGENE WATER & ELECTRIC BOARD <br />RELOCATION PROJECT <br />REVENUE BOND AUTHORIZATION REQUEST <br />QUESTIONS AND ANSWERS <br /> <br /> <br />Eugene City Councilors raised several questions in their consideration of the April 10, <br />2006 Eugene Water & Electric Board request to issue $26.3 million in electric system <br />1 <br />revenue bonds. Answers to these questions are provided below. <br /> <br />1. Why is EWEB using the URBA process to obtain approval of the $8 million <br />funding request? <br /> <br />The EWEB Board of Commissioners heard extensive public testimony from <br />citizens and other interested parties concerning possible relocation of EWEB and <br />future disposition of any unneeded parcels of the EWEB riverfront property. After <br />many months of reflection and discussion, the EWEB Board is in unanimous <br />agreement that the financing for design for moving the industrial operations off <br />the riverfront to the newly purchased Roosevelt property could best be <br />accomplished through use of the URBA process. <br /> <br />After careful consideration of the alternatives, the Board decided to use the <br />URBA process for funding the design portion of the new EWEB facility <br />development for several reasons: <br />? <br /> Using the URBA process is expected to save EWEB customers the <br />estimated $30,000 - $50,000 cost to place a measure on the ballot; <br />? <br /> The requested amount ($8 million) is a relatively small part of the overall <br />estimated cost for the new facility (current estimate is $80 - $85 million); <br />? <br /> This amount is similar in size to previous bond authorization requests <br />EWEB has obtained with URBA; <br />? <br /> EWEB has successfully used the URBA process in the past; and <br />? <br /> The Board believes that customers will be supportive of the authorization <br />request. <br /> <br />A summary of EWEB’s use of the URBA process for electric and water revenue bond <br />authorizations follows: <br /> <br /> <br />1 <br /> Some of this material is also provided in summary form in the one page summary that is attached herein <br />and titled “Revenue Bond Authorization Request”. <br /> 1 <br />
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