City of Salem
Ballot Title:
City Of Salem, Oregon Transportation Improvements General Obligation Bond Authorization
Question:
Summary: A “Yes” vote on this measure is a vote to increase taxes. Total cost of the Bonds is estimated as: principal payments $45,790,000; interest payments $23,206,028; and costs of issuance and bond administration $3,461,000 (primarily to be paid from bonds). On average the measure is estimated to raise annual tax revenues of $4,599,735. This amount represents the estimated amount collected to pay principal and interest on the bonds.
Measure would finance capital construction and capital improvements for transportation, including, but not limited to, providing funds to:
* restore and rehabilitate streets;
* make street capacity improvements;
* widen vehicle lanes;
* install traffic calming devices;
* replace and rehabilitate bridges;
* replace, add or upgrade sidewalks, bike lanes, shoulders and bus stop pads;
* purchase street lights from electric utilities;
* modernize and install traffic signals and traffic control and management devices;
* pay bond issuance costs; and
* unused proceeds could finance other capital construction and capital improvements for transportation, or pay the bonds including prepayment or defeasance.
Each series of Bonds will mature in 15 years or less from their closing date.
Explanatory Statement:
Ballot Measure 24-47 would permit the City of Salem to sell up to $45,790,000 of general obligation bonds to pay for transportation improvements. The bond measure would finance transportation improvements including pavement, bridge and sidewalk improvements; traffic signals and devices; the purchase of street lights from electrical utilities; and bond issuance costs. Projects proposed for funding from the proceeds were identified by neighborhood associations, staff and citizens during the City’s Capital Improvement Program process, and include, but are not limited to:
• provide pavement restoration and resurfacing of arterial and collector streets
• make street capacity improvements, including adding travel and turn lanes
• improve safety by widening existing vehicle lanes
• install traffic calming devices to slow traffic through neighborhoods
• replace and rehabilitate bridges
• replace, add or upgrade sidewalks, bike lanes, shoulders and bus stop pads
• modernize and install traffic signals and traffic control and management devices
• purchase street lights from electric utilities to reduce the City’s annual operating costs.
Any remaining bond funds may be used for additional capital construction and capital improvements for transportation, or to pay bond debt.
Each series of bonds would mature within 15 years of its issue. The estimated tax rate impact is 76 cents per $1,000 of assessed valuation in fiscal year 2001/2002 and less thereafter. In fiscal year 2001/2002, it is estimated that a taxpayer owning property with an assessed value of $100,000 would pay an additional $76 in taxes per year. The estimated tax rate impact is based on the information available at the time this measure was filed.
Submitted by:
Mike Swaim, Mayor
On behalf of the Salem City Council
No arguments in favor of or opposed to this measure were filed.MEASURE NO. 24-47
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