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Fountain City Property Tax Increase Question (November 2012)

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A Fountain City Property Tax Increase question was on the November 6, 2012 election ballot in El Paso County, which is in Colorado. It was defeated.

If approved, this measure would have authorized an up to 5.25 mills property tax increase. The additional revenue from this increase would have been used for the construction and equipping of a new fire station. After all costs of construction were paid, the rate would have been decreased to 3.32 mills ($3.32 per $1,000 assessed value) to be used for continued funding for the operation of the station and other fire services, such as emergency medical services.[1][2]

Election results

2D-City of Fountain Fire Department Tax
ResultVotesPercentage
Defeatedd No4,02654.94%
Yes 3,302 45.06%

Election results from El Paso County Current Election Results Summary

Text of measure

Language on the ballot:

SHALL CITY OF FOUNTAIN PROPERTY TAXES BE INCREASED NINE HUNDRED SEVENTY-FIVE THOUSAND DOLLARS ($975,000) (FIRST FULL FISCAL YEAR DOLLAR INCREASE) ANNUALLY AND BY WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER BY LEVYING AN AD VALOREM MILL LEVY RATE INCREASE OF 5.25 MILLS ON ALL PROPERTY IN THE CITY OF FOUNTAIN IN 2012 FOR COLLECTION STARTING IN 2013 AND SHALL CITY OF FOUNTAIN DEBT BE INCREASED BY AN AMOUNT NOT TO EXCEED THREE MILLION FIFTY THOUSAND DOLLARS ($3,050,000) WITH A MAXIMUM ANNUAL REPAYMENT COST OF FOUR HUNDRED FIVE THOUSAND DOLLARS ($405,000) AND WITH A MAXIMUM TOTAL REPAYMENT COST OF FOUR MILLION TWO HUNDRED FIFTY THOUSAND DOLLARS ($4,250,000) (SUCH AMOUNT BEING THE TOTAL PRINCIPAL, INTEREST, AND DEBT PREMIUM THAT COULD BE PAYABLE OVER THE MAXIMUM TERM OF THE DEBT); SUCH AD VALOREM PROPERTY TAX INCREASE TO BE IMPLEMENTED BY AN ORDINANCE OR RESOLUTION OF THE CITY OF FOUNTAIN, COLORADO TO BE USED SOLELY TO PAY FOR THE FOLLOWING:

• THE ACQUIRING, CONSTRUCTION, EQUIPPING AND STAFFING OF A FIRE STATION IN THE CITY OF FOUNTAIN EAST OF THE RAILROAD TRACKS;
• AFTER CONSTRUCTION AND EQUIPPING OF THE FIRE STATION, PAYING FOR THE CONTINUED STAFFING, EQUIPPING AND MAINTENANCE OF THE FIRE STATION;
• PAYING DEBT SERVICE ON ALL GENERAL OBLIGATION DEBT DESCRIBED BELOW;
• PAYING ALL NECESSARY OR INCIDENTAL COSTS RELATING THERETO, INCLUDING WITHOUT LIMITATION, THE FUNDING OF RESERVES FOR THE GENERAL OBLIGATION DEBT;
• AFTER PAYING THE OBLIGATIONS SET FORTH ABOVE, PAYING FOR OTHER FIRE DEPARTMENT CAPITAL NEEDS, STAFFING AND SERVICES INCLUDING EMERGENCY MEDICAL SERVICES AND AMBULANCE SERVICES.

SUCH DEBT TO CONSIST OF GENERAL OBLIGATION DEBT ISSUED SOLELY FOR THE FOLLOWING PURPOSES:
• ACQUIRING, CONSTRUCTING, AND EQUIPPING THE FIRE STATION DESCRIBED ABOVE;
• PAYING ALL NECESSARY OR INCIDENTAL COSTS RELATED THERETO, INCLUDING THE FUNDING OF A DEBT RESERVE FUND AND COSTS OF ISSUING DEBT;
WHICH GENERAL OBLIGATION DEBT SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE RATE NOT TO EXCEED FIVE AND FIVE TENTHS PERCENT (5.5 %) PER ANNUM SUCH DEBT TO BE ISSUED, DATED AND SOLD AT SUCH TIME OR TIMES, AND AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY DETERMINE; AND SHALL THE MILL LEVY RATE OF 5.25 MILLS BE REDUCED TO A MILL LEVY RATE NOT TO EXCEED 3.32 MILLS AFTER THE GENERAL OBLIGATION DEBT IS FULLY PAID TO FINANCE THE OPERATION AND MAINTENANCE OF THE FIRE STATION; AND SHALL ALL TAX REVENUES GENERATED FROM THE PROPERTY TAX AUTHORIZED HEREIN AND FROM ANY EARNINGS FROM THE INVESTMENT OF SUCH REVENUES AND THE PROCEEDS OF SUCH DEBT BE USED SOLELY FOR THE PURPOSES STATED ABOVE AND FOR PREPAYMENT OF DEBT AND ANY REFUNDING DEBT ISSUED HEREAFTER; AND SHALL THE EARNINGS ON THE INVESTMENT OF REVENUES FROM SUCH TAX AND THE PROCEEDS OF SUCH DEBT (REGARDLESS OF AMOUNT) CONSTITUTE A VOTER-APPROVED REVENUE CHANGE, AND AN EXCEPTION TO THE REVENUE AND SPENDING LIMITS OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION, OR ANY OTHER LAW?[2][3]

See also

References

  1. "Colorado Springs Independent," "Decisions, Decisions" September 05, 2012
  2. 2.0 2.1 El Paso County Elections, Current Measures
  3. Note: This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.