Central Clear Creek Sanitation District Bond Question (November 2012)
If approved, this question would have authorized the Central Clear Creek Sanitation District to issue up to $1.8 million in general obligation bonds or other obligations with a repayment cost of $2,851,009. This debt will be payed for by a district property tax increase of 28.89 mills ($28.89 per $1,000 of assessed valuation) per year. This debt will be incurred in order to proved funds for improving the sewer system.
|Central Clear Creek Sanitation District Question 5A|
Election results from Clear Creek County Current Election Results Summary
Text of measure
Language on the ballot:
|“|| SHALL CENTRAL CLEAR CREEK SANITATION DISTRICT DEBT BE INCREASED BY $1,800,000 WITH A REPAYMENT COST OF $2,851,009; AND SHALL CENTRAL CLEAR CREEK SANITATION DISTRICT AD VALOREM TAXES BE INCREASED 28.890 MILLS ANNUALLY, OR BY SUCH OTHER ANNUAL AMOUNT AS MAY BE NECESSARY TO PROVIDE FOR THE PAYMENT OF SUCH DISTRICT DEBT; SUCH DEBT TO CONSIST OF GENERAL OBLIGATION BONDS OR OTHER OBLIGATIONS, ISSUED OR INCURRED SOLELY FOR THE PURPOSE OF IMPROVING THE SANITARY SEWER SYSTEM; SUCH OBLIGATIONS TO BE ISSUED AT A MAXIMUM NET EFFECTIVE INTEREST RATE OF 5% PER ANNUM, WHICH INTEREST SHALL BE PAYABLE AT SUCH TIME OR TIMES AS MAY BE DETERMINED BY THE DISTRICT; SUCH OBLIGATIONS TO MATURE OR BE PAYABLE IN NO MORE THAN 20 YEARS AFTER ISSUANCE; SUCH TAXES TO CONSIST OF AD VALOREM TAXES LEVIED WITHOUT LIMITATION OF RATE AND IN AMOUNTS SUFFICIENT TO PRODUCE THE ANNUAL TAXES SET FORTH ABOVE OR SUCH LESSER AMOUNT AS MAY BE NECESSARY, AND SHALL THE PROCEEDS OF SUCH OBLIGATIONS AND THE PROCEEDS OF SUCH TAXES AND ANY OTHER MONIES USED TO PAY THE DEBT AND INVESTMENT INCOME THEREON CONSTITUTE VOTER APPROVED REVENUE CHANGES AND BE COLLECTED AND SPENT BY THE DISTRICT WITHOUT REGARD TO ANY EXPENDITURE, REVENUE-RAISING, OR OTHER LIMITATION CONTAINED WITHIN ARTICLE X SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER STATUTORY OR CONSTITUTIONAL EXPENDITURE OR REVENUE-RAISING LIMITATION?