Eagle Point City Council passed a resolution to secure long term financing for the water projects the city has completed. The resolution was for the sale of a revenue bond not to exceed $3,135,600 at a rate of 3.75 percent. The original interest rate was 4.25 percent . The reduced interest rate will save the city $204,000 over a 20-year period. While the bond pay back can be as long as 40 years, the city is projecting a 20-year pay off. is to pay it off,
Approval was given to change providers on furnishings for Centennial Plaza. Staff said the items, including benches, tree grates, and so forth, will be comparable but will cost $1,000 less and will be delivered sooner.
Councilor Pat Jacobson submitted a letter revising her previous resignation date from early January to immediate. As a councilor, her name was on the water bond paperwork and to accept her resignation before Dec. 1 would hinder the bonding process. A motion was approved to accept her resignation no later than the first meeting in December.
The next item concerned filling the vacancy and whether to fill it Dec. 14 or to wait for the new council to be seated. It was decided to advertise the vacancy Dec. 7 and Dec. 14.
The planning commission and city council will hold a public hearing on the city’s transportation system will be held Tuesday, Dec. 14 at 7 p.m. This will be followed by the regular city council meeting.