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CHAPTER V <br />Table 3: Financing Options Evaluation ' <br /> ~. ..- <br />General Fund Wide flexibility. <br /> ^ No interest charges. <br /> ^ Funds are constrained due to property tax <br /> limitations. <br /> ^ All City departments compete for these funds. <br />System Good source of capital improvement funding. <br />Development <br />Charges ^ Must be used to fund capacity improvements or <br /> new parks, with a nexus to providing service to <br /> accommodate new development. <br /> ^ Cannot be used for operations or maintenance <br /> funding. <br />Stormwater/ Projects must meet the goals of the stormwater <br />Wastewater Fees and wastewater utilities. <br /> ^ A limited range of recreation projects that can <br /> qualify for use of these funds. <br /> ^ Cannot be used for general park improvements or <br /> operations. <br />Local Option Levy Wide flexibility. <br /> ^ No interest charges. <br /> ^ Short duration -1 to 6 years. <br /> ^ Must receive voter approval. Except during <br /> general elections in even-numbered years, a <br /> double majority is needed. A majority of voters <br /> must turn out, and a majority must vote in favor. <br /> Must be frequently re-approved or funding is <br /> eliminated. <br /> ^ Subject to the $10/$1,000 cap on general <br /> government property taxes. <br />General Obligation Flexible in use for capital projects. <br />Bond Not subject to the $10/$1,000 cap on general <br /> government property taxes. <br /> ^ Voter approval is required, as for serial levies. <br /> ^ Longer duration (usually 10-30 years). <br /> ^ Interest costs are relatively high. <br /> ^ Cannot be use for operations or maintenance. <br />90 City of Eugene PROS Comprehensive Plan <br />Draft ' <br />