Resolution No. 5204 - Laserfiche WebLink

Home Browse Search

E. A general obligation bond measure of $51.2 million would fund specific street preservation projects over a period of five years. This amount represents 78 streets that would repair an estimated 88 lane miles of roads and fund bicycle and pedestrian projects, and pay for bond issuance costs. The $51.2 million figure accounts for $9.5 million per year for five years at an inflation factor of 3.7%. F. The measure is expected to cost an average of $0.65 per 1000 of assessed value each year for five years. For an average homeowner in Eugene, this would be about $148 per year. This rate is also the approximate average tax rate levied over the five years of the 2012 bond measure. The taxes would first be levied in November 2019, after the 2012 bond taxes end in 2018. G. The criteria for choosing bond projects included: (a) use of the most current engineering and cost-benefit information about needed street rehabilitation and reconstruction; (b) citizen input with respect to prioritizing major streets in need of reconstruction; and (c) geographic distribution throughout the community to ensure all areas of the City benefit from the bond proceeds. Bond proceeds will be used only for street preservation projects included in the list of projects attached as Exhibit A to this Resolution. If all of the projects listed in Exhibit A are completed and there are bond proceeds remaining, the Council may add other street preservation projects to 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 an annual written report on the use of the bond proceeds. 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 will convene the citizen street repair review panel. The citizen street repair review panel will prepare an annual 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, 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 $51,200,000 of General Obligation bonds to fund street preservation projects and bicycle and pedestrian projects. Section 2 . The City Council orders this City election to be held in the City of th Eugene, Oregon, concurrently with the general election on the 7 day of November, 2017, in Resolution - Page 2 of 3