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Referred Measure 2A:
A QUESTION TO APPROVE AN INCREASE IN
THE CITY DEBT (WITHOUT INCREASING TAXES) TO FINANCE THE ACQUISITION,
CONSTRUCTION, INSTALLATION, COMPLETION AND EQUIPPING OF A NEW
LIBRARY FACILITY.
SHALL CITY OF DURANGO DEBT BE
INCREASED $15,890,000 WITH A MAXIMUM REPAYMENT COST OF $26,305,900
WITHOUT IMPOSING ANY NEW TAXES OR TAX RATE INCREASES, FOR THE
PURPOSE OF ACQUIRING A SITE FOR A NEW LIBRARY FACILITY,
CONSTRUCTING, INSTALLING AND EQUIPPING SUCH LIBRARY FACILITY,
INCLUDING WITHOUT LIMITATION COSTS ASSOCIATED WITH SITE
IMPROVEMENTS, SUBJECT TO THE FOLLOWING:
THE CITY MAY PLEDGE TO THE PAYMENT OF THE DEBT FIFTY PERCENT OF THE
ONE-HALF OF ONE PERCENT SALES AND USE TAX APPROVED BY THE VOTERS OF
THE CITY ON APRIL 5, 2005 OR ANY OTHER LEGALLY AVAILABLE REVENUES OF
THE CITY, AS DETERMINED BY THE CITY COUNCIL;
THE DEBT MAY 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 AND AS THE CITY MAY
DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION PRIOR TO MATURITY
WITH OR WITHOUT PAYMENT OF PREMIUM OF NOT TO EXCEED THREE PERCENT;
THE CITY IS AUTHORIZED TO ISSUE DEBT TO REFUND THE DEBT AUTHORIZED
IN THIS QUESTION, provided that such refunding debt, along with any
other debt incurred by the CITY pursuant to this authorization, IS
ISSUED ON TERMS WHICH DO NOT EXCEED THE PRINCIPAL AMOUNT AND TOTAL
REPAYMENT COSTS AUTHORIZED IN THIS QUESTION; AND
THE EARNINGS FROM THE INVESTMENT OF SUCH BOND PROCEEDS MAY BE
COLLECTED, RETAINED AND SPENT AS A VOTER APPROVED REVENUE CHANGE
UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION AND ANY
OTHER REVENUE LIMITATIONS CONTAINED IN THE LAWS OF THE STATE?
This is followed by a Yes and a No box
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