Resolution No. 00-50 CITY OF TIGARD, OREGON
RESOLUTION NO. 00- 5D
A RESOLUTION OF THE TIGARD CITY COUNCIL APPROVING THE LANGUAGE OF THE
TRANSPORTATION SYSTEM IMPROVEMENT PROJECTS BALLOT TITLE AND REPLACING
RESOLUTION NO.00-44
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.
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PASSED: This day o dl� 000.
Council President-City of Tigard
ATTEST:
City Recorder-City of Tigard
Approved as to form:
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Vty Attorney' 1L `ETA—cti�
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Date
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RESOLUTION NO.00-5-0
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"Exhibit A"
BALLOT TITLE
CAPTION
[9/101
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 or,properiy or pruperiy
ownership that are not subject to the limits of sections 11 and l lb of Article XI of the
Oregon Constitution.
SUMMARY
1174/1751
A"yes"vote on this measure is a vote to increase taxes.This bond measure funds
transportation system improvement projects. The Transportation Bind TaA. Force
prioritized projects based on public input,focusing 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 intended to improve traffic safety and flow and enhance pedestrian and
bike transportation to support future growth and relieve traffic congestion.
The bonds are anticipated to raise$16 million on a one-time basis to 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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