HomeMy WebLinkAboutbocc.res.169.1994 ` r
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�� A RESOLUTION OF THE BOARD OF
`'� COUNTY COMMIS3IONERS OF PITKIN COUNTY, COLORADO, {.
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j SUBMTTTING TO THE ELECTORATE AT AN ELECTION TO BE HELD
ON NOVEMBER S, 1994, SEVERAL LOCAL GOVERNMENT MATTERS
ARISING UNDER SECTION 20 OF ARTICLE X OF THE STATE
CONSTITUTION AND ARTICLES VII AND XIII OF THE PITKIN �
COUNTY HOME RULE CHARTER
�
� Resolution # 94-�
y' : , RECITALS
1, The County of Pitkin in the State of Colorado (the �
"COUnty" and the "State," respectively) is a duly created.political
subdivision of the State, organized and operating as a home rule
r�:�� county pursuant to the general statutes of the State and a county
home rule charter (the "Charter") adopted pursuant to the Colorado
County Home Rule Powers Act.
2. The members of the Board of County Commissioners of the
County (the "Board") have been duly elected, chosen and qualified.
3. The Board has established a public library (the ^County
Library") pursuant to the Colorado Library Law, C.R.S. 24-90-101,
et. seq.
• � 4. Section 20 of Article X of the State Conetitution
�' xe ires voter a roval of certain local :
qu pp government matters .
inclnding the following:
a. approval of a new tax, tax rate increaee, mill levy
above that for the prior year, or extension of an e�cpiring
- tax, or a tax policy change directly causing a net tax revenue •
- _—-��:;
gaxn pursuant to Section 20 (4} (a) ;
��: y, b. approval of the creation of any multiple-fiacal year
dixect or indirect debt pursuant to Section 20 (4) (b); and
c, approval of revenue changes pursuant to Section 20
(7) .
5. The Board has debt and revenue change proposals for the �
County and the County Library that require voter approval pursuant
to Sections 20 (4) (b) and (7j of ArticZe X of the State
Constitution, and it desires to submit such proposals to the `��
eleetorate at the election to be held on November 8, 1994. !4:
�;.
�: 6. Section 7.2.11 of the Charter provides that the Board
"shall have the power to aubmit at a general or special election �
� any pzoposed resolution or question to a vote oE the people," and
the Board desires to submit a such question concerning the .
relocation o£ State Highway 82 into Aspen. �
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7. Section 13.5.3 of the Charter provides in part that "no
open space . .. acquired with Open Space/Trails Funds, shall be ... f , r
," converted to any other use or purpose . .. unleas such open space �
� ... is replaced with another open space .. . of equivalent value . .. !-:.
; and until such ... conversion is approved by a majority of the `�'
� electorate at a general or apecial election called for thia '�'
$ purpose." ;'..,,:.
�_...
S. The Board desires to use a portion of the Moore open ��
space property for a transitway system and to seek voter approval
of such uae.
:�
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY �
COMMISSIONERS OF PITKIN COUNTY, COLORADO:
1. The Board has determined, and hereby determines that the
interest of the County and the public interest and necessity
require the submittal of several local government matters to the
electorate at a coordinated election to be held on November 8,
1994.
- !;
2. The questions to be submitted to the electorate shall be
as set forth in Attachment A to this reaolution.
3. Pursuant to C.R.S., Section 1-5-205, a notice of the �
election including the date, hours, polling places, and questiona
_ submitted shall be published one time in The Aspen Times and shall �'
• `� be posted in a conapicuous place at the County Clerk�s office at
least IO days before the date of the election and until after the
election.
4. Such notices as are required by Section 20 (3) (b) of ;' '
Article X of the State Conatitution shall be provided by the County �
Clerk.
- 5. The officers of the County are hereby authorized and
directed to take all action necessary or appropriate to effectuate
the provisions of this Resolution.
� 6. Tf any section, paragraph, clause or provision of this
Resolution shall for any reason be held to be invalid or i`
unenforceable, the invalidity or unenforceabiZity of auch section, �,`
paragraph, clause or provision shall not affect any of the �
+ remaining provisions of this Resolution. , �
I7. Thia Resolution shaZl be in full force and effect � �,
immediately upon its final adoption. � '`�=`
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'� INTRODUCED AND FIRST READ ON THE 30TH DAY OF AUGIIST, 1994, S:
� AND SET FOR PUBLIC HEAI2ING. �
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NOTICE OF PUBLIC HEARING PUBLISHED IN THE ASPEN TIMES ON THE �
2ND DAY OF SEPTEMBER, 1994. �y
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SECOND READING AND PUBLIC HEARING CONTINUED FROM THE 13TH TO k
THE 19TH DAY OF SEPTEMBER, 1994.
� CONSIDERED AT SECOND READZNG AND PUBLIC HEARING AND FINALLY �
4�' ADOPTED ON THE 19TH DAY OF SEPTEMBER, 1994.
PUBLISHED AFTER ADOPTION IN THE ASPEN TIMES ON THE 23RD DAY j
�
� OF SEPTEMBER, 1994. ,
•��
ATTEST: BOARD OF COUNTY COMMISSIONERS
OF PITKIN COUNTY, COLORADO
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n t one �
puty lerk & Recor �!f /����{!1/�
V L�G - �1�►+R-
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APPROVED AS TO FORM:
, �l c���•(��+r�1� ��-�
_ Timothy . Whitsitt _
�� County Attorney
RECOMMENDED FOR APPROVAI,: MANAGER APPROVAL:
.. . .. � . . � � . � ._ -"..�
�� c���- �� VG�
Tom Oken Reid Haughey
Administrative Services Dir. County Manager ; ,..
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Attachment "A"
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�' AUTHORIZATION TO ISSUE TRANSPORTATION REVENUE BONDS (DOES NOT
ALTTHORIZE A TAX INCREASE)
"3 SHA7,L PITKIN COUNTY DEBT BE INCREASED A PRINCIPAL AMOUNT OF UP TO
'! $21 MILLION WITH A REPAYMENT COST OF UP TO $59 MILLTONl BY THE
'� ISSUANCE AND PAYMENT OF REVENUE BONDS AT THE BEST AVAILABLE NET
ax EFFECTIVE INTEREST RATE NOT TO EXCEED 8 1/2°s PER ANNUM, AND WITH �
:;� A MATURITY DATE NOT TO EXCEED 31 YEARS FROM THE DATE OF ISSUANCE, ' •
_ r, FOR THE PURPOSE OF IMPLEMENTING IMPROVEMENTS TO THE PUBLIC
�, TRANSPORTATZON SYSTEM LINKING ASPEN, THE PITKIN COUNTY AIRPORT, AND
SNOWMASS VILLAGE?
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� The transportation system improvements are intended to
include: (i} a separate dedicated transitway from Aspen to the �
. Airport that connects to down-valley bus transit; (ii) improvements
to the Owl Creek Road corridor from Highway 82-Tiehack to Snowmass
. ":� Village to accommodate masa transit; (iii) the construction or
upgrade of transit stations at Rubey Park, Tiehack, Snowmass East
Village, and the Snowmass Mall; and (iv) the local share of funding
for an improved transit technology (or "rolling stock") that is
� more comfortable, more frequent, more aCtractive and less polluting
� thaa traditional diesel buses.
Upon approval of this question the Aspen Skiing Company has agreed
to increase its transportation funding commitment to an amount
equal to 4,5% of its gross lift revenues. Completion of the system
: is specifically contingent upon a substantial funding commitment
- �" from the Colorado Department of Transportation for costs such as
.S'� bridgea and other transportation system improvements. AddiCional
matching federal and private £unds will be sought. All
transportation system improvements shaZl be approved by
intergovernmental agreement among Pitkin County, the City o£ Aspen,
and the Town of Snowmass Village. '
_ It is intended that the transitway be constructed to accommodate
a future upgrade in technoZogy to a fixed guideway system, such as '
rail, if and when such an upgrade is warranted by ridership,
available finances, and community preference.
� The bonds may be issued in one or more aeries, with or without
a premium for redemption prior to maturity, and upon such other ,!,,
terms as the Board of County Commissioners of Pitkin County may
determine. Pitkin County ia also hereby authorized (i) to refund
� the bonds; (iif to pledge existing sales and use taxes and any
legally available monies and revenues of the tranaportation system
in an amount sufficient to pay the principal of, premium, if any, � �`"''
and interest on the bonds and any refunding bonds when due; and �Y'�
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(iii) to receive, collect and spend the proceeds of the bonds and � �-'
�' ' any refunding bonds and the revenues from such taxea and revenues �,
I and any earnings from the investment of such proceeds and revenues '
� without application of the revenue and spending limitations of ;;',:
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�� Article X, Section 20 of the Colorado Constitution and without �
';is thereby otherwise limiting the receipt, collection or spending of
� any other revenuea or funds of Pitkin County. r
�
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(1? Maximum repayment cost calculated as the aum of the equal
' � annual installments required to repay principal of $21 million plus
interest at 8 1/2� over 30 years. The actual interest rate and
, � repayment cost could be lower but not higher.
� i
?` � RELOCATION OF STATE HIGIiWAY 82 INTO ASPEN
� .
. IF A DEDICATED TRANSITWAY ZS FUNDED BY APPROVAL OF THE
' TRANSPORTATION REVENUE BOND QL3ESTION " ", ABOVE, THEN:
,.�..Y; —
SHALL PITKIN COUNTY SUPPORT THE RELOCATION OF EXISTING HIGHWAY 82,
FCJNDED IN WHOLE OR IN PART BY THE COLORAUO DEPARTMENT OF
TRANSPORTATION, TO ALIGN WITH A DEDICATED TRANSTTWAY INTO ASPEN
ACROSS CITY OWNED PROPERTY, INCLUDING THE M1�ROLT PROPERTY, ACQUIRED
_ FOR OPEN SPACE PURPOSES, AND THE THOMAS PROPERTY, ACQUIRED FOR
TRANSPORTATION PURPOSES, IN THE EVENT THAT SUCH AN ALIGNMENT IS
DETERMINED TO Bfi THE PREFERRED ALTERNATIVE IN THE ENTRANCE TO ASPEN
- ENVTRONMENTAL IMPACT STATEMENT (EIS) TO BE ISSUED BY THE COLORADO ,
DEPARTMENT OF TRANSPORTATION?
- '?;o-..
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TRANSITWAY SYSTEM OI3 MOORE OPEN SPACE
IF 'PF� TRANSPORTATION REVENUE BOND QUESTION "_", ABO'VE, IS
APPROVED, THEN:
_ SHALL PITKZN COUNTY BE PERMITTED TO CONSTRUCT A PORTZON OF THE
� TRANSITWAY SYSTEM AD�7ACENT TO HIGHWAY 82 ON APPROXIMATELY THREE
ACAE3 OF THE MOORE OPEN SPACE PROPERTY, SUCH ACREAGE TO BE REPLACED
WITH A LIICE KIND AND AMOUNT OF OPEN SPACE USING TRANSPORTATION
FUNDS7
�3
PITKIN COUNTY 1493 REVENUES
Shall Pitkin County be permitted to retain and apend up to $500,000
in revenues from 1993 which exceed the limit otherwise allowed <:'
under Article X, Section 20 of the Colorado Constitution (commonly
known as Amendment One), which revenues were received in 1993 as �"=?
� a grant from the Colorado Department of Transportation and were
spent on the construction of the airport intersection on State
Highway 82, and which otherwise must be refunded to the State and ;
; replaced by local tax revenues? �
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PITKIN COUNTY REVENUES �t
Shall a revenue change be approved pursuant to Article X, Section �"
20 of the Colorado Constitution (commonly known as Amendment One),
in an amount sufficient to a11ow Pitkin County to collect, retain, �'
and spend its full revenues from all sources (including grants) t '
- during 1994 and each subsequent year? �
� i Nothing herein ahall permit an increase in the property tax mill
levy and sales and use tax rates imposed by Pitkin County without
further voter approval.
'�� PITKIN COUNTY LIBRARY REVENUES
Shall a revenue change be approved pursuant to Article X, Section
20 of the Colorado Conatitution (commonly known as Amendment One),
in an amount sufficient to allow the Pitkin County Library to
collect, retain, ana spen@ its full revenues from all sources
during 1993 and each subsequent year?
Nothing herein ahall permit an increase in the property tax mi1Z
levy imposed by the Pitkin County Library without £urther voter
� "; approval.
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;j MEMORANDIIM `:i�r
� To: DecisionMakers
� From: Tom Oken �C� r '
� F
Date: September 16, 1994 �:'
�":
Re: Traneportation Ballot Questions j::;:`,
�,...
, � .
j
Attached are the ballot questions as drafted by the Executive
4'i: Committee yesterday. Pleaea fax any coaoments to me at 920-5198 by
' 3:00 p.m. today.
. I will then aummarize all comments received, distribute them tv you
by 5 p.m. today, and ask you to vote by Eax or phone call on any
proposed changes prior to final adoption by the County
Commissioners at 2 p.m, on Monday..
The Executive Committee also decided there was no need for a
epecial DecisonMakera meeting today at 1:30 p.m.
_ i
� �
The $21 million size of the bond issue was determined to be the
� moat we could support with the current 1/2� sales and use tax
� . assuming a coverage ratio of 1.75x (i.e., revenues must be 1.75
times annual debt service) . At current interest rates (6.25%} thia
would generate approximately $18 million for the pro ect. If (
]
interest rates rise by 1� from current levels then the amount o£ '
debt we could support and the amount generated for the project �.
drops by $2 million. These calculations are detailed below.
_ I . ..
Amounts in $1,OOO�s p 6.25� @ 7.25�
r, � � �
�
Bond proceeda (par amount) $20,635 $18,625 '
i
. costs of issuance -228 -218
bond insurance -416 -416 ;,„
debt service reserve fund -1,542 -1,542 : -
------- ------- � `
Net proceeda $18,449 $16,449 ;
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There should also be approximately $1 million of accumulated sales � ��N`'±
tax revenue and another $1 to $1.5 million of accumulated revenue ! :"�__
� from the ASC 4.5� contribution available for the project, so we �
should have a range of $28 million to $20.5 million o£ local j��';
I funding available. �
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