Erie Town Police Bond Question (November 2012)
If approved, this question authorizes the City of Erie to issue up to $6.2 million in bonds with a repayment cost of not more than $11.6 million to be paid by taxes increased by not more than $1.2 million per year. This money would be used to fund the construction of municipal buildings such as a police station and court buildings.
|Erie Town Police Bond Question|
Election results from Boulder County Current Election Results Summary
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 TOWN OF ERIE DEBT BE INCREASED BY NOT MORE THAN $6,200,000, WITH A REPAYMENT COST OF NOT MORE THAN $11,600,000, AND SHALL TOWN TAXES BE INCREASED NOT MORE THAN $1,200,000 ANNUALLY TO REPAY SUCH DEBT, ALL FOR TOWN PUBLIC SAFETY PURPOSES, INCLUDING, BUT NOT LIMITED TO THE FOLLOWING:
- ACQUISITION, CONSTRUCTION, AND EQUIPPING OF A POLICE STATION AND MUNICIPAL COURT BUILDING AND ALL NECESSARY AND INCIDENTAL FACILITIES, EQUIPMENT AND COSTS,
AND SHALL THE MILL LEVY BE INCREASED IN ANY YEAR WITHOUT LIMITATION AS TO RATE AND 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); SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE OF GENERAL OBLIGATION BONDS OR OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATIONS, TO BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS AND WITH SUCH MATURITIES AS PERMITTED BY LAW, INCLUDING PROVISIONS FOR REDEMPTION OF THE BONDS PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT TO EXCEED THREE PERCENT; AND SHALL THE TOWN 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 TOWN 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 AND AN EXCEPTION TO THE LIMITS WHICH WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?
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