Resolution No. 4953 - Laserfiche WebLink

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RESOLUTION NO. 4953 A RESOLUTION CALLING A CITY ELECTION ON NOVEMBER 4, 2008, FOR THE PURPOSE OF REFERRING TO THE LEGAL ELECTORS OF THE CITY OF EUGENE A MEASURE AUTHORIZING THE ISSUANCE OF A MAXIMUM OF $35,900,000 OF GENERAL OBLIGATION BONDS TO FUND STREET PRESERVATION PROJECTS. The City Council of the City of Eugene finds that: A. Using the City's current 5-cent per gallon local gas tax and other dedicated pavement preservation funding, the City has completed nearly $18.6 million in street preservation work since 2002, including contracts in progress. Since 2002, the City has repaired 153 lane miles of streets through overlay, reconstruction and slurry seal treatments. Projects in progress for 2008 include portions of 27th Avenue, Barger Drive, Chambers Street and Roosevelt Boulevard. B. The amount of funding for street maintenance and reconstruction has been insufficient to keep up with deteriorating street conditions. The backlog of needed repair work continues to grow in the face of rapidly rising construction costs and is currently $173 million. Streets that have failed to the point of reconstruction create safety problems and cause vehicle repair problems, make walking, biking or driving on the streets uncomfortable, interfere with economic activity and diminish the quality of life. C. In order to address the funding shortfalls with the City's street maintenance and preservation program, the City Council determined that a General Obligation Bond measure generating approximately $6.5 million in net revenues annually should be referred to voters. Of that amount, the Council determined that $350,000 should be allocated each year for off-street bike and pedestrian path preservation and repair. D. The bond proceeds will be used to overlay or reconstruct the driving surface of streets, as well as to preserve existing integral elements of the street such as curbs, gutters, sidewalks, on-street bike lanes, traffic signals, street lights, medians, traffic calming devices, and other integral parts of a street preservation project. These preservation efforts will be undertaken only to preserve existing elements, not to expand the capacity of the street system. In addition, the City will annually allocate not less than $350,000 of the bond proceeds to fund the overlay and reconstruction of existing off-street bicycle and pedestrian paths. E. A general obligation bond measure of $35.9 million would fund specific street preservation projects over a period of five years. This amount represents 32 different projects that would repair an estimated 70 lane miles of roads and approximately 3 miles of off-street bike and pedestrian paths. The $35.9 million figure accounts for $6.5 million per year for five years at an inflation factor of 4.8%.