This companion measure to 2M would allow the city to borrow against the future tax-revenue stream in order to fund the city projects listed in 2M. The city would not be authorized to borrow any of the non-profit groups’ funding. As a reminder, 80% of the project funds are allocated for city projects.
Borrowing money allows the city access to funding, for instance, to buy a parcel of land for Fire Station #3 immediately rather than wait until enough taxes are collected. Passage of this measure “does not require the city to issue debt, but provides the flexibility to do so in the case one or more projects are ready on an accelerated timeline.” (July 25 memo to city council)
Recommendation: for the measure
Authorizing debt authority is reasonable for large projects or purchases and is similar to taking out a mortgage to buy a house. In this case, the repayment period would be a maximum of 4 years, the term for the proposed tax renewal.
Please read the entry for ballot issue 2M for many more details about the overall project.
Website for the Yes side (Community, Culture, Safety YES)
https://communityculturesafetyyes.org/
Website for the No side
No known website – Info on an opposition website appreciated.
Approved Ballot Language
BALLOT ISSUE 2N CITY OF BOULDER DEBT AUTHORITY FOR CAPITAL IMPROVEMENT TAX
SHALL CITY OF BOULDER DEBT BE INCREASED UP TO $26,000,000 WITH A REPAYMENT COST OF UP TO $29,000,000 (SUCH AMOUNT BEING THE TOTAL PRINCIPAL AND INTEREST THAT COULD BE PAYABLE OVER THE MAXIMUM LIFE OF THE DEBT) TO BE PAID FROM THE EXTENSION OF THE COMMUNITY CULTURE AND SAFETY SALES AND USE TAX OF 0.3 CENTS, IF SEPARATELY APPROVED; SUCH DEBT TO BEAR INTEREST AT A NET EFFECTIVE RATE NOT TO EXCEED 4.002 PERCENT PER ANNUM AND HAVE A MATURITY DATE NOT LATER THAN FOUR YEARS FROM THE DATE ANY SUCH DEBT IS ISSUED, SUCH DEBT TO BE SOLD AT SUCH TIME AND IN SUCH MANNER AND TO CONTAIN SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY DETERMINE, WITH THE PROCEEDS OF SUCH DEBT AND EARNINGS THEREON BEING USED TO FUND THE FOLLOWING CITY CAPITAL IMPROVEMENT PROGRAM PROJECTS OTHERWISE PAYABLE FROM SAID SALES AND USE TAX; RELOCATION OF FIRE STATION #3; LIBRARY - NORTH BOULDER BRANCH; CITYWIDE RADIO INFRASTRUCTURE REPLACEMENT; FOURMILE CANYON CREEK GREENWAYS IMPROVEMENTS - 19TH TO BROADWAY; SCOTT CARPENTER POOL REPLACEMENT; AND PUBLIC ART; WITH ANY REMAINING PROCEEDS OF SUCH DEBT AND ALL EARNINGS THEREON BE USED TO FUND CITY CAPITAL IMPROVEMENT PROJECTS THAT ARE DESCRIBED IN ORDINANCE 8197 WITH ANY REMAINING FUNDS TO BE APPROPRIATED BY THE BOULDER CITY COUNCIL TO FUND CAPITAL IMPROVEMENT PROGRAM PROJECTS; AND IN CONNECTION THEREWITH, SHALL ANY EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBTS AND THE REVENUES FROM SUCH TAX EXTENSION CONSTITUTE A VOTER APPROVED REVENUE CHANGE AND AN EXCEPTION TO THE REVENUE AND SPENDING LIMITS OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION?
For the Measure ____
Against the Measure ____
See Ordinance No. 8198 to put Issue 2N to the voters
https://bouldercolorado.gov/central-records/document-archive then click on Browse City Council Records > Ordinances > 2017 > 8198
Borrowing money allows the city access to funding, for instance, to buy a parcel of land for Fire Station #3 immediately rather than wait until enough taxes are collected. Passage of this measure “does not require the city to issue debt, but provides the flexibility to do so in the case one or more projects are ready on an accelerated timeline.” (July 25 memo to city council)
Recommendation: for the measure
Authorizing debt authority is reasonable for large projects or purchases and is similar to taking out a mortgage to buy a house. In this case, the repayment period would be a maximum of 4 years, the term for the proposed tax renewal.
Please read the entry for ballot issue 2M for many more details about the overall project.
Website for the Yes side (Community, Culture, Safety YES)
https://communityculturesafetyyes.org/
Website for the No side
No known website – Info on an opposition website appreciated.
Approved Ballot Language
BALLOT ISSUE 2N CITY OF BOULDER DEBT AUTHORITY FOR CAPITAL IMPROVEMENT TAX
SHALL CITY OF BOULDER DEBT BE INCREASED UP TO $26,000,000 WITH A REPAYMENT COST OF UP TO $29,000,000 (SUCH AMOUNT BEING THE TOTAL PRINCIPAL AND INTEREST THAT COULD BE PAYABLE OVER THE MAXIMUM LIFE OF THE DEBT) TO BE PAID FROM THE EXTENSION OF THE COMMUNITY CULTURE AND SAFETY SALES AND USE TAX OF 0.3 CENTS, IF SEPARATELY APPROVED; SUCH DEBT TO BEAR INTEREST AT A NET EFFECTIVE RATE NOT TO EXCEED 4.002 PERCENT PER ANNUM AND HAVE A MATURITY DATE NOT LATER THAN FOUR YEARS FROM THE DATE ANY SUCH DEBT IS ISSUED, SUCH DEBT TO BE SOLD AT SUCH TIME AND IN SUCH MANNER AND TO CONTAIN SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY DETERMINE, WITH THE PROCEEDS OF SUCH DEBT AND EARNINGS THEREON BEING USED TO FUND THE FOLLOWING CITY CAPITAL IMPROVEMENT PROGRAM PROJECTS OTHERWISE PAYABLE FROM SAID SALES AND USE TAX; RELOCATION OF FIRE STATION #3; LIBRARY - NORTH BOULDER BRANCH; CITYWIDE RADIO INFRASTRUCTURE REPLACEMENT; FOURMILE CANYON CREEK GREENWAYS IMPROVEMENTS - 19TH TO BROADWAY; SCOTT CARPENTER POOL REPLACEMENT; AND PUBLIC ART; WITH ANY REMAINING PROCEEDS OF SUCH DEBT AND ALL EARNINGS THEREON BE USED TO FUND CITY CAPITAL IMPROVEMENT PROJECTS THAT ARE DESCRIBED IN ORDINANCE 8197 WITH ANY REMAINING FUNDS TO BE APPROPRIATED BY THE BOULDER CITY COUNCIL TO FUND CAPITAL IMPROVEMENT PROGRAM PROJECTS; AND IN CONNECTION THEREWITH, SHALL ANY EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH DEBTS AND THE REVENUES FROM SUCH TAX EXTENSION CONSTITUTE A VOTER APPROVED REVENUE CHANGE AND AN EXCEPTION TO THE REVENUE AND SPENDING LIMITS OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION?
For the Measure ____
Against the Measure ____
See Ordinance No. 8198 to put Issue 2N to the voters
https://bouldercolorado.gov/central-records/document-archive then click on Browse City Council Records > Ordinances > 2017 > 8198
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