Ordinance No. 19456 - Laserfiche WebLink

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ORDINANCE NO. 19456 ___.~_~. AN ORDINANCE CONCERNING FINANCING DF THE PUBLIC SHARE DF THE AIRPORT TERMINAL ExPANSION PROJECT. The City Council of the City of Eugene finds that: 1. The importance of the expansion and improvement of Mahlon Sweet Field tv the economic growth and stabilit of the Cit has been re ' Y Y cognized by the Council in its adopted goals and policies. Z. This airport improvement project has been identified as the primary Council goal in 1985 and 1986, 3, In the event .the General Obligation Band Measure for this air ort p . improvement project submitted to the voters by City of Eugene Resolution No. 4018 is passed, priorities should be established as to the sources of a ment pY for the bonds, In setting those priorities for payment, it is the intention of the Council that real property taxes not be increased to retire the banded indebtedness far this improvement project. NOW, THEREFORE, THE CITY OF EDGENE DOES ORDAIN AS FOLLOWS.: Section 1. The foregoing findings are adopted. It is in the public interest and consistent with adopted City policies and goals that payment of the debt service for Genera] Obligation Bonds for airport improvements that may be authori2ed by the voters at the March 31, 1987 special election, be .paid from existing and future nan-~property tax based revenues. Section 2. Accordingly, the City Mana er and Bud et Committee 9 g are directed to propose, and the Council expresses its intent to ado tin each p .,annual City of Eugene Budget, the following: Annual debt service payments for City of Eugene General Obligation Bonds far Air art Im rovements sh p p all be the top priority for expenditure of non property tax based revenues in Ordinance - 1