Proposition 4
Transportation Capital Improvement Bonds ($932,000)
For the purposes of providing public transportation upgrades, including bus stop improvements and replacement. Upgrades the expansion of transit, paratransit and support vehicles, management information system upgrades, bus capital maintenance and operating system improvements, and related capital improvements as provided in Ordinance No. AO 2010-___, shall Anchorage issue up to $932,000 in principal amount of general obligation bonds and increase the municipal tax cap by an amount not to exceed $15,000 to pay annual operations and maintenance costs? The proposed capital improvements would be located within Anchorage.
Voter approval of this bond proposition authorizes for each $100,000 of assessed taxable property value (based on the estimated total 2010 areawide assessed valuation in Anchorage) (i) an annual increase in taxes of approximately $0.23 to retire the proposed bonds, and (ii) an annual increase in the Municipal Tax Cap (Charter 14.03 (b)(2)) of approximately $0.05 to pay for annual operations and maintenance costs related to the proposed capital improvements.
The debt shall be paid from real and personal property taxes levied and collected within the Anchorage Roads and Drainage Service Area. Anchorage will also pledge its full faith and credit for payment of the debt.
Vehicle Purchases ($400,000)
Funding will be used to replace People Mover, AnchorRIDES, vanpool and support vehicles to maintain current levels of service and to reduce maintenance costs. Vehicles being replaced will have reached the end of their expected mechanical life.
Facilities Improvements ($303,000)
Funding will be used to further the construction of ADA access improvements and other upgrades to existing bus stops and transit facilities.
Management Information & Automated Operating Systems ($70,000)
This funding provides for replacement and upgrades of data processing hardware including: operating systems to provide improved customer information, scheduling and maintenance of the fleet; and desktop computers, servers, copiers, printers, scanners and other hardware. The benefits include of this project include: improving the efficiency of financial accounting and management; improving accuracy and timeliness of data collection and interpretation; and improving lime and attendance; and inventory controls and contract administration.
Bus & Other Capital Maintenance and Fleet Improvements ($159,000)
This effort includes replacing the major/costly components an transit fleets (engines and transmissions) as they wear out. Improvements will also include acquisition of fare boxes to accept and distribute multi-fare passes.
These funds cover the required match needed for Federal Transit Administration (FTA) and Federal Highway Administration (FHWA) matching grant allocations to Anchorage. FTA and FHWA would provide from $4 to $9 in Federal matching grants for every $1 in bond funds. The proposed $932,000 transit bonds would secure a minimum of $3,728,000 in federal funds.
