Lake County School District Bond Question (November 2012)
If approved, this question authorizes the Lake County School District No. R-1 to issue up to $11,396,980 in general obligation bonds with a repayment cost of $19,873,000 in order to provide matching funds to qualify for State Financial Assistance of approximately $15,107,624. These funds as well as the money from the bond debt will be used to upgrade Lake County High School. The debt incurred by these bonds would be paid by a tax increase of up to $993,640 per year.
|Question 3A-Lake County School District|
Election results from Lake County Current Election Results Summary
Text of measure
Language on the ballot:
|“||SHALL LAKE COUNTY SCHOOL DISTRICT NO. R-E DEBT BE INCREASED $11,396,980, WITH A REPAYMENT COST OF UP TO $19,873,000, AND SHALL DISTRICT TAXES BE INCREASED UP TO $993,640 ANNUALLY TO PROVIDE MATCHING MONEY FOR FINANCIAL ASSISTANCE FROM THE STATE OF COLORADO UNDER THE BUILDING EXCELLENT SCHOOLS TODAY ("BEST") PROGRAM IN THE ANTICIPATED AMOUNT OF %15,107,624, FOR THE FOLLOWING PURPOSES:
WHICH STATE FUNDING ASSISTANCE WOULD NOT BE REQUIRED TO BE REPAID AND WHICH WILL BE DISTRIBUTED TO TOERH SCHOOL DISTRICTS IF THIS BALLOT ISSUE DOES NOT PASS;
AND TO THE EXTENT FUNDS ARE AVAILABLE AFTER PROVIDING FOR THE ABOVE PURPOSES, FOR HTE PURPOSE OF IMPROVING AND EQUIPPING SCHOOL FACILITIES; SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS, INSTALLMENT SALE OR LEASE PURCHASE AGREEMENTS, OR OTHER MULTIPLE FISCAL YEAR OBLIGATIONS WHICH IETHER MAY BE SOLD TO INVESTORS OR ISSUED TO THE STATE TREASURER UNDER THE "BEST" PROGRAM;
SUCH DEBT TO BE SOLD OR ISSUED IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUTH THEREOF, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF A PREMIUM;
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); AND SHALL THE DISTRICT BE AUTHORIZED TO ISSUE DEBT TO REFUND THE 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 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 ARTILE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?
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