City Council Backs Study of Possible $3-Billion Street Repair Bond
LOS ANGELES — The Los Angeles City Council voted Wednesday to further explore a $3-billion borrowing program to pay for the repair of 8,700 miles of badly damaged city streets.
City staff will report back in 45 days on a proposed 1% increase in property taxes on Los Angeles homeowners for 29 years. That revenue would be used to resurface and rebuild the worst streets, part of a 60-year backlog of repairs.
Council members Joe Buscaino and Mitchell Englander hope to include a proposal to issue city bonds for the work on the fall 2014 ballot. A two-thirds majority of voters would have to approve issuing the debt.
Staff will examine whether that voter threshold can be lowered for infrastructure bonds, as well as whether the city could borrow against the tax revenue to accelerate the repairs in one decade, rather than three.
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