LOCAL : Panel OKs Quake Bond Issue
A City Council panel endorsed plans today to place a $376-million bond issue on the June ballot to reinforce 84 city buildings and 459 bridges to withstand a major earthquake.
Spurred by the devastating Bay Area quake in October, the full council earlier this month directed several city departments to work out the details of placing the measure before the voters and report back to the council.
Prepared by the city administrative office, the report was presented to the council’s Ad Hoc Buildings and Structures Earthquake Safety Committee.
If the council approves the measure, the city attorney’s office will draft the ordinance needed to place the bond issue on the ballot June 5. A second vote will be needed by the council to formerly adopt the ordinance.
The bond issue must be approved by two-thirds of the voters and would cost the average homeowner an additional $30 a year in property taxes.
Among the most expensive repairs would be $112 million for City Hall, $16 million for historic buildings on Olvera Street and $14 million for Old San Pedro City Hall.
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