Item 3: Resolution on GO Bond for Streets

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ECC UGENE ITY OUNCIL AIS GENDA TEM UMMARY Action: Resolution 4953 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 $81.1 or $35.9 Million of General Obligation Bonds to Fund Street Preservation Projects Meeting Date: July 28, 2008 Agenda Item Number: 3 Department: Central Services Staff Contact: Sue Cutsogeorge www.eugene-or.gov Contact Telephone Number: 682-5589 ISSUE STATEMENT The council will consider placing a General Obligation (GO) bond measure for street preservation projects on the November 2008 ballot. BACKGROUND Council Action History Over the past several years, the council has worked on ways to adequately fund a large and growing pavement preservation project backlog. Some highlights from the history of this effort are included in Attachment A. Most recently, on July 16, the council continued discussions about the GO bond measure. At that meeting, the council directed the City Manager to bring back two bond resolutions, one for $35.9 million for projects to be completed over five years and one for $81.1 million for projects to be completed over ten years. The council directed that the measure for a five-year period should not include any provision for future councils to remove projects from the list, but should allow bond funds to be used for additional projects, with a majority vote by council, for the next highest priority street preservation projects once all the other projects on the bond list are complete. The council directed that the 10-year measure should, in the final year of the measure, allow for removals from the project list upon an affirmative vote by at least six councilors, and additions to the list by a majority vote of the council, upon completion of all the projects on the list. The City Manager’s Street Maintenance Task Force met on Friday, July 18, and received results from a survey conducted in July. The Task Force discussed the survey results and made recommendations to the City Manager, which have been taken into account in developing the bond resolutions presented in this material. Bond Options Two options are presented for council consideration, in accordance with direction provided at the July 16 meeting. For each option, there are attachments that show the project list, a project map, and a bond resolution. A summary of the two options is included in the following chart. Z:\CMO\2008 Council Agendas\M080728\S0807283andattA.doc