County of Boulder 1B – ClimateSmart (CEOLID) $85M Bond Authorization

Boulder County would like to continue providing low-interest loans to property owners so they can make energy efficiency improvements or install renewable energy equipment such as solar panels. The loans are for 15 to 20 years and are paid back by the participating property owners through a special assessment which stays with the property until the loan is repaid. The voters are being asked to allow Boulder County to take on debt in order to finance more loans. This is not a tax increase or extension.

CEOLID stands for Clean Energy Options Local Improvement District. In 2008 county voters approved 1A, a similar ballot issue -- call it a pilot project, if you will. 1A established the CEOLID which has distributed about 650 loans totaling about $11.5 million. In addition to providing more money for loans, this year’s proposal would expand on the current program by allowing Boulder County to partner with other counties with similar local improvement districts (pending state legislation) to increase participation and realize more cost efficiencies.

Recommendation: YES

People purchasing new homes should try to wrap the cost of energy improvements into their mortgage so that they can get the mortgage tax break. The rest of us could line up to take advantage of this program. Individuals benefit since the county can usually get loans at a lower interest rate than individuals can. Collection of property taxes is straightforward. Yes, the county has become a banker, but the extra work and risk is minimal. Meanwhile, the county is encouraging less energy consumption and a smaller carbon footprint.


Website for the Yes side (sort of) – This is the 2008 Ballot Issue 1A website
http://yes1a.org/resolution.php

Website for the No side
No known website -- Info on an opposition website appreciated.


County of Boulder Ballot Issue 1B (Approved Ballot Language)

ClimateSmart (CEOLID) $85M Bond Authorization

SHALL BOULDER COUNTY DEBT (FOR CLEAN ENERGY OPTIONS LOCAL IMPROVEMENT DISTRICT AND SIMILARLY SITUATED LOCAL IMPROVEMENT DISTRICTS IN OTHER COLORADO COUNTIES) BE INCREASED BY UP TO $85,000,000, WITH A MAXIMUM REPAYMENT COST OF UP TO $180,000,000, WITH NO INCREASE IN ANY COUNTY TAX OR TAX RATE, PROVIDED THAT AT LEAST $45,000,000 OF SUCH DEBT AND AT LEAST $95,000,000 OF SUCH MAXIMUM REPAYMENT COST SHALL BE PAYABLE FROM SPECIAL ASSESSMENTS ON PROPERTIES IN SUCH OTHER COUNTIES AND OTHER AMOUNTS PAYABLE BY SUCH OTHER COUNTIES, RESULTING IN A NET OF $40,000,000 OF DEBT AND $85,000,000 OF MAXIMUM REPAYMENT COST PAYABLE FROM SPECIAL ASSESSMENTS IN BOULDER COUNTY, FOR THE PURPOSE OF FINANCING THE COSTS OF CONSTRUCTING, ACQUIRING AND INSTALLING SOLAR AND OTHER RENEWABLE ENERGY SYSTEMS OR ENERGY-EFFICIENCY IMPROVEMENTS FOR PROPERTY OWNERS THAT CONSENT TO BE INCLUDED IN SUCH DISTRICTS BY ENTERING INTO A CONTRACT OR AGREEMENT FOR INCLUSION THEREIN, AND ANY COSTS NECESSARY OR INCIDENTAL THERETO, INCLUDING WITHOUT LIMITATION THE COST OF ESTABLISHING RESERVES TO SECURE THE PAYMENT OF SUCH DEBT, BY THE ISSUANCE OF SPECIAL ASSESSMENT BONDS PAYABLE FROM SPECIAL ASSESSMENTS IMPOSED AGAINST BENEFITED PROPERTIES FOR WHICH THE OWNERS THEREOF HAVE CONSENTED TO BE INCLUDED WITHIN SUCH DISTRICTS BY ENTERING INTO SUCH A CONTRACT OR AGREEMENT FOR INCLUSION, AND FROM OTHER FUNDS OF BOULDER COUNTY AND SUCH OTHER COUNTIES THAT MAY BE LA WFULLY PLEDGED TO THE PAYMENT OF SUCH BONDS, WHICH BONDS SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 10%, SHALL BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, SHALL BE ISSUED, DATED, AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND IN SUCH MANNER, IN ONE OR MORE SERIES, AND SHALL CONTAIN SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE BOULDER COUNTY BOARD OF COUNTY COMMISSIONERS MAY DETERMINE; SHALL BOULDER COUNTY BE AUTHORIZED TO ENTER INTO A MULTIPLE-FISCAL YEAR OBLIGATION TO ADVANCE AMOUNTS FOR PAYMENT OF A PORTION OF SUCH BONDS AND TO REIMBURSE ITSELF FOR SUCH ADVANCES BY COLLECTING UNPAID ASSESSMENTS AS PROVIDED IN SECTION 30-20-619(2), COLORADO REVISED STATUTES, AS AMENDED; AND SHALL THE REVENUES FROM SUCH SPECIAL ASSESSMENTS AND ANY EARNINGS THEREON AND FROM THE INVESTMENT OF THE PROCEEDS OF SUCH BONDS CONSTITUTE A VOTER-APPROVED REVENUE CHANGE; ALL IN ACCORDANCE WITH BOULDER COUNTY BOARD OF COUNTY COMMISSIONERS' RESOLUTION NO. 2009-101?

YES _____ NO _____


Resolution No. 2009-101 referring Ballot Issue 1B to the voters
http://www.bouldercounty.org/newsroom/articlefiles/1764-2009-101_CSLP_LID.PDF