Resolution No. 4737 - Laserfiche WebLink

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J. A levy of $0.86/$1,000 of A V is expected to raise an average net amount of approximately $8.0 million per year for a total net levy of $31.5 million over the four year period. Funds generated by the levy should be distributed to the school districts based on the initial projections of assessed value and collection rates. The school district portion of the levy should be split between the districts based on their relative share of assessed value within the City of Eugene. Based on current projections the Eugene School District is expected to receive net revenues of approximately $24.4 million over the 4 year term. The Bethel School District is expected to receive net revenues of approximately $4.6 million. The balance of the levy, approximately 7% of the total, would be retained by the by the City to support City managed activities. K. Because both districts include property that is located outside of the City limits, some students attend the Eugene and Bethel schools who are not residents of the City. Since only city taxpayers will be paying for the levy, the City shall enter into an intergovernmental agreement with the school districts to ensure that levy funds are spent to benefit city residents to the greatest extent possible. L. It is the Council's intent that if the Legislature increases the amount of funding for students within the Eugene and Bethel school districts beyond the amount anticipated as of June 2002 for the four-year period, the amount of the levy should be proportionately reduced. Therefore, should the Legislature increase that funding, the City, as part of the annual budget process, shall levy less than $0.86 per $1,000 of assessed value. M. Charter and contracted alternative programs located within Eugene and Bethel school districts shall receive from the appropriate district an equitable amount of levy funds based on existing allocation formulas. NOW, THEREFORE, based upon the above findings, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Section 1. A city election is called for the purpose of referring to the legal electors of the City of Eugene a measure authorizing a four-year, $0.86/$1,000 of assessed value, local option levy for funding the development of school-based music and physical education classes, school-based nurses, councilors and librarians, school-based athletics and student activities, and city youth activities. Section 2. The City Council orders this city election to be held in the City of Eugene, Oregon, concurrently with the general election on the 5th day ofN ovember, 2002, in accordance with the provisions of Chapter 254 of the Oregon Revised Statutes, and the ballots shall be counted and tabulated and the results certified as provided by law. Resolution - 3