For Immediate Release September 18, 2012
Staff Contact: Valeria Skitt, City Clerk, 303-651-8650
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Written Comments on LDDA Ballot Issue Being Accepted by City Clerk
SEPTEMBER 18, 2012 -
City of Longmont eligible electors within the Longmont Downtown Development Authority district have until 5 p.m. Friday, September 21, 2012, to turn in written comments on the ballot issue which will appear on the November 6 special municipal LDDA election ballot. The comments will be summarized and included in an information packet that will be mailed to eligible voters' homes prior to the election.
The comments must be written and labeled clearly as either pro or con statements. Electors submitting comments must include their name and address in order for their comments to be included. Comments are being accepted at the Longmont City Clerk's office, 350 Kimbark Street.
The ballot issue reads as follows:
City of Longmont Ballot Issue 2B:
SHALL CITY OF LONGMONT DEBT BE INCREASED $25,000,000 WITH A REPAYMENT COST OF $30,000,000 FOR THE PURPOSE OF FINANCING THE COSTS OF DEVELOPMENT PROJECTS TO BE UNDERTAKEN BY OR ON BEHALF OF THE LONGMONT DOWNTOWN DEVELOPMENT AUTHORITY PURSUANT TO THE LONGMONT DOWNTOWN DEVELOPMENT AUTHORITY PLAN OF DEVELOPMENT, AS IT MAY BE AMENDED FROM TIME TO TIME, AND APPLICABLE PROVISIONS OF COLORADO LAW; SUCH DEBT AND THE INTEREST THEREON TO BE PAYABLE SOLELY FROM AND SECURED BY A PLEDGE OF THE SPECIAL FUND OF THE CITY WHICH SHALL CONTAIN AD VALOREM PROPERTY TAX INCREMENT REVENUES; PROVIDED THAT NOTHING IN THIS BALLOT QUESTION AUTHORIZES A TAX INCREASE; LEVIED AND COLLECTED WITHIN THE BOUNDARIES OF THE AUTHORITY; AND SHALL SUCH DEBT BE EVIDENCED BY BONDS, NOTES, CONTRACTS OR OTHER FINANCIAL OBLIGATIONS TO BE SOLD IN ONE SERIES OR MORE FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT THEREOF, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE CITY MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM OF NOT MORE THAN 3% OF THE PRINCIPAL AMOUNT SO REDEEMED AND SHALL THE PROCEEDS FROM SUCH DEBT AND ANY INVESTMENT INCOME EARNED FROM SUCH PROCEEDS BE COLLECTED AND SPENT AS A VOTER-APPROVED REVENUE CHANGE UNDER SECTION 20 OF ARTICLE X OF THE COLORADO CONSTITUTION?
Complete copies of this proposed ballot issue are available at the City Clerk's office, 350 Kimbark Street, 651-8649.