2017 Ballot Issue 2C - Street Improvement Revenue

INITIATIVE PASSED

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 Road west across 287 Bridge

Baseline Road Mill and Overlay 95th Street west to City limits

119th Street Widening S. Boulder Road north to Baseline

Sir Galahad Mill and Overlay S. Boulder Road 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 Road to S. Public Road

Diamond Circle Mill and Overlay US 287 to Cabrini Dr.

Avalon Avenue Mill and Overlay Saratoga Dr. to S. Boulder Road

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?"