Item A: GO Bond for Street Preservation

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. If all of the projects listed in Exhibit A are completed and there are bond proceeds the bond proceeds remaining, the Council may add other street preservation projects to the list. If at least six city councilors determine that one or more of the projects listed in Exhibit A has become impractical to undertake, the project(s) may be removed from the list. H. In order to promote accountability in the use of bond proceeds, the City Manager will contract with an outside auditor to prepare a written report on the use of the bond proceeds on a regular basis. The auditor will ascertain and report on whether the bond proceeds were used for the authorized purposes and in compliance with the restrictions set forth above. The City Manager will provide the report to the Council and make the report publicly available. 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 submitting to the qualified electors of the City a Measure authorizing the issuance of a maximum of $81,100,000 of General Obligation bonds to fund street preservation projects and off-street bicycle and pedestrian path preservation projects. Section 2. The City Council orders this City election to be held in the City of Eugene, Oregon, th concurrently with the general election on the 4 day of November, 2008, 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. Section 3. The City Recorder is directed to give not less than ten days’ notice of the City election by publication of one notice in the Register Guard, a newspaper published in the City and of general circulation within the City. Section 4. If approved by the electors, the proceeds from the sale of the bonds will be used only for costs related to street preservation projects, off-street bicycle and pedestrian path preservation projects and payment of bond issuance costs. The use of bond proceeds for street preservation projects unless upon completion of all the will be limited to projects included in Exhibit A to this Resolution projects listed in Exhibit A to this Resolution the Council adds other street preservation projects to the list in order to utilize unspent bond proceeds. If at least six city councilors determine that one or more of the projects listed in Exhibit A has become impractical to undertake, the project(s) may be removed from the list. Section 5. This Resolution shall become effective immediately upon its adoption. The foregoing Resolution adopted the ____ day of ______________, 2008. _____________________________________ City Recorder Z:\CMO\2008 Council Agendas\M080716\S080716A.doc