Resolution No. 5063 - Laserfiche WebLink

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Resolution Number 5063 A RESOLUTION CALLING A CITY ELECTION ON NOVEMBER 6, 2012, FOR THE PURPOSE OF REFERRING TO THE LEGAL ELECTORS OF THE CITY OF EUGENE A MEASURE AUTHORIZING THE ISSUANCE OF A MAXIMUM OF $43,000,000 OF GENERAL OBLIGATION BONDS TO FUND STREET PRESERVATION PROJECTS AND BICYCLE AND PEDESTRIAN PROJECTS The City Council of the City of Eugene finds that: A. Using the City's current 5 -cent per gallon local gas tax, other dedicated pavement preservation funding, and a $35.9 million, five -year bond measure approved by voters in November 2008 to repair more than 54 streets, the City has completed nearly $44.7 million in street preservation work since 2002, the beginning of Eugene's pavement preservation program, and the City has repaired 343 lane miles of streets through overlay, reconstruction and slurry seal treatments. B. The revenues from the local gas tax and the 2008 bond measure have helped reduce the backlog of street repair projects. Currently the backlog of repairs on improved asphalt streets is $118 million; a reduction in the estimated backlog of needed repairs of more than $50 million since the 2008 bond was approved. Despite this short-term downward trend the backlog is projected to continue to grow unless there is funding that is both sufficient and sustainable. The taxes levied from the 2008 street bond end in 2013. Streets that have failed to the point of reconstruction create safety problems and cause vehicle repair problems, make walking, biking or driving on the streets uncomfortable, interfere with economic activity and diminish the quality of life. C. In order to address the funding shortfalls with the City's street maintenance and preservation program, the City Council determined that a General Obligation Bond measure generating approximately $8 million in net revenues annually should be referred to voters. Of that amount, the Council determined that an annual average of $516,000 should be allocated over a period of five years to support bicycle and pedestrian projects guided by the Pedestrian and Bicycle Master Plan, City staff, and the Bicycle and Pedestrian Advisory Committee. D. The bond proceeds will be used to overlay or reconstruct the driving surface of streets as well as to preserve existing integral elements of the street such as curbs, gutters, sidewalks, on- street bike lanes, traffic signals, street lights, medians, traffic calming devices, and other integral parts of a street preservation project. These preservation efforts will be undertaken only to preserve existing elements, not to expand the motor vehicle capacity of the street system. In addition, the City will allocate an annual average of $516,000 of the bond proceeds over a period of five years to fund bicycle and pedestrian projects. E. A general obligation bond measure of $43 million would fund specific street preservation projects over a period of five years. This amount represents 76 different projects that would repair an estimated 74 lane miles of roads and fund bicycle and pedestrian projects. The $43 million figure accounts for $8 million per year for five years at an inflation factor of 4 %. Page 1 of 3