During the August Board of Education meeting, D38 Board of Education members voted to pursue a $28.985 million single-purpose bond on the 2019 November ballot. The bond will be used to build a new elementary school. D38 would then use district reserve funds to convert Bear Creek Elementary School back to its original function as a middle school. D38 and the Board of Education are aware of the issues with the bond language from last year and have worked to correct that this year.
Disclaimer: Official ballot language must meet Colorado legal requirements and is reviewed by legal counsel.
Official Ballot Language:
SHALL LEWIS-PALMER CONSOLIDATED SCHOOL DISTRICT NO. 38 DEBT BE INCREASED NOT MORE THAN $28.985 MILLION, WITH A REPAYMENT COST OF NOT MORE THAN $45.25 MILLION, AND SHALL DISTRICT TAXES BE INCREASED NOT MORE THAN $6.510 MILLION ANNUALLY, SOLELY FOR THE PURPOSE OF:
CONSTRUCTING AND EQUIPPING A NEW ELEMENTARY SCHOOL IN JACKSON CREEK;
SUCH DEBT TO BE EVIDENCED BY THE ISSUANCE AND PAYMENT OF GENERAL OBLIGATION BONDS, WHICH SHALL BEAR INTEREST, MATURE, BE SUBJECT TO REDEMPTION, WITH OR WITHOUT PRIOR REDEMPTION PREMIUM OF NOT TO EXCEED 3%, 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 DISTRICT MAY DETERMINE; AND SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR, WITHOUT LIMITATION AS TO RATE, TO PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON SUCH BONDS AND ANY BONDS ISSUED TO REFINANCE SUCH BONDS AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF, PROVIDED THAT SUCH LEVY SHALL NOT PRODUCE REVENUE WHICH EXCEEDS THE AMOUNTS SET FORTH ABOVE?
For the full Bond Issue Resolution, please click here.