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Notwithstanding the limitations imposed by section 11-19 or any other provision of the charter, the City Council shall be authorized, without any further preliminaries or limitations, to issue general obligation bonds in a principal amount not to exceed sixteen million, one hundred thousand dollars ($16,100,000). These bonds shall be paid from additional property taxes, without reduction, imposed in each year in a sufficient rate and amount to pay such bonds or any refundings thereof; provided, however, that the revenues produced by such taxes shall not exceed one million, seven hundred and forty-nine thousand dollars ($1,749,000) annually. The proceeds of such bonds, including investment earnings, shall be spent to acquire, construct, install, and equip park and open space projects, together with necessary incidentals. Such bonds shall mature at not more than fifteen (15) years from their issuance date, bearing interest at a net effective interest rate not to exceed 9.00%, and shall be issued at such times and upon such terms and conditions, including provisions for early redemption, with or without premium, in accordance with the law, all as the City Council may determine. The city is authorized to collect, retain, and expend all revenues, from whatever source, necessary to pay such bonds and to fund the operation and maintenance of such projects, as well as all revenues generated by such projects, free from the revenue and expenditure limitations of Article X, Sections 20(7)(b) and (c) of the Colorado Constitution and section 11-27 of this charter or any such limitations that may be enacted in the future except by amendment of this charter by the registered electors of the city. (Ord. No. 2000-79, § 1, 11-7-2000)