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<br />RESOLUTION NO. 4480 <br /> <br />A RESOLUTION CONCERNING FINANCING FOR THE <br />WILLAMETTE VALLEY HIGH SPEED RAIL PROJECT <br />FROM EUGENE TO PORTLAND. <br /> <br />The City Council of the City of Eugene finds as follows: <br /> <br />1. The Willamette Valley High Speed Rail project from Eugene to Portland (and <br />extending north to Vancouver, B.C.) is documented as an important transportation link for the City <br />in the 1992 Oregon Rail Passenger Policy and Plan and in the 1995 High Speed Rail Business Plan. <br />The City recognizes the Willamette Valley High Speed Rail program as a Council Goal and a <br />Legislative priority. <br /> <br />2. Travel in the 1-5 Corridor is anticipated to grow significantly over the next twenty <br />years and environmentally sound, viable and competitive transportation alternatives to the <br />automobile will be necessary to address travel needs without costly expansion to the interstate. <br /> <br />3. Local agencies must join state and federal agencies to achieve High Speed Rail <br />program goals over the next several years. Traditional state gas tax funds are not eligible for most <br />of the costs associated with implementation of this program. The state and local agencies in the <br />corridor are aggressively pursuing federal funds for this program. Local matching funds to access <br />federal funds will be required. <br /> <br />4. The City anticipates receiving funds under the Transportation Equity Fund established <br />by the state legislature as a companion to the Portland North-South Light Rail Funding package <br />during the January 1996 special session. These funds will be allocated to Cities and Counties for <br />transportation purposes and would be eligible for use on all modes including the Willamette Valley <br />High Speed Rail program. The total anticipated revenue from the Transportation Equity Fund to be <br />allocated to the City is estimated to be $16.4 million. <br /> <br />NOW, THEREFORE, <br /> <br />BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a <br />Municipal Corporation of the State of Oregon, as follows: <br /> <br />The Council finds it to be in the public interest and consistent with adopted City policies and <br />goals to allocate fifteen percent of future revenues from the Transportation Equity Fund to the <br />Willamette Valley High Speed Rail Program. <br /> <br />The foregoing Resolution adopted the 6th day of March, 1996. <br /> <br />1 '- f c~ ZOrder <br /> <br />Resolution <br />