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debt issuance process. During that time, the bond market has been very volatile, but this issue was sold during a
<br /> favorable interest rate environment. The interest rate received on this issue is the lowest rate the City has received on any
<br /> bond issue in recent history(dating back at least to 1990).
<br /> cm, As part of the debt issuance process, Moody's Investors Service ("Moody's"), the nationally recognized credit rating
<br /> agency, reaffirmed the City's existing bond ratings of"Aa2"for general obligation debt and"Aa3"for limited tax debt. In
<br /> confirming the ratings, Moody's noted that the rating reflected the City's strong financial performance despite on-going
<br /> budget challenges, continued economic development although at a slower pace, and low levels of debt. In its report,
<br /> Moody's expressed confidence in "the ability of city management to maintain structural budget balance and healthy
<br /> reserves over the long-term."
<br /> The City Council authorized the sale of this debt to fund a portion of the Santa Clara Fire Station at its meeting on
<br /> September 8. This financing is one of several sources that will be used to construct and equip the station,which is
<br /> expected to cost$3.94 million. The City will repay the debt from savings in the Fire& EMS Department budget related to
<br /> cancellation of contracts with rural fire protection districts, as well as savings from cessation of the AIRS software
<br /> replacement contributions that the department has made over the past several years. For more information about this
<br /> debt sale, contact Financial Analysis Manager Sue Cutsogeorge at 682-5589.
<br /> Bethel Weed& Seed Initiative is Funded for a Fourth Year
<br /> The Bethel Weed & Seed Initiative has received funding for a fourth year. t1` ZN 4..
<br /> In 2003-04, an additional $225,000 will be directed to programs in the 04 , ' ` rT
<br /> Bethel community, specifically to the Trainsong Neighbors and Active
<br /> Bethel Citizens neighborhoods.
<br /> 7�i miN iuca-
<br /> The mission of Bethel Weed & Seed is to cultivate healthy, safe, and `, `_ * , 4, ei 1"`-'""CD••5,,..0
<br /> vibrant neighborhoods by bringing people and resources together to ,)
<br /> "weed"out illegal activity and harmful conditions and to"seed" positive •
<br /> opportunities for community members. Some notable projects that the :WE) " . Y� •---- i1 I!
<br /> grant will support this year are the Bethel Public Safety Station, a Crime ®,,
<br /> Prevention Specialist who works at the elementary/middle school level, s, ^
<br /> Neighborhood Watch and community policing, truancy reduction and ' I Ai
<br /> L programs for"at-risk"youth and families, and the"We Are the Bethel "^ El r
<br /> Community Celebration." i '
<br /> Five years is the maximum time for any one Weed &Seed Initiative. EPD Officers at"We Are Bethel Celebration"last summer
<br /> PDD staff is beginning the analysis to identify potential areas in
<br /> Eugene for the next official recognition/funding request. For more information, please contact Lorna Flormoe, Bethel
<br /> Weed &Seed coordinator, 682-5293 or e-mail, lorna.flormoeaci.eugene.or.us
<br /> Amazon Park Fields Area Getting Much-Needed Attention
<br /> A portion of the recreation area at Amazon Park is
<br /> receiving some long-needed upgrades. Limited •
<br /> improvements in the northern part of the park are being
<br /> undertaken because the field amenities in that area are I
<br /> more than 40 years old, are in very poor condition and ' -
<br /> have become maintenance-intensive. An Amazon Park t ` 0-1. , ti
<br /> planning effort currently underway will determine what P- ...,,
<br /> other improvements may be appropriate elsewhere in the '
<br /> park. dee . . „ '
<br /> .
<br /> Last week, a crane unearthed the 70-foot-high wooden
<br /> light poles in the fields north of 24th Avenue to make way
<br /> for a more efficient and durable steel-poled lighting - -- - �
<br /> system for the ball fields. In August, excavation work was
<br /> done to create two new sand volleyball courts. In early - —
<br /> September, the irrigation system was extended to the ..
<br /> courts, and approximately 400 cubic yards of beach sand '.F, . -;•,4J.f',
<br /> were delivered. The sand now awaits grading after a °
<br /> Ly concrete border is installed. In addition, a Cnndefialrl prow inetallc farilitiac at now canrf vnllavhall rniirtc
<br /> EUGENE CITY COUNCIL NEWSLETTER PAGE 2
<br /> October 13,2003
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