Montezuma-Cortez School District Bond Question (November 2012)
This question authorized the Montezuma-Cortez School District to issue up to $21,250,000 in general obligation bonds with a repayment cost of up to $37,100,000 in order to provide funds for matching money to qualify the District for State Financial Assistance in the amount of approximately $22,724,337.78, which funds together will be used to make improvements to the facilities of the District. This debt will be repaid through the increase of taxes by up to $1,855,000 per year.
|Montezuma-Cortez School District Bond, Measure 3B|
Election results from Montezuma County Current Election Results Summary
Text of measure
Language on the ballot:
|“|| SHALL MONTEZUMA-CORTEZ SCHOOL DISTRICT NO. RE-1'S DEBT BE INCREASED $21,250,000 WITH A MAXIMUM REPAYMENT COST OF UP TO $37,100,000 OR SUCH LESSER AMOUNT AS MAY BE NECESSARY, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1,855,000 ANNUALLY OR SUCH LESSER AMOUNT AS MAY BE NECESSARY FOR THE PAYMENT OF SUCH DEPT, ALL IN ORDER TO PAY, TOGETHER WITH FINANCIAL ASSISTANCE PROVIDED BY THE STATE UNDER THE BUILDING EXCELLENT SCHOOLS TODAY (BEST) PROGRAM, THE COSTS OF:
CONSTRUCTING AND EQUIPPING ATHLETIC FIELDS AND FACILITIES IN CONNECTION WITH THE NEW HIGH SCHOOL;
WITH A PORTION OF THE COSTS OF THE NEW FACILITES TO BE PAID FROM FINANCIAL ASSISTANCE PROVIDED BY THE STATE'S BEST PROGRAM, WHICH FINANCIAL ASSISTANCE IS EXPECTED TO BE $22,724,337.78 AND WILL NOT BE REQUIRED TO BE REPAID TO THE STATE, BUT THE DISTRICT WILL NOT RECEIVE THE STATE'S FINANCIAL ASSISTANCE IF THIS BALLOT ISSUE IS NOT APPROVED;
AND TO THE EXTENT FUNDS ARE AVAILABLE AFTER PROVIDING FOR THE COSTS OF THE NEW HIGH SCHOOL, TO IMPROVE, REPAIR AND EQUIP OTHER DISTRICT BUILDINGS AND FACILITIES; WITH SUCH DEBT TO BE IN THE FORM OF GENERAL OBLIGATION BONDS IN ONE OR MORE SERIES, WHICH BONDS SHALL MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED, DATED AND SOLD AT, ABOVE OR BELOW PAR, AND AT SUCH TIME OR TIMES AND IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF EDUCATION MAY DETERMINE; AND IN CONNECTION THEREWITH (I) TO INCREASE THE DISTRICT'S AD VALOREM PROPERTY TAXES IN ANY YEAR WITHOUT LIMITATION AS TO RATE AND IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS, AND (II) TO COLLECT AND SPEND THE PROCEEDS OF THE BONDS AND THE REVENUES FROM SUCH TAXES AND THE SPECIFIC OWNERSHIP TAXES ATTRIBUTABLE THERETO AND ANY EARNINGS FROM THE INVESTMENT OF SUCH PROCEEDS AND REVENUES AS A VOTER-APPROVED REVENUE AND SPENDING CHANGE, AND WITHOUT AFFECTING THE DISTRICT'S ABILITY TO COLLECT AND SPEND ANY OTHER REVENUES OR FUNDS, UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION ON ANY OTHER LAW?