Denver, Colorado, Library Bond Issue, Referred Question 2E (November 2017)
| Referred Question 2E: Denver Library Bond Issue |
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| The basics |
| Election date: |
| November 7, 2017 |
| Status: |
 Approved
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| Topic: |
| City bonds |
| Related articles |
| City bonds on the ballot November 7, 2017 ballot measures in Colorado Denver County, Colorado ballot measures |
| See also |
| Denver, Colorado |
A library bond issue, Referred Question 2E, was on the ballot for Denver voters in Denver County, Colorado, on November 7, 2017. It was approved.
| A yes vote was a vote in favor of authorizing the city to issue up to $69 million in general obligation bonds—a type of government debt—to fund the improvement of library facilities. |
| A no vote was a vote against authorizing the city to issue up to $69 million in general obligation bonds—a type of government debt—to fund the improvement of library facilities. |
Election results
| Referred Question 2E | ||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 102,483 | 72.57% | ||
| No | 38,735 | 27.43% | ||
- Election results from Denver Election Results
Overview
Bond amount and repayment cost
Question 2E was part of a seven-question, $937 million bond question package put on the ballot by the city council. City officials estimated the total repayment cost—principal and interest—for this question at $124,837,000. The bonds were designed to be repaid with revenue from property taxes, and city officials estimated that a maximum of $7,290,000 per year in tax revenue for the life of the debt would go towards repayment of Question 2E bonds. City officials also estimated that these payments could be made without increasing property tax rates in the city. As of 2017, the city's total general obligation bond debt was $661,775,500, with estimated total repayment costs of $914,376,972 ($87,157,747 per year).[1]
Projects
A list of the proposed bond projects, including the city council district location and estimated cost of the projects, is below:[2]
Details about each project are available here.
A bond project map for the entire bond package, including Question 2E is below. Click the image to the right to see an expanded version.
Text of measure
Ballot question
The ballot question was as follows:[1]
| “ |
SHALL THE CITY AND COUNTY OF DENVER DEBT BE INCREASED $69,343,000, WITH A MAXIMUM REPAYMENT COST OF $124,837,000, WITH NO INCREASE IN THE CITY’S CURRENT RATE OF TAXATION FOR GENERAL OBLIGATION DEBT SERVICE BASED ON THE CITY’S PROJECTED ASSESSED VALUE, THE PROCEEDS THEREOF TO BE USED FOR REPAIRS AND IMPROVEMENTS TO THE DENVER LIBRARY SYSTEM, INCLUDING, WITHOUT LIMITATION: • CRITICAL SAFETY AND SECURITY IMPROVEMENTS AT DENVER PUBLIC LIBRARIES, INCLUDING UPDATES TO HISTORIC LIBRARY FACILITIES, • MODERNIZE AND UPGRADE EXISTING LIBRARIES AND HISTORIC LIBRARY FACILITIES TO INCLUDE CHILDREN’S LEARNING AREAS, COMMUNITY SPACES, AND TECHNOLOGY LABS, AND • INCREASE ENERGY EFFICIENCY AND COST SAVINGS BY UPGRADING HEATING, VENTILATION AND COOLING SYSTEMS, IMPROVING BUILDING EXTERIORS, AND REPAIRING STRUCTURAL PROBLEMS, BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS, NOTES, LOAN AGREEMENTS OR OTHER MULTIPLE FISCAL YEAR FINANCIAL OBLIGATIONS WHICH SHALL BE ISSUED OR INCURRED IN SUCH MANNER AND CONTAINING SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE CITY MAY DETERMINE (THE EXPENDITURE OF THE PROCEEDS THEREOF TO BE PUBLICLY REPORTED BY THE CITY ON AN ANNUAL BASIS); AND SHALL CITY AD VALOREM PROPERTY TAXES BE INCREASED BY NOT MORE THAN A MAXIMUM PHASED IN ANNUAL AMOUNT OF $5,090,000 AND ANNUALLY WITHOUT LIMITATION AS TO RATE, IN AMOUNTS SUFFICIENT TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH FINANCIAL OBLIGATIONS; AND SHALL THE CITY BE AUTHORIZED TO ISSUE FINANCIAL OBLIGATIONS TO REFUND OR REFINANCE SUCH FINANCIAL OBLIGATIONS AUTHORIZED IN THIS QUESTION, PROVIDED THAT SUCH REFUNDING FINANCIAL OBLIGATIONS WHEN COMBINED WITH OTHER OUTSTANDING FINANCIAL OBLIGATIONS AUTHORIZED IN THIS QUESTION DO NOT EXCEED THE MAXIMUM PRINCIPAL LIMITS OR REPAYMENT COSTS AUTHORIZED BY THIS QUESTION; AND IN CONNECTION THEREWITH, SHALL THE CITY BE AUTHORIZED TO COLLECT, RETAIN AND EXPEND ALL SUCH PROPERTY TAXES, OTHER LEGALLY AVAILABLE FUNDS AND INVESTMENT EARNINGS ON THE PROCEEDS OF SUCH FINANCIAL OBLIGATIONS, PROPERTY TAXES AND OTHER LEGALLY AVAILABLE FUNDS FOR SUCH PURPOSE, AS A VOTER APPROVED REVENUE CHANGE UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?[3] |
” |
TABOR information
The following taxpayer bill of rights (TABOR) information was prepared for this measure by Denver city officials in accordance with Article X, Section 20, of the Colorado Constitution:
| “ |
The estimated or actual total of the City’s fiscal year spending for the current year and each of the past four years is as follows: Fiscal Year - Fiscal Year Spending 2017 - $1,766,631,565 (estimated) 2016 - $1,606,028,695 2015 - $1,511,682,898 2014 - $1,391,737,227 2013 - $1,302,565,544 The overall increase, as a percentage and dollar amount, in the City’s fiscal year spending from 2013 to 2017, inclusive, is 35.6% and $464,066,021, respectively. Information on taxes associated with the proposed bonded debt: Maximum phased in annual dollar amount of the proposed tax increase for the first full fiscal year: $5,090,000 Maximum annual dollar amount of the proposed tax increase for the first full fiscal year (and all subsequent years): $7,290,000 Estimated 2018 City fiscal year spending without the proposed tax increase: $1,943,294,721 Information on the proposed bonded debt: Principal amount: $69,343,000 Maximum annual repayment cost: $7,290,000 Total repayment cost: $124,837,000 Information on total current City bonded debt: Principal amount: $661,775,500 Maximum annual repayment cost: $87,157,747 Total repayment cost: $914,376,972[3] |
” |
| —Denver city officials[4] | ||
Full text
The full text of the measure is available here.
Support
Arguments in favor
Official argument
The following official argument was submitted in favor of the measure:[4]
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Ballot measures 2A through 2G allow the city to use bonds to make needed repairs and improvements to Denver’s infrastructure. These ballot measures will address a specified list of more than 460 projects that were identified through a six-month public input process that engaged thousands of Denver residents. These ballot measures will not increase your tax rates. Projects funded by these bonds will save taxpayer dollars by repairing and improving Denver’s infrastructure before it breaks. Measure 2E will modernize and update 11 Denver Public Libraries to be safe and functional for residents of all ages to engage with new information and connect with the resources they need. Measure 2E will: • Modernize Denver Public Library branches by investing in new technology, redesigned spaces, improved accessibility and critical deferred maintenance projects at the Denver Central Library and the Athmar Park, BlairCaldwell African American Research Library, Byers, Eugene Field, Pauline Robinson, RossBarnum, Ross-Broadway, Ross-University Hills, Schlessman Family and Smiley Branch Libraries. • Create new and expanded spaces for community gathering, technology access, programming, and enhanced learning areas for children at Denver Public Library branches. • Improve security by modernizing surveillance equipment to keep neighborhood branch libraries safe spaces for residents to engage with the resources they need. • Make significant safety and security upgrades at the Denver Central Library, including a new layout, expanded security systems, relocation of the children’s learning area and event space for improved accessibility. Ballot measure 2E is part of Denver’s plan to repair and improve our infrastructure. As of May, the backlog in city repairs was more than $700 million. Ballot measures 2A through 2G are the result of thousands of comments from residents who shared their priorities for projects - the most public input of any bond proposal in Denver history. This bond proposal will keep your tax rates the same and save taxpayer dollars by repairing our infrastructure before it breaks.[3] |
” |
Opposition
Arguments against
Official argument
The following official argument was submitted in opposition to the measure:[4]
| “ |
This bond package is too big. It maxes out Denver’s bonding capacity for many years to come, limiting options should emergencies arise. It also requires paying interest for 20 years, making $937 million capital costs soar to $1.7 billion. Voters should reject any proposal that could be scaled back, allowing the city to bring the voters a more fiscally prudent proposal next year. • The amount of bonding capacity is calculated on current high property values. If the economy tanks and property values fall, property tax rates will need to be raised or city services cut to satisfy bond payments. • City property tax payers should not be paying for some very expensive projects included in this bond proposal. In the following examples, RTD and Denver Health should be footing the bill. • Denver Health and Hospitals is no longer a city agency. Years ago it became an “Authority” under state law. It has its own governance structure and its own bonding capacity, which does not rely on property taxes. It serves a regional clientele. If Denver Health wishes to build a new outpatient facility, it should leverage its own funds. ($75 million, Proposal 2C) • A bus rapid transit corridor down the middle of already crowded Colfax Avenue should be a Regional Transportation District project if built. The Denver property tax payer is not responsible for bus projects. RTD is. ($55 million of Proposal 2A) • Projects in these bond proposals are not equitably distributed throughout the city. Southern portions of Denver are woefully shortchanged. Together, the citizens in southwest, southeast, and south central Denver (Council Districts 2, 4, 6 and 7) represent 36% of the city’s population but get only 11% of the bond project value. • You may not get what you vote for. The 2007 bond proposal 1H authorized expansion of Boettcher Concert Hall. Even though required matching money was never raised and the project never built, the city still issued those bonds. Relying on a legal loophole, the city redirected the money to a new list of cultural projects without returning to the voters for approval. That same legal loophole is included in this bond package. • You may not know what these proposals will cost you. You have been told the projects can be financed without raising tax rates, but you may not have been told how much property taxes could go DOWN if voters reject some or all of the proposals. Without knowing the dollar amount paid by the average homeowner or business per year (or over a 20 year period) to fund this huge bond package, it is difficult to make an informed decision. Full transparency is needed.[3] |
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Bond project map
Background
2007 bonds
In 2004, former Mayor John Hickenlooper established a task force to determine the condition of the city's infrastructure and establish priorities. The task force concluded that the city was spending about $25 million less per year than it should have been on infrastructure and capital improvements and maintenance. In 2006, Hickenlooper established a 115-member Infrastructure Priorities Task Force (IPTF) to establish specific, actionable projects. The task force's work, including citizen panels, resulted in eight bond questions. These bond issue questions (Questions B through I) were put before voters on the November 2007 ballot and amounted to about $550 million; they were all approved. The $550 million was spent on about 380 capital improvement projects. Three of the largest projects funded by bonds approved in 2007 were as follows:[5][6]
- Denver Municipal Animal Shelter
- $16.2 million; completed in 2011
- Denver Police Crime Laboratory
- $36.2 million; completed in 2012
- Denver Museum of Nature & Science
- $56 million ($30 million from the city and $26 million from private donors); completed in 2014
Path to the ballot
Question 2E was part of a seven-question, $937 million bond question package that was put on the ballot through a unanimous vote of the Denver City Council on August 14, 2017.[7]
Other elections
Other propositions
- See also: Denver County, Colorado ballot measures
Denver voters decided a seven-question, $937 million bond question package, an initiative designed to establish a green and solar panel roof requirement, and an administrative charter amendment:
• Initiated Ordinance 300: Denver Green and Solar Roof Requirement
• Referred Question 2A: Denver Streets and Transportation Bond Issue
• Referred Question 2B: Denver Cultural Facilities Bond Issue
• Referred Question 2C: Denver Health and Hospital Outpatient Center Bond Issue
• Referred Question 2D: Denver Public Safety Facilities Bond Issue
• Referred Question 2E: Denver Library Bond Issue
• Referred Question 2F: Denver Parks and Recreation Bond Issue
• Referred Question 2G: Denver Public Facilities Bond Issue
• Referred Question 2H: Denver Department of Public Health and Environment Name Change and Board Member Increase
Denver Public Schools board member election
- See also: Denver Public Schools elections (2017)
Four of the seven seats on the Denver Public Schools Board of Education in Colorado were up for nonpartisan general election on November 7, 2017. In her bid for re-election, at-large incumbent Barbara O'Brien ran against Julie Banuelos and Robert Speth. The open District 2 race included Angela Cobian and Xochitl "Sochi" Gaytan. District 3 incumbent Mike Johnson faced Carrie Olson. District 4 incumbent Rachele Espiritu ran against Tay Anderson and Jennifer Bacon.
To read more about the Denver Public Schools Board of Education election, click here.
Recent news
The link below is to the most recent stories in a Google news search for the terms Denver City bonds Referred Question 2E. These results are automatically generated from Google. Ballotpedia does not curate or endorse these articles.
See also
External links
Footnotes
- ↑ 1.0 1.1 Denver Elections Office, "City and County of Denver, Coordinated Election, Tuesday, November 7, 2017," accessed October 8, 2017
- ↑ Denver City Government, "2017 GO Bond Final Project List," accessed October 12, 2017
- ↑ 3.0 3.1 3.2 3.3 Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
- ↑ 4.0 4.1 4.2 Denver Elections Office, "Tabor Information, November 7, 2017," accessed October 8, 2017
- ↑ Denver City Government, "2017 GO Bond Program," accessed October 14, 2017
- ↑ 5280, "What $550 Million Buys Denver," May 11, 2017
- ↑ The Denver Post, "It’s official: Denver voters will decide on $937 million bond package for roads, libraries, other city projects," August 14, 2017
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