Item 3: Resolution on GO Bond for Streets

Home Browse Search

F. The measure is expected to cost an average of $0.59 per $1000 of assessed value each year for ten years. For an average homeowner in Eugene, this would be about $107 per year. G. The criteria for choosing these projects included: a) citizen input with respect to prioritizing major streets in need of reconstruction; b) scientific information about needed street rehabilitation and reconstruction from the pavement management system; and c) geographic distribution throughout the community to ensure all areas of the City receive a benefit from the bond proceeds. Bond proceeds will only be used for the street preservation projects included in the list attached as Exhibit A to this Resolution. However, 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. If all the projects on the list are completed and there are bond proceeds remaining, the Council may add other street preservation projects to the list. The Council may only add projects to the list or delete projects from the list after January 1, 2018. 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. I. To further promote accountability and citizen involvement in street preservation projects, the City Manager has advised that he intends to create a street repair review panel. The street repair review panel will prepare a report, separate and distinct from the report prepared by the outside auditor, documenting the City’s use of the bond proceeds and noting whether the bond proceeds were used in compliance with the terms of this Resolution. The City Manager will provide the street repair review panel’s 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, th Oregon, 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. Resolution - 2