City of Longmont Ballot Question 2J
Shall City of Longmont debt be increased in an amount not to exceed $36,300,000 for the purpose of financing water system improvements, including but not limited to the construction of a water storage reservoir as part of the Windy Gap Firming Project at a participation level not to exceed 10,000 acre-feet; and shall the debt be evidenced by bonds, loan agreements, or other financial obligations payable solely from the City's water utility enterprise revenues and be issued at one time or in a series at a price above, below or equal to the principal amount of such debt and with such terms and conditions, including provisions for redemption prior to maturity with or without payment of premium, as the City Council may determine? YES___ NO___MAJOR PROVISIONS:The City of Longmont is asking voters to approve a $36 million debt increase through the issuance of bonds. This debt increase represents Longmont’s share in the construction of a water supply reservoir for use by the city and others. To pay off this bond the city is proposing a water rate increase as shown:Rate Increases with Passage of Bond201720182019% Increase9%13%10%Average Total Monthly Bill*$33.09$37.31$40.96Assumes 9,000 gallons of use per monthA VOTE “YES” MEANS: You support the city’s actions to participate in construction of additional water storage facilities for existing water rights.A VOTE “NO” MEANS: Longmont will not expand its water storage facilities unless funded by alternative means.BACKGROUND: The Windy Gap Firming Project includes the design and construction of the Chimney Hollow reservoir, which will be constructed west of Carter Lake and be about the same size as Carter Lake. Longmont and several other entities currently have water rights in what is known as the Windy Gap Project. Windy Gap water is diverted from the Colorado River and held in Lake Granby before it is delivered to Longmont and other towns through the Colorado-Big Thompson system. According to NCWCD, “during wet periods when Lake Granby is full, the Windy Gap Pump Plant cannot operate due to the absence of reservoir storage for Windy Gap Project water. If constructed as proposed, Chimney Hollow Reservoir would fill this new storage space need. The reservoir would be filled using Windy Gap’s original 1980 water rights. Chimney Hollow Reservoir would …[improve] the reliability of water deliveries to participating water providers and water users they serve.”
CHOOSE TWO CANDIDATES FROM BELOW TO COMPARE
Yes - For the Measure
No - Against the Measure
Those IN FAVOR say:
1. Decades of planning with regional partners, to secure the current and future water supply for Longmont and other entities, has led to a solution in this reservoir project.
2. Longmont’s participation in the construction of a reservoir to maximize collection of existing water rights will provide stability in meeting the water needs of the community.
3. Bond financing results in user rates that are initially lower than if cash were used to fund the improvements and distributes costs more equitably across both current and future residents.
4. New water connections will continue to contribute to funds dedicated to Longmont’s water supply through building permit fees.
Those OPPOSED say:
1. Although cash funding of the improvements would result in higher rates for several years, the long-term rate impact would be lower because there would be no bond interest to be paid.
2. Longmont’s long-term water supply needs could be met though alternative methods or projects.
3. Longmont does not need this much water now or in the future.
4. The City should not go into debt to fund projects of this type; other sources of funding should be found.
To make a selection for a candidate you must first find your races. Would you like to find your races now?
You have already selected the maximum number of candidates for this race.
You must uncheck an existing selection before making another selection.