Item A: GO Bond for Street Preservation

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$81 million of pavement capital preservation projects over 10 years within an appropriate timeframe to place the question on the May 2008 ballot. The proposal should include ballot measure language that provides for both a list of high priority pavement capital preservation projects and appropriate flexibility for planning activities and changing pavement capital preservation project priorities.” On January 28, council continued discussions of an approach to use General Obligation bonds for street preservation projects. Council directed the City Manager to “bring a resolution forward placing an $81 million General Obligation bond measure to be used for preservation only, no system capacity enhancements, on the November 2008 ballot.” A friendly amendment was added to provide a complete project list as part of the ballot measure. The $81 million bond measure will provide for $6.5 million of overlays and reconstruction activities each year, factoring in the cost of inflation over a 10-year period.