Salida School District Bond Measure (November 2012)
This question authorized Salida School District to issue up to $9,665,000 in general obligation bonds with a repayment cost of up to $14,985,000 in order to qualify for not less than $4 million in state grant money and in order to fund the construction of a new facility for Longfellow Elementary School. This debt would be paid by an increase of taxes by up to $785,000 per year.
|Salida School District Bond, Question 3A|
Text of measure
Language on the ballot:
|“|| SHALL SALIDA SCHOOL DISTRICT NO. R-32-J DEBT BE INCREASED UP TO $9,665,000 WITH A REPAYMENT COST OF UP TO $14,985,000 AND SHALL DISTRICT TAXES BE INCREASED BY UP TO $785,000 ANNUALLY. SOLELY TO PROVIDE LOCAL MATCHING MONEY REQUIRED FOR AN AWARD OF NOT LESS THAN $4 MILLION OF STATE FINANCIAL ASSISTANCE UNDER THE BUILDING EXCELLENT SCHOOLS TODAY (BEST) PROGRAM FRO EITHER THE 2012 OR 2013 GRANT APPLICATION YEARS (WHICH FINANCIAL ASSISTANCE IS NOT REQUIRED TO BE REPAID AND WILL BE CONTINGENT UPON THE PASSAGE OF THIS BALLOT ISSUE) FOR THE PURPOSE OF PAYING THE COSTS OF: CONSTRUCTING A REPLACEMENT FACILITY FOR LONGFELLOW ELEMENTARY SCHOOL; BY THE ISSUANCE AND PAYMENT OF A GENERAL OBLIGATION BAOND, WHICH DEBT SHALL BEAR INTEREST, MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND BE ISSUED TO THE STATE OF COLORADO AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE BOARD OF EDUCATION MAY DETERMINE; AND SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR, WITHOUT LIMITATION AS TO RATE AND IN AN AMOUNT SUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH DEBT AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF?