Item 5: Resolution on GO Bonds to Fund Street Preservation

Home Browse Search

On May 23, 2012, the council directed the City Manager to bring a resolution placing a $43 million GO bond measure to fix streets on the November 2012 ballot, including the 76 proposed streets projects listed and an average of six percent, or $516,000, be allocated annually for bicycle and pedestrian improvements. On June 27, 2012, the council directed the City Manager to bring the council a resolution placing a $43 million GO bond measure to fix streets on the November 2012 ballot for final action. Attachment A includes the resolution referring the GO bond measure to the November 2012 ballot along with the specific list of street projects. The resolution includes one change from the June 27 draft version. In Recital F, it includes a statement about the estimated tax rate for the new bond measure being the same as the estimated tax rate currently paid by Eugene taxpayers. Attachment B contains a map of the proposed projects to show how they are distributed throughout the City. The $43 million bond measure is expected to cost an average homeowner in Eugene $0.65 per $1,000 of assessed value each year for five years or about $127 per year. This rate is also the approximate average tax rate levied over the five years of the current bond measure. The cost to the average homeowner in 2013 (the final year of the 2008 bond) is projected at $121. The cost to the average homeowner in 2014 (the first year of the proposed new $43 million bond) is estimated at $120. Voters’ Pamphlet Immediately following this item on the council agenda is an item that requests funding for a voters’ pamphlet and assignment of councilors to serve on the proponent committee. The City has prepared neutral information tabloids for some of the previous bond measures, including the previous street bond measure. Staff is not proposing to do so this time, however, so no request for funding for that purpose is being made at this time. Timing A resolution placing the measure on the ballot should be approved no later than July 23 to comply with the election timelines for the November election. RELATED CITY POLICIES The City Council’s goals include “Transportation Initiative: Develop mechanisms to adequately fund our transportation system for cars, trucks, bikes and pedestrians including maintenance and preservation and capital reconstruction.” COUNCIL OPTIONS The council could approve the resolution as presented in Attachment A, make changes to the resolution, or take no action. CITY MANAGER’S RECOMMENDATION The City Manager recommends approving the resolution. SUGGESTED MOTION Move to adopt Resolution 5063 placing a GO bond measure on the November 2012 ballot. S:\CMO\2012 Council Agendas\M120709\S1207095.doc