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Home My WebLink Aboutbocc.min.spec.03151983 ,. �:r•{: > i,�Y�i�5�. � ' •�,� � � j T �.'R.R- x � \��h D�� : l X� �St�.11"` t � �i-.r- k"k� .`t�� irl� �A h�ta � �� . { 4�?-.,��,,,.'`" n �5 �-:-� ry� �,!-��s+�4�.„1'��'. !��i c.. ��y R h:� ' S � �P��. ��'Y k %i�A''� t�•j�.� f� li: .��*�-�Y �[� t 4 �t?''IA� � 'I/ {�i �•.. -�1!as.nJs:,.�'�r�� .�[k!!��:�iyGa..�,�ii.Ji,��+�`+`� . +� '��f��s:�!x�:t��.i�wa�' 2&Ga.. fj �.,:.: � >, .� �^,� �� ;!Y� ; ��.� �:, . �z }`,. � "w� �� PITKIN COUNPY � � �s BOARD OF CQ�E�7ISSIOP�RS r„, � 3 �F.�i .�. •Y'Y ��- SPECIAL MEETING 15 MAR(;H, 1983 � !m t�;� #�� PRESENT: RHCMAS BLAKE, HE;LEN IQ,ANDERUD, MICHAEL KIIVSLEY, ROBERT W Q-IILD n_�. •i�;.:. :`�'! ---------- ` i!;' `>;:{ Trans- 'iYie Board convened a specia2 meeting to consider on first reading a resolution setting portation ' � Consol- a special election concerning funding of the Cotmtywide transportatian system. County Y�" idation: >��;`� 1ST Manager Curt Stewart introduced the resolution, which would set the election for 3 May, �':.;1 Read ;L;:j S�ecial 1983, noting that a second and final reading has been scheduled for a special joint �„•<:�Election `w i�='<`' meeting on 21 March, 1983. Zhe specific ballot language is being drafted at this ti�re ��;`.� � ��;� in conjuaction with bond wunsel, who has indicated that two (2) separate ballot � •, ��'- : questions must be submitted to the electorate. A Home Rule Charter amenchnent would ; a> also be considered, to enaUle the Board to authorize indebtedness specifical2y for '2 �` 2 ''�� transportation facilities and services. Finally, a mechani.sm must be drafted whereby ;; �r:_-: ', �"� the Cit could rescind its seventh nn and t sati.sf its indebtedness. `" -r,':*' Y 1� Y 1� Y 3 •.� ;� `{w' Child then m�ved approval of the resolution on first reading, Klanderud seconded �� C�+ � �'w� and the trotion passed imanimously. � . �A City Manager Wayne Chapman suggested that the Assistant County Attorney draft a �;_`;:� '+i Home Rule Charter amendrrent that would specifically authorize such debt without voter �`�' approvaZ. The City's bond counsel has indicated that a single charter amend[�nt • ��`� authorizing a sales tax increase and an indebtedness against that tax would be ,4".�� I..�:`:.:••�� . '+i.: i�'r<. appropriate. Counsel has also indicated that the City's existing seventh penny debt L�' . �•�-''-�'. �`y'� can be sati.sfied with some other acc table securit includin a a�. �� ?� eP Y, 9 9uarantee from the ;.:..:. t'_� County, by ir.tergovernmental agreer+ent, of a certain amount of revenue. Although the �! County would not incur the City's debt by thi.s method, such would preclude the City J '"� from refunding its bonds, the principal of which approximates one million dollars ;�' ($1,000,000) at this time. ;. �' � '*�° s Child asked iE the bond holders were notified of the sales tax question, and if they ; a � would agree to a substitution of collateral. Chapman explained that neither the bond ' holdezs or bond counsel will comnit to a substitution pendi.ng the intergovex'nmental � �__ ��. t t ¢;`?�;;Car�rttissioner's Meeting I. 15 b+.arch, 1983 - 1 l' �r',�,�� : . ..:,.:;�. , . . �::v�''�';: .� ` e�,�7'� :or k SstTia `f lt�"``'�u1..�� }r1 4rc'_,] �.Y.,7�.�fi+.1,..2r� _ �� S r .�, � r �v' �� +� �, r ��s` � � �r* •y h��4"'��,-;x"�+ .'�'�'��,v�-�'�+U"'`�1)[?�` �,{�t �4.d`�y�`�'�(;'f�`k*x f��•��N c� t 5 S 6 s +�4itfr�'�i°rr':, ��l� R E �' � yt�,\��r +�t�ety .t£'��f kt v 'f d; ��` r,r�a ''�`l' s. 2a �8` �. �,.'�'r'9�4.�.,._.::wa�Lt�+..._.u;.-tff ...'�. '��a.,v�i�.i�:.�_...t7� �ia�3^�x��:,...,Ca_' . .. �?' __;!_ ��.`"�r.e.��r`"�..�Y..��;�Y`, �r � }� �;. � �;� y agre�nent.•The City's seventh penny is utilized for the existing debt service, estimated �, ; < �4^�,;:� at one hundred and seventy thousand dollars ($170,000) annually, mall maintenance and �:�' � �..-. ,:;:=� the food tax rebate program. In the event the City must provide alternate security - '� � • i ,.� on its own, such 8s an additional property tax, a City election vrould be necessary. `~l,•� Such an election may even be necessary to repeal the seventh penny tax. '"`-''� �_.� � ,a�`=� Kinsely expressed some concern that a County guarantee of revenue to the City may � ;;��;•. � ',-• ��::y affect the County's ability to incur debt. Chapman explained that a guarantee of revenue ; F•:-� u;:; would not add to fhe County's debt and should not �npact its ability to incur debt. �_� �='y_'� Klanderud expressed some concern with the County's liability should such a revenue , 's.ti: Yii; �v�F:� guarantee be entered into; it was not known, for instance, i.f the County would be �r��=. x�� ::;,:. liable in the event the City increased the food tax rebate, or in the event sales tax �_,;. ��PY;::� revenues decreased significantly such so that sufficient revenue for the City's debt _ - � could not be provided. Chapman explained that the City is only obligated to fund its � � ;� debt service fran the sales tax revenues; in the event collections did not provide r.�"� sufficient revenue for the debt service, Chapman understood that neither the City nor r�'� t�_.. a::;� the County would be liable. He also noted that the City's election on the repeal of its ::: �:;:•.' L.�`� seventh penny could not coi.ncide with the County's special election, as the repeal may ;� : y,,; be approved whereas the increased County tax may fai.l. The City repeal. question can not i �,'.� be conditioned to the appmval of the County tax question as such would disenfranchise i `' .__:a � ce.rtain voters. Chapman suggested that the Board review at some time future options/ j «�`;:;� �°� alternatives i.n the event one (1) or both County ballot questions fail. The entire � . i;_.-_.� f ��=' election issue was considerec3 positive, at it xrould not result in a sales tax increase, � �___.: 5::�� F"' it would provide for a decrease in property taxes upon the expisation of the bvs mill levy, and as such would fuc�d the bus transit system for the next several years. .� The Board generally agreed that tk� Assistant County Attorney would draft a proposed �- Home Rule Charter amenclment that would combine a tax and debt authorization Eor the �:� r wnsolidated transit system. �.:�� ..,_, .,. ; �. ---------- } i f� There being no further business, the meeting was adjourned. � t� t �,,� ---------- . ( . i pe f ly Submitted, P�� , ; (,��y"_..—,� � Deputy County Clerk Geo e dsen, Chaixman � A ( �c+ � �� f k i ry � + ��y .GafiN�ssi�'ez�s rleetinq is r�rct,, 1983 - 2 ;:,. ..