MAY 21, 2019 ELECTION
A ballot title for a measure referred by the Lake Oswego City Council to voters at the May 21, 2019 Election was filed with the Lake Oswego Elections Officer on February 25, 2019.
Any voter may file a petition for review of the ballot title with the Clackamas County Circuit Court no later than 5:00 p.m. March 6, 2019 (the 7th business day after the ballot title was filed with the City Elections Officer) under ORS 250.296. The voter must notify the City Elections Officer (City Recorder) in writing that the petition has been filed. That notice must be given by no later than 5:00 p.m. on the next business day following the day the petition is filed.
The ballot title is:
CAPTION: BONDS FOR OPEN SPACE, PARKS AND RECREATION LAND AND FACILITIES
QUESTION: Shall Lake Oswego issue $30 million in bonds for open space or park land, and for park and recreation facilities? 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
SUMMARY: This measure authorizes the City to issue up to $30 million in bonds to acquire real property for open space or parks, or to renovate, replace or develop park and recreation facilities. Uses will be guided by the city’s current and future parks and capital improvement plans. The bonds will be payable over a period of up to 20 years.
The bonds will be repaid from property taxes. The resulting tax rate is estimated to be not more than $0.24 per $1000 of assessed value. For a property with an assessed value (not real market value) of $500,000, the annual cost would be $120. This is the same rate as the current open space and parks bond portion of property taxes for three current bond series, which will be paid off over the next three years. It is expected that the newly-approved bonds will be issued in several series, allowing the open space and parks bond portion of city property tax rates to be maintained at no higher than the current rate.
Publish Feb. 28, 2019. LOR95460