City of Lafayette Ballot Issue 2C Street Improvement Revenue Bonds
Shall the city of Lafayette’s debt be increased $9,000,000, with a repayment cost of $10,400,000, (the maximum amount of principal and interest to be paid over the life of the debt) or such lesser amount as may be necessary, without any increase whatsoever in the rate of any city tax for the purpose of paying this debt, for the purposes of (1.) Repairing and improving existing city streets; (2.) Acquiring, installing or completing traffic and safety control devices; and (3.) Repairing and improving existing public parking lots, together with all necessary, incidental and related facilities, equipment, land and easements;By the issuance of revenue bonds or multiple-fiscal year financial obligations to be payable from the revenues of the city allowed by the city’s home rule charter, to mature, be subject to redemption, with or without premium, and to be issued, dated and sold at, above or below par, in one or more series, and at such time or times and in such manner and containing such terms not inconsistent herewith, as the city council may determine; and in connection therewith to collect and spend the proceeds of such debt and any earnings from the investment of such proceeds without limitation by the revenue and spending limits of, and without affecting the city’s ability to collect and spend any other revenues or funds under article x, section 20 of the Colorado constitution or any other law?Yes__ No__Major Provisions:A “YES” vote means the City of Lafayette can increase its debt by $9 million, to repair and improve city streets and parking lots and to acquire and install additional traffic and safety control devices. This bond will not increase taxes.Background:Lafayette’s Public Works Department maintains over 100 miles of local and regional roads. Lafayette residents passed a bond issue in 2007 to fund street improvements and repairs. It will be fully repaid in 2019. The proposed new bond, coupled with on-going sales tax revenues, will provide the funds necessary to complete an additional 21 improvement or repair projects proposed to include 12 streets, 5 traffic signals and 4 public parking lots.
CHOOSE TWO CANDIDATES FROM BELOW TO COMPARE
Yes - For the Measure
No - Against the Measure
Those IN FAVOR Say:
1. A growing population stresses the roads and public parking lots. The General Fund cannot cover all the costs for repairs, improvements, and safety matters at once. The bond would allow timely repairs and improvements and avoid causing more damage, roadway hazards and loss of parking lot usability.
2. According to the City’s pavement management database, which rates each road as to its condition and cost of repairs, the City’s roads need $25.1 million in repairs. Also, new traffic and safety control devices must be purchased and installed. Engaging in repairs on a year-to-year basis will cost more and the damages to the roads will likely increase with lack of repair.
3. The City of Lafayette has an excellent bond rating and proven record of accomplishment of sound fiscal management. Therefore, fiscally responsible repayment is not likely a problem, given the history, even during the Great Recession.
No organized opposition has been identified.
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