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HomeMy WebLinkAboutbocc.res.120.2005A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO, ACTING AS THE EX-OFFICIO BOARD OF DIRECTORS OF THE TWINING FLATS ROAD GENERAL IMPROVEMENT DISTRICT, ORDERING THE QUESTION OF THE ISSUANCE OF GENERAL OBLIGATION BONDS AND THE LEVY OF PROPERTY TAXES TO PAY SUCH BONDS BE SUBMITTED FOR THE TWINING FLATS ROAD GENERAL IMPROVEMENT DISTRICT AT AN ELECTION ON NOVEMBER 1, 2005 AND SETTING THE BALLOT TITLE AND BALLOT ISSUE FOR THE ELECTION Resolution No./~0-2005 RECITALS 1. The Twining Flats Road General Improvement District, Pitkin County, Colorado (the "District") has been duly organized pursuant to the provisions of the County Public Improvement District Act of 1968, more particularly being, Part 5 of Article 20 of Title 30, Colorado Revised Statutes, as amended (the "Act"). 2. In accordance with said Act and Article X Section 20 of the Colorado Constitution ("TABOR") the question of the issuance of bonded indebtedness is being submitted to the electors of the District at the general election to be held on November 1, 2005. 3. The Board of County Commissioners of Pitkin County, Colorado acting as the ex-officio Board of Directors of the District (the "Board") has determined and hereby determines and declares that the interests of the District and the public interest and necessity demand payment of construction and installation costs, including costs of issuance, of paving for the Twining Flats Road, a street within the District, to include and provide necessary and adequate grading, paving, drainage and incidentals to the District. 4. The present costs of such financing and road improvements is estimated to be $65,000. 5. It is necessary to submit to the qualified electors of the District the question of issuing general obligation bonds in the principal amount not exceeding the estimated costs of the financing and road improvements and the levy or property taxes to pay such bonds. 6. It is further necessary that the Board submit to the qualified electors of the District the question of increasing the annual maintenance funding needed in order to maintain, repair and replace the improvements on the Twining Flats Road from $2,150 to $6,500. 7. The election shall be conducted as a coordinated polling place election in Pitkin County in accordance with Article 1 to 13 of Title 1, Colorado Revised Statutes, as amended. NOW, THEREFORE, BE IT RESOLVED, BY THE BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO: Section 1. BALLOT ISSUES. (a) At the election to be held on Tuesday, November 1, 2005, there shall be submitted to the eligible electors of the District ballot issues authorizing the issuance of general obligation bonds and the levy of property taxes to pay such bonds and authorizing the levy of property taxes for the purpose of paying the District's operations, maintenance and other expenses, which ballot issues shall be in substantially the form attached hereto as Appendix A. Appendix A is hereby incorporated into this Resolution as if set forth in full herein. (b) For purposes of C.R.S. § 1-11-203.5, this Resolution shall serve to establish the content of the ballot titles set forth herein and the ballot titles for the respective ballot issues shall be the text of the respective ballot issues themselves. Section 2. PUBLICATION. Pursuant to C.R.S. § 1-5-205, a notice of the election including the date, hours, polling places, and questions submitted shall be published one time in The Aspen Times Weekly and shall be posted in a conspicuous place at the County Clerk's office at least 10 days before the date of the election and until after the election. The County Clerk shall also provide such notices as are required by TABOR. Section 3. EFFECTIVE DATE. Subject to approval by the electorate at the November 1, 2005 election, the property tax imposed by this Resolution shall be first levied in 2005 for collection in 2006. The other provisions of this Resolution shall be effective upon adoption. Section 4. SEVERABILITY. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of the Resolution which can be given effect without the invalid provisions of applications, and to this end the provisions of this Resolution are declared to be severable. BE IT FURTHER RESOLVED that the votes cast for adoption or rejection of said ballot issues shall be canvassed and the result determined in the manner provided by law. INTRODUCED, FIRST READ, AND SET FOR PUBLIC HEARING ON THE 10TM DAY OF AUGUST, 2005 NOTICE OF PUBLIC HEAR1NG PUBLISHED IN THE ASPEN TIMES WEEKLY ON THE 12TM DAY OF AUGUST, 2005. APPROVED AND ADOPTED THIS 24TM DAY OF AUGUST 2005. PUBLISHED BY TITLE AND SHORT SUMMARY, AFTER ADOPTION, 1N THE ASPEN TIMES WEEKLY ON THE 2sD DAY OF SEPTEMBER 2005. ATTEST: tette Jones ,uty Clerk, F :he District Officio Secretary BOARD OF COUNTY COMMISSIONERS OF PITKIN COUNTY, COLORADO SITTING EX- OFFICIO AS THE BOARD OF DIRECTORS OF TWINING FLATS ROAD GENERAL IMPROVEMENT DISTRICT Patti Kay-Cla~lbper Chair of Board of County Commissioners, Ex-Officio President of the District Date: ~)q - / ~ - ~5-~ APPROVED AS TO FORM: Hilary _F}~_ ~e~er Smith County IWanager John M.~A~ Cou~ey Debe Nelson Finance Director D APPENDIX A FORM OF BALLOT ISSUES Ballot Issue SHALL TWINING FLATS ROAD GENERAL IMPROVEMENT DISTRICT, PITKIN COUNTY, COLORADO, TAXES BE INCREASED UP TO $6,500 ANNUALLY FOR THE PURPOSE OF PAYING THE DISTRICT'S OPERATIONS, MAINTENANCE AND OTHER EXPENSES; SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR AT A RATE SUFFICIENT TO GENERATE AN AMOUNT ANNUALLY DETERMiNED BY THE GOVERNING BODY OF THE DISTRICT BUT NOT iN EXCESS OF THE AMOUNT SPECIFIED ABOVE; AND SHALL THE PROCEEDS OF SUCH TAXES AND INVESTMENT iNCOME THEREON (REGARDLESS OF AMOUNT) BE COLLECTED AND SPENT BY THE DISTRICT AS A VOTER-APPROVED REVENUE CHANGE WITHIN THE MEANING OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION? Ballot Issue SHALL TWINiNG FLATS ROAD GENERAL IMPROVEMENT DISTRICT, PITKiN COUNTY, COLORADO, DEBT BE iNCREASED UP TO $65,000, WITH A MAXIMUM REPAYMENT COST OF UP TO $130,000, AND SHALL DISTRICT TAXES BE INCREASED UP TO $9,500 ANNUALLY FOR THE PURPOSE OF [CONSTRUCTING, INSTALLING AND PAVING TWINING FLATS ROAD], TOGETHER WITH INCIDENTAL COSTS RELATING TO SUCH PURPOSE, BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS, WHICH BONDS SHALL BEAR iNTEREST AT A MAXIMUM NET EFFECTiVE INTEREST RATE NOT TO EXCEED 7.5% AND MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREM1UM, AND BE ISSUED, DATED AND SOLD AT SUCH TIME OR TIMES, AT SUCH PRICES (AT, ABOVE OR BELOW PAR) AND iN SUCH MANNER AND CONTAiNiNG SUCH TERMS, NOT INCONSISTENT HEREWITH, AS THE GOVERNING BODY OF THE DISTRICT MAY DETERMiNE; SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR, WITHOUT LIMITATION AS TO RATE OR AMOUNT OR ANY OTHER CONDITION, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH BONDS AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND SHALL ANY EARNINGS FROM THE INVESTMENT OF THE PROCEEDS OF SUCH TAXES AND BONDS (REGARDLESS OF AMOUNT) CONSTITUTE A VOTER-APPROVED REVENUE CHANGE WITHIN THE MEANING OF ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION?