Article Contributed on: 10/7/2008 3:01:59 PM
Shall Denver Public Schools (School District No. 1) debt be increased $454 million, with a maximum repayment cost of $990 million, and shall district taxes be increased $59 million annually (estimated to result in a tax increase of approximately $5 dollars per year for every $100,000 of residential property value) to complete necessary renovations and improvements district-wide, including but not limited to the following:
• Making critical repairs and renovations, that touch almost every school building or grounds in the district
• Improving computer technology across the district
• Replacing deteriorating school playgrounds with new ones that are safer
• Constructing a new kindergarten-through-eighth grade and new high school to accommodate the rapid student growth in far northeast Denver
• Expanding elementary school classroom capacity to accommodate the increasing demand of preschool and kindergarten programs
By the issuance and payment of general obligation bonds, installment or lease purchase agreements or other multiple fiscal year obligations which may be used as matching moneys for financial assistance from the state under the Building Excellent Schools Today Act, which debt shall bear interest at a maximum net effective interest rate not to exceed 7.322% and mature, be subject to redemption, with or without premium, 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 board of education 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 debt and such taxes be a voter-approved revenue change that the district may collect, retain and expend without limitation under Article X, Section 20 of the Colorado constitution (tabor) or any other law?