Central Colorado Water Conservancy District Bond Question (November 2012)
This question authorized the Central Colorado Water Conservancy District to increase its debt up to $60 million through the issue of general obligation bonds. The maximum repayment cost of these bonds is to be $96.8 million to be paid through maximum taxes of $3.9 million per year. The additional funds from these bonds would be used to provide additional water supplies, providing sites for water storage and the joining of a water storage project in order to allow for the continued successful operation of local farms and ranches.
|CCWCD Question 4A|
Text of measure
Language on the ballot:
This text is quoted verbatim from the original source. Any inconsistencies are attributed to the original source.
|“|| SHALL THE CENTRAL COLORADO WATER CONSERVANCY DISTRICT DEBT BE INCREASED UP TO $60 MILLION, WITH A MAXIMUM REPAYMENT COST OF UP TO $96.8 MILLION,
AND SHALL DISTRICT TAXES BE INCREASED UP TO $3.9 MILLION ANNUALLY FOR:
- THE PURPOSE OF ENABLING LOCAL FARM FOOD PRODUCTION, KEEPING RANCHES WORKING AND DECREASING FARM DRY-UPS BY FINANCING THE COSTS OF, AND
- SECURING ADDITIONAL WATER SUPPLIES, ACQUIRING, RECLAIMING AND IMPROVING SITES FOR WATER STORAGE, AND PARTICIPATING IN THE CHATFIELD RESERVOIR WATER STORAGE REALLOCATION PROJECT:
SUCH DEBT TO CONSIST OF THE ISSUANCE AND PAYMENT OF LIMITED TAX GENERAL OBLIGATION BONDS, WHICH BONDS SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 6.5% PER ANNUM AND SHALL BE DATED AND SOLD 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 DIRECTORS MAY DETERMINE; SHALL (I) AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR AT A LIMITED MILL LEVY RATE NOT TO EXCEED 3 MILLS, EXCEPT AS PERMITTED IN SECTION 37-45-126 OF THE COLORADO REVISED STATUTES, AND IN SUCH AMOUNTS AS SET FORTH ABOVE AND (II) THE DISTRICT BE AUTHORIZED TO ENCUMBER AND PLEDGE ANY OTHER REVENUES OF THE DISTRICT TO BE USED TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS AS THE SAME BECOME DUE AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND SHALL ANY INVESTMENT EARNINGS (REGARDLESS OF AMOUNT) FROM SUCH TAX REVENUES AND FROM THE PROCEEDS OF SUCH BONDS CONSTITUTE A VOTER-APPROVED REVENUE CHANGE WITHIN THE MEANING OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION?
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