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VOTE411 Voter Guide

City of Manitou Springs 2B

Summary:Authorizes an increase in Manitou Springs' debt by $3.9 million, with the funds to be used for city improvements, including a new training and emergency operations center. Also authorizes a mill levy tax increase to repay the debt. BALLOT LANGUAGE: SHALL CITY OF MANITOU SPRINGS DEBT BE INCREASED $3.9 MILLION, WITH A REPAYMENT COST OF UP TO $7,000,000; AND SHALL CITY TAXES BE INCREASED UP TO $400,000 ANNUALLY TO PAY SUCH DEBT,WITH THE PROCEEDS TO BE USED FOR THE PURPOSE OF PROVIDING FIRE PROTECTION IMPROVEMENTS AND OTHER IMPROVEMENTS FOR CITY PURPOSES, WHICH MAY INCLUDE BUT ARE NOT LIMITED TO:• CONSTRUCTING AND EQUIPPING A MUNICIPAL PUBLIC SAFETY FACILITY TO BE UTILIZED AS A TRAINING AND EMERGENCY OPERATIONS CENTER FOR THE FIRE AND POLICE DEPARTMENTS, AND FOR USE DURING TIMES OF FLOOD OR OTHER NATURAL DISASTERS TO MAINTAIN CONTINUITY OF GOVERNMENT, AND AS A STORAGE FACILITY FOR MUNICIPAL PURPOSES;AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT LIMITATION AS TO RATE BUT ONLY IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBTOR ANY REFUNDING DEBT (OR TO CREATE A RESERVE FOR SUCH PAYMENT); SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS OR OTHER MULTIPLE FISCAL YEARFINANCIAL OBLIGATIONS; TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS AND WITH SUCH MATURITIES ASPERMITTED BY LAW, INCLUDING PROVISIONS FOR REDEMPTION OF THE BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED ONE PERCENT; AND SHALL SUCHTAX REVENUES AND THE EARNINGS FROM THE INVESTMENT OF SUCH BOND PROCEEDS AND TAX REVENUES BE COLLECTED, RETAINED AND SPENT AS A VOTER APPROVED REVENUE CHANGE UNDERARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?
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Authorizes Manitou Springs to incur this debt, spend the funds, and raise the mill levy to repay the debt.
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