HomeMy WebLinkAboutOrdinance No. 19456ORDINANCE NO. 19456
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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
the Capital Improvement Budget for at least the next five fiscal years and
shall during that time and thereafter be paid from the following sources in
s
the following priorities:
Ea} Any profit from airport operations not otherwise pledged
for payment of airport-related revenue bonds;
fib} Any new airport-related revenues not otherwise pledged
for payment of airport-related revenue bonds;
~c} Any funds available in the General Fund working Capital
Account because of reduced growth;
~d} Funds made available by reallocation of resources in the
Capital Improvement Budget; and
fie} Additional real property ad valorem property tax levies
authorized by the General Obligation Bond measure.
Section 3. This Ordinance shall take effect only if the measure refer-
red to the voters by City of Eugene Resolution Na. 4418 is approved by the
voters at the March 31, 1981 special election. 1n the event of such approval
by the electorate, this Ordinance shall become effective as of the date of
the abstract certifying the vote on the bond measure.
Passed by the City Council this
11 day f March , 1987
Cit Recorder
Approved by the Mayor this
11 day of rch 1987
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Ordinance - 2