On May 4, 1994, the Portland City Council passed and referred the following measure to be decided by voters at the municipal General Election held on November 8, 1994.
CAPTION: General Obligation Bonds for Park Repairs and Improvements
QUESTION: Shall Portland repair and improve 99 neighborhood parks by issuing $58,800,000 in general obligation bonds? If the bonds are approved, they will be repaid from taxes on property or property ownership that are not subject to the limits of section 11b, Article XI of the Oregon Constitution.
SUMMARY: This measure will allow the City to Issue bonds and use the money for 114 projects at 99 park sites. These projects would make public safety improvements; the City would fix worn out pools, paths, lights, restrooms, play areas, sports fields and fences. Old watering and heating systems would be replaced. The proposal will make these basic repairs, renovate the city's existing community centers, and do other capital construction and improvements.
These projects include improving parks Multnomah County recently gave the City. The funds would provide new soccer fields in Northeast Portland and in Southwest Portland. The City would also add a senior center and new community centers in East Portland and in Southwest Portland. All of the money will be spent for repairs and improvements, not for day-to-day park operations. The purpose of these projects is to expand the city's recreation choices for adults and for youth.
The estimated total amount to be collected annually is $5,874,000.00, in each of the twenty years of the life of the bonds. The estimated tax impact of this measure will be 22 cents per $1,000 of assessed value. These are ESTIMATES ONLY, based on the best information from the County Assessor and from bond market sources at the time of the estimates. The levy is outside the limitations provided in sections 11 and 11b, Article XI of the Oregon Constitution. The measure would not reduce property tax collections by other units of government.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portland, Oregon, that an Act entitled:
"A Measure authorizing the City Council of the City of Portland to issue general obligation bonds in the amount of $58,800,000 for capital construction and improvements for parks and recreation, to be repaid from property taxes levied outside constitutional limitations."
be, and the same hereby is submitted to the legal voters of the City of Portland, Oregon, for their adoption or rejection at the ensuing general election to be held in the City of Portland, Multnomah County, Clackamas County and Washington County on the 8th day of November, 1994. Each voter who votes upon said proposed measure shall vote "yes" or "no" in the space indicated for such votes on the City ballot at said election.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF PORTLAND, OREGON:
Section 1. Pursuant to Sections 7-201 and 7-203 of the Charter of the City of Portland, the Council is authorized to issue bonds, in the aggregate amount not to exceed $58,800,000, which shall be general obligations of the City. The proceeds from such bonds shall be placed in a special fund to be established by the Council, and shall be used for capital construction and improvements for parks and recreation purposes. These general obligation bonds are specifically authorized, and shall not be counted as within the limitation of section 7-204 of the Charter of the City of Portland. Taxes imposed to pay the principal and interest on indebtedness incurred through the construction and improvements shall not be limited by Sections 11 and/or 11b of Article XI of the Constitution of the State of Oregon, but rather are hereby specifically authorized and shall be in addition to all other taxes that may be levied according to law.