City of Colorado Springs - File #: 14-0470

• File #: 14-0470
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 8/4/2014
• In control: City Council
• On agenda: 1/27/2015
• Final action: 1/27/2015
• Title: A Resolution submitting to the registered qualified electors of the City of Colorado Springs, Colorado, at the General Municipal Election to be held on Tuesday, April 7, 2015, the question of issuing Sales and Use Tax Revenue bonds of the City without raising taxes or imposing a new fee, in the maximum principal amount of $160,000,000 for the purpose of financing capital improvements; providing for the form of the ballot title and text; providing for certain matters with respect to the election; and, providing the effective date of this resolution

Date	Ver.	Action By	Action	Result
1/27/2015	1	City Council	denied	Fail
1/27/2015	1	City Council	denied	Fail
1/27/2015	1	City Council	approved	Pass
1/27/2015	1	City Council	denied	Fail
1/12/2015	1	Council Work Session	referred
11/24/2014	1	Council Work Session	referred

Title
A Resolution submitting to the registered qualified electors of the City of Colorado Springs, Colorado, at the General Municipal Election to be held on Tuesday, April 7, 2015, the question of issuing Sales and Use Tax Revenue bonds of the City without raising taxes or imposing a new fee, in the maximum principal amount of $160,000,000 for the purpose of financing capital improvements; providing for the form of the ballot title and text; providing for certain matters with respect to the election; and, providing the effective date of this resolution

Body
From:
Steve Cox, Chief of Staff/Chief Administrative Officer
Kara Skinner, Chief Financial Officer

Summary:
The City has a backlog of high priority, unfunded capital improvement project (CIP) needs - neighborhood streets, parks, public safety, and stormwater projects. While there are dedicated revenue sources such as the Pikes Peak Regional Transportation Authority (PPRTA) approved in 2004, the Public Safety Sales Tax (PSST) approved in 2001, and the Trails, Open Space and Parks (TOPS) tax approved in 1997, those funds are dedicated to specific uses per the authorizing ballot issues and do not address all long-term transportation, public safety, parks, and stormwater needs.

The City has invested funds in stormwater projects, first with the Stormwater Enterprise, and since the dissolution of the enterprise, with increasing General Fund dollars and aggressively seeking grant funding opportunities. The City has budgeted more than $73 million for stormwater activities from 2012 through 2015. This CIP plan carries forward beyond 2015 annual stormwater spending along with improvements in neighborhood streets, public safety facilities and parks infrastructure.

The attached Resolution would place an item on the April Municipal Election ballot asking for voter approval to issue up to $160 million in Sales and Use Tax Revenue bonds. This bonding proposal will allow the City to accel...