Item 2E: Resolution Placing PROS Bond Measure on Ballot

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The City can issue this amount of debt and remain within the debt policy limit of 1.0% of real market value. The estimated debt to real market value ratio as of FY06 is 0.3%, and this ratio would increase to 0.4% in FY08 with the issuance of $25 million of PROS bonds. In 1998, Eugene voters approved a $25.3 million G.O. bond with a 66% approval margin. Implementation of the bond-funded projects is nearing completion, with just a few projects remaining which are scheduled for construction in 2006. Results of the bond implementation have met or exceeded expectations in all project categories. RELATED CITY POLICIES PROS Comprehensive Plan was adopted by City Council Resolution on February 13, 2006. ? COUNCIL OPTIONS A.Adopt the proposed resolution placing a PROS bond measure on the November 2006 ballot. B.Decline to adopt the proposed resolution and instruct staff to take no further action at this time. C.Direct the City Manager to modify the attached resolution and return it to the council at a future date. CITY MANAGER’S RECOMMENDATION The City Manager recommends that the council adopt the proposed resolution placing a PROS bond measure on the November 2006 ballot. SUGGESTED MOTION Move to adopt Resolution 4869 calling a City Election on November 7, 2006, for the purpose of referring to the legal electors of the City Of Eugene a measure authorizing the issuance of a maximum of $25,490,000 of General Obligation Bonds for parks, recreation, and open space projects. ATTACHMENTS A. Resolution Placing the PROS Bond Measure on November 2006 Ballot B. Proposed Project List FOR MORE INFORMATION Staff Contact: Johnny R. Medlin Telephone: 682-4930 Staff E-Mail: johnny.r.medlin@ci.eugene.or.us L:\CMO\2006 Council Agendas\M060508\S0605082E.doc