City of Boulder 2N Ballot Issue Debt Authority For Capital Improvement Tax
SHALL CITY OF BOULDER DEBT BE INCREASED UP TO $26,000,000 WITH A REPAYMENT COST OF UP TO $29,000,000 (SUCH AMOUNT BEING THE TOTAL PRINCIPAL AND INTEREST THAT COULD BE PAYABLE OVER THE MAXIMUM LIFE OF THE DEBT) TO BE PAID FROM THE EXTENSION OF THE COMMUNITY CULTURE AND SAFETY SALES AND USE TAX OF 0.3 CENTS, IF SEPARATELY APPROVED; SUCH DEBT TO BEAR INTEREST AT A NET EFFECTIVE RATE NOT TO EXCEED 4.002 PERCENT PER ANNUM AND HAVE A MATURITY DATE NOT LATER THAN FOUR YEARS FROM THE DATE ANY SUCH DEBT IS ISSUED, SUCH DEBT TO BE SOLD AT SUCH TIME AND IN SUCH MANNER AND TO CONTAIN SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY DETERMINE, WITH THE PROCEEDS OF SUCH DEBT AND EARNINGS THEREON BEING USED TO FUND THE FOLLOWING CITY CAPITAL IMPROVEMENT PROGRAM PROJECTS OTHERWISE PAYABLE FROM SAID SALES AND USE TAX; RELOCATION OF FIRE STATION #3; LIBRARY - NORTH BOULDER BRANCH; CITYWIDE RADIO INFRASTRUCTURE REPLACEMENT; FOURMILE CANYON CREEK GREENWAYS IMPROVEMENTS - 19TH TO BROADWAY; SCOTT CARPENTER POOL REPLACEMENT; AND PUBLIC ART; WITH ANY REMAINING PROCEEDS OF SUCH DEBT AND ALL EARNINGS THEREON BE USED TO FUND CITY CAPITAL IMPROVEMENT PROJECTS THAT ARE DESCRIBED IN ORDINANCE 8197 WITH ANY REMAINING FUNDS TO BE APPROPRIATED BY THE BOULDER CITY COUNCIL TO FUND CAPITAL IMPROVEMENT PROGRAM PROJECTS; AND IN CONNECTION THEREWITH, SHALL ANY EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBTS AND THE REVENUES FROM SUCH TAX EXTENSION CONSTITUTE A VOTER APPROVED REVENUE CHANGE AND AN EXCEPTION TO THE REVENUE AND SPENDING LIMITS OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION?For the Measure Against the MeasureMajor ProvisionsBallot Issue 2N would allow the City of Boulder debt to be increased by $26 million so that the City could issue bonds that would be paid with the revenue from the 0.3 cents Community, Culture and Safety Tax.BackgroundThe 2014 Capital Improvements Sales Tax paid for projects on a pay-as-you-go basis. Projects were authorized as tax revenue became available. This year, the Council has proposed bonding for the new projects so projects can be built when ready, and before inflation increases costs. If 2M were to be approved, and 2N not approved, the projects would proceed at the rate revenue is accumulated.
CHOOSE TWO CANDIDATES FROM BELOW TO COMPARE
Yes - For the Measure
No - Against the Measure
Those IN FAVOR Say:
1. 2N will help the community save money by completing capital improvement projects faster. With construction costs rapidly increasing, the 2N bonding authority will help provide flexibility to achieve cost savings by starting projects sooner.
2. The project package was selected by a citizen committee with Boulder City Council, in an open project with rigorous requirements, including a matching funds criteria for the non-profits selected.
No organized opposition was identified before publishing.
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