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Ballot Issue 4A, Grand River Hospital District Bond Issue (November 2009)

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The Grand River Hospital District Bond Issue did not appear on the November 3 ballot in Mesa County for residents in the hospital district.

The bond issue sought to create a bond in the amount of $34,000,000 in order to help facilitate the furnishing, building and equipping of the hospital. This bond was used to build additions onto the existing hospital in order to better facilitate district residents.[1]

Ballot summary

The proposed ballot language read as follows:[2]

Shall Grand River Hospital District, Garfield and Mesa Counties, Colorado, debt be increased $34,000,000 with a repayment cost of not more than $85,000,000 and shall district taxes be increased not more than $2,900,000 annually to pay such debt; such debt to be issued for the purpose of acquiring, constructing, equipping and furnishing hospital facilities, including but not limited to a new long term care facility and any and all necessary and appurtenant facilities to provide increased services to district residents; provided, however, that:

It is expected that the bonds will either be issued under the "Build America Bond" provisions of the American Recovery and Reinvestment Act or as tax-exempt obligations, in which case the net tax increase is anticipated to not exceed $2,600,000 and the net total repayment cost is anticipated to not exceed $76,000,000;

And shall the mill levy be increased in any year, without limitation of rate and in an amount sufficient to pay the principal of, premium, if any, and interest on such debt or 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 financial obligations bearing interest at a maximum net effective interest rate of not more than 7.5%; such bonds to be sold in one series or more, for the price above or below the principal amount of such series, on terms and conditions, and with such maturities as permitted by law and as the district may determine, including provisions for redemption of the bonds prior to maturity with or debt authorized in this question, provided that after the issuance of such refunding debt the total outstanding principal amount of all debt issued pursuant to this question does not exceed the maximum principal amount set forth above, and provided further that all debt issued by the district pursuant to this question is issued on terms that do not exceed the repayment costs authorized in this question; and shall such tax 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 under Article X, Section 20 of the Colorado Constitution or any other law?

References