Weld County School District RE-1 Bond Question (November 2012)
If approved, this question would have authorized the Weld County School District RE-1 to issue up to $9.9 million in general obligation bonds and other obligations with a repayment cost of up to $12.9 million. This debt will be paid through a tax increase of $1.3 million per year. These funds will be used to improve school facilities.
|Weld County RE-1 Question 3A|
Election results from Weld County Summary of Election Results
Text of measure
Language on the ballot:
|“|| SHALL WELD COUNTY SCHOOL DISTRICT NO. RE-1 DEBT BE INCREASED $9,900,000, WITH A REPAYMENT COST OF UP TO $12,900,000, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1,300,000 ANNUALLY, FOR ENLARGING, IMPROVING, REPAIRING SHALL WELD COUNTY SCHOOL DISTRICT NO. RE-1 DEBT BE INCREASED $9,900,000, WITH A REPAYMENT COST OF UP TO $12,900,000, AND SHALL DISTRICT TAXES BE INCREASED UP TO $1,300,000 ANNUALLY, FOR ENLARGING, IMPROVING, REPAIRING OR MAKING ADDITIONS TO SCHOOL BUILDINGS, FOR EQUIPPING OR FURNISHING SCHOOL BUILDINGS, FOR IMPROVING SCHOOL GROUNDS, OR ACQUIRING, CONSTRUCTING OR IMPROVING ANY CAPITAL ASSET THAT THE DISTRICT IS AUTHORIZED BY LAW TO OWN, INCLUDING THE FOLLOWING:
• ACQUIRE, CONSTRUCT AND EQUIP SCHOOLS AND FACILITIES DISTRICT-WIDE WITH SAFETY AND SECURITY SYSTEMS;
• REPLACE AND/OR REPAIR DEFERRED CAPITAL MAINTENANCE ITEMS INCLUDING OUTDATED ROOFING, HVAC AND TECHNOLOGY;
• CONSTRUCT AN ATHLETIC FIELD AND RENOVATE EXISTING ATHLETIC 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; SUCH DEBT TO BE SOLD OR ISSUED IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT 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 THE 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 ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?