Resolution No. 00-44 CITY OF TIGARD,OREGON
RESOLUTION NO.00- 4 1
A RESOLUTION OF THE TIGARD CITY COUNCIL APPROVING THE LANGUAGE OF THE
TRANSPORTATION SYSTEM IMPROVEMENT PROJECTS BALLOT TITLE
NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that:
Section 1: The language contained in the attached ballot title(Exhibit"A')is approved.
PASSED: This a5—day of 2000.
T-77
Councii President-iiiy of Tigard
ATTEST:
y Recorder-City of Tigard
A 9Vroved as to forma
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Attorney-
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RESOLUTION NO.00-LL(
Page 1
Exhlblt NAA
BALLOT TITLE
A"YES"VOTE ON THIS MEASURE IS A VOTE TO INCREASE TAXES
CAPTIGN
9/10
GENERAL OBLIGATION BOND FOR FINANCING OF TRANSPORTATION
SYSTEM IMPROVEMENTS
QUESTION
[19/201
Shall Tigard issue bonds totaling$16 million for transportation improvements with a
projected repayment totaling$20,836,430 assuming 5.1%interest?
If the bonds are approved,they will be payable from taxes on property or property
ownership that are not subject to the limits of sections 11 and 1 lb of Article XI of the
Oregon Constitution.
SUMMARY
1175/1751
This bond measure funds transportation system improvement projects. The City's
Transportation Bond Task Force prioritized the projects based or.public input. The focus
is on major collector streets and one minor collector with safety issues. The estimated
cost for these projects is$16 million which includes preliminary engineering,land
acquisition,construction and construction management,with contingencies and inflation
factored in.
These projects are consistent with Tigard's goals of improving traffic safety and flow,
and enhancing pedestrian and bike transportation. These projects will support future
growth and relieve traffic congestion.
The bonds are anticipated to raise$16 million an a one-time basis. The bonds would be
repaid by the levy of property taxes over a period of up to 10 years. The anticipated
interest rate is approximately 5.1%true interest cost(TIC). The actual rate will be
determined by the bond market. At 5.1%interest(TIC),total anticipated payment over
10 years will be$20,836,430.The first year tax rate for repayment of the bonds is
estimated to be 65¢per$1,000 of assessed value.
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