Referred to the People by the City Council

City of Salem, Oregon Park General Obligation Bond Authorization

Question: Shall the city be authorized to issue general obligation park bonds in an amount not exceeding $39,995,000? 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 11b, Article XI of the Oregon Constitution.

Summary: This measure would authorize the City to issue general obligation bonds in an amount not exceeding $39,995,000. Bond proceeds would be used to finance park and recreation facilities including, but not limited to, providing funds to:

• renovate, replace or upgrade existing park and recreation
facilities;

• acquire and improve land for park and recreation facilities;

• pay bond issuance costs; or

• finance, with any proceeds of the bonds remaining after the above projects are completed, capital construction and capital improvements for park and recreation facilities.