2017 Ballot Issue 2C - Street Improvement Revenue

Ballot Issue 2C - Street Improvement Revenue Bond
Read the full text of Resolution 2017-44 approved by City Council

Background:
In 2007, Lafayette residents passed a bond issue to fund street improvements and repairs.  This bond will be repaid in 2019.  The City of Lafayette is proposing a new street improvement bond to replace the expiring one.  Because this newly proposed bond will replace the existing one, there will be no increase to taxpayers.

What is being proposed:
The City of Lafayette has determined that public needs and safety require funds be made available as soon as possible for repairing and improving streets and public parking lots, and acquiring and installing additional traffic and safety control devices.  Improvement projects will require incurring financial obligations not to exceed $9,000,000.   

Without this new bond, there are not sufficient funds in the City treasury and it is not anticipated that existing sources of revenue will generate the monies necessary to undertake street improvement projects within a reasonable period of time.  This bond, coupled with on-going, annual sales tax revenue will allow the City to address proposed improvements.

Proposed improvements to be address if the Street Improvement Revenue Bond Issue is passed:

                                                LOCATION                                                               SCOPE OF WORK

STREETS                             Baseline Road & 119th Street                                     Intersection Improvements                   

                                               Horizon Avenue Reconstruction                                  Full length                          

                                                Emma West Reconstruction                                        S. Public Rd. west across 287 Bridge                        

                                                Baseline Road Mill and Overlay                                  95th St. west to City limits                           

                                                119th Street Widening                                                   S. Boulder Rd. north to Baseline               

                                                Sir Galahad Mill and Overlay                                       S. Boulder Rd. to Merlin Dr.                        

                                                Spaulding St. Mill and Overlay                                    Bunting Cove to Merlin Dr.                          

                                                Centaur Village Drive Joint Repair and Chip Seal       Full Length                         

                                                Caria Drive Joint Repair and Chip Seal                        Full Length                         

                                                Waneka Parkway Mill and Overlay                               S. Boulder Rd. to S. Public Rd.                    

                                                Diamond Circle Mill and Overlay                                 US 287 to Cabrini Dr.                     

                                                Avalon Ave. Mill and Overlay                                      Saratoga Dr. to S. Boulder Rd.                    

                                                                               

TRAFFIC SIGNALS           South Public Road @ Old Laramie Trail                                   

                                                South Boulder Road @ Saratoga Drive                                   

                                                South Boulder Road @ 120th Street                                       

                                                East Emma Street @ 120th Street                                            

                                                111th Street @ Lucerne Drive/Cabrini Drive                                        

                                                                               

PUBLIC                                 City Hall                                               

PARKING LOTS                  Library                                 

                                                Senior Center                                   

                                                Bob Burger Recreation Center           

        

Official Ballot Wording for Ballot Issue 2C – Street Improvement Revenue Bonds:
“SHALL THE CITY OF LAFAYETTE’S DEBT BE INCREASED $9,000,000, WITH A REPAYMENT COST OF $10,400,000, (THE MAXIMUM AMOUNT OF PRINCIPAL AND INTEREST TO BE PAID OVER THE LIFE OF THE DEBT) OR SUCH LESSER AMOUNT AS MAY BE NECESSARY, WITHOUT ANY INCREASE WHATSOEVER IN THE RATE OF ANY CITY TAX FOR THE PURPOSE OF PAYING THIS DEBT, FOR THE PURPOSES OF (1.)  REPAIRING AND IMPROVING EXISTING CITY STREETS; (2.) ACQUIRING, INSTALLING OR COMPLETING TRAFFIC AND SAFETY CONTROL DEVICES; AND (3.) REPAIRING AND IMPROVING EXISTING PUBLIC PARKING LOTS, TOGETHER WITH ALL NECESSARY, INCIDENTAL AND RELATED FACILITIES, EQUIPMENT, LAND AND EASEMENTS;

BY THE ISSUANCE OF REVENUE BONDS OR MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS TO BE PAYABLE FROM THE REVENUES OF THE CITY ALLOWED BY THE CITY’S HOME RULE CHARTER, TO MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PREMIUM, AND TO BE ISSUED, DATED AND SOLD AT, ABOVE OR BELOW PAR, IN ONE OR MORE SERIES, AND AT SUCH TIME OR TIMES AND IN SUCH MANNER AND CONTAINING SUCH TERMS NOT INCONSISTENT HEREWITH, AS THE CITY COUNCIL MAY DETERMINE; AND IN CONNECTION THEREWITH TO COLLECT AND SPEND THE PROCEEDS OF SUCH DEBT AND ANY EARNINGS FROM THE INVESTMENT OF SUCH PROCEEDS WITHOUT LIMITATION BY THE REVENUE AND SPENDING LIMITS OF, AND WITHOUT AFFECTING THE CITY’S ABILITY TO COLLECT AND SPEND ANY OTHER REVENUES OR FUNDS UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?”