Item C: PROS General Obligation Bond

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homeowner in the first year (FY08) would range from $35 to $89, while the average cost over the 20- year repayment would range from $20 to $53. The City could undertake any of the three options and remain with the debt policy limit of 1.0% of real market value. Under the largest of the bond measure options, however, the issuance of the bonds would have to be staged over a number of years to ensure compliance with the policy limits. If the council decides to move forward with a parks bond in 2006, there is a tentative date on the April 10, 2006, consent calendar to place the measure on the ballot. Timing implications include providing advocacy groups time to develop and make preparations for a political action committee. RELATED CITY POLICIES Adoption of the PROS Comprehensive Plan by City Council Resolution is scheduled for February 13, 2006. COUNCIL OPTIONS A.The council may provide direction to not prepare further for a Parks, Recreation, and Open Space Bond Measure in 2006, and to take the necessary actions to prepare for such a measure in 2008. B.The council may provide direction to move forward with preparations of a PROS bond measure in 2006, and indicate a dollar amount. C.The council may decide not to move forward with a PROS bond measure at this time. CITY MANAGER’S RECOMMENDATION The City Manager recommends Option A, to not prepare further for a Parks, Recreation, and Open Space Bond Measure in 2006, and to take the necessary actions to prepare for such a measure in 2008. SUGGESTED MOTION Move to direct the City Manager to not prepare further for a Parks, Recreation, and Open Space Bond Measure in 2006 and to take the necessary actions to prepare for such a measure in 2008. ATTACHMENTS A. Potential Bond Scenarios B. Financial Implications FOR MORE INFORMATION Staff Contact: Carolyn Weiss Telephone: 682-4909 Staff E-Mail: carolyn.j.weiss@ci.eugene.or.us L:\CMO\2006 Council Agendas\M060213\S060213C.doc