Redstone Water and Sanitation District Debt Increase, 5B (November 2009)
The district sought to increase their debt by $2,000,000 which would add an additional $.05 tax to district residents. The purpose of this debt increase is it would fund the building of a new sewer plant for district residents.
The measure was approved.
The ballot language read as follows:
Shall Redstone Water and Sanitation District debt be increased $2,000,000 with a repayment cost of $2,662,068 (which is the maximum principal and interest over the life of such debt); and shall the district's mill levy be increased at the time of the borrowing by no more than 5 mills for the payment of such debt and any refunding thereof, all for the purpose of constructing a new sewer plant for the district, and shall the debt be general obligations of the district; and in connection therewith shall the district's ad valorem property taxes be used to pay the principle of, premium, if any, and interest on the debt when due, without limitation as to rate or amount or any other condition except as stated above; and shall the proceeds of the said bonds and grants, and the revenues from such taxes, be collected and spent without limitation or condition, and without limiting the collection or spending of other revenues of the district under Colorado Constitution Article X, Section 20 or any other law?