The Eugene City Council has called for a vote on a measure authorizing the issuance of a maximum of $43 million of general obligation bonds to fund street preservation projects and bicycle and pedestrian projects. The $43 million is the total for five years, and it represents $8 million in the first year, plus an inflation factor of 4% per year for the remaining four years.
City property taxes would be collected to pay for the bonds. The bond measure is expected to cost an average of $0.65 per $1,000 of assessed value each year for five years. For an average homeowner in Eugene, this would be about $127 per year. This rate is also the approximate average tax rate levied over the five years of the 2008 bond measure. The taxes would first be levied in November 2014, after the 2008 bond taxes end in 2013.
The Measure on the Nov 6 ballot would allocate an average of $516,000 annually for 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.
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