City of Longmont Ballot Question 3B - AUTHORIZING $45,500,000 OF REVENUE BONDS AND A SALES AND USE TAX RATE INCREASE OF .18% TO FUND A COMPETITIVE POOL AND ICE RINK.

Shall the City of Longmont debt be increased in an amount not to exceed $45,500,000, with a total repayment cost of not to exceed $72,260,000 and shall city taxes be increased $4,650,000 in the first full fiscal year and by such amounts as are raised annually thereafter by increasing the city sales and use tax rate from 3.53 percent to 3.71 percent, which is an increase of one and eight one hundredth cents on each ten dollar purchase, beginning January 1, 2020, subject to the following: the proceeds of the debt will be used for the construction of a competitive pool and ice rink; the tax revenues will be used for the payment of such debt and for the construction, operation and maintenance of the competitive pool and ice rink; provided that on the earlier of January 1, 2040 or the date the debt is paid, the tax rate increase authorized by this question will decrease from .18 percent to .03 percent and the tax revenues will be used solely for operation and maintenance of the competitive pool and ice rink; the debt may be paid from such legally available revenues, bear interest, and be sold in one series or more at a price above, below or equal to the principal amount of such bonds and with such terms and conditions, including provisions for redemption prior to maturity with or without payment of premium, all as the City Council may determine; and shall the proceeds from such tax and debt proceeds and any investment income earned from such proceeds be collected and spent as a voter-approved revenue change under Section 20 of Article X of the Colorado Constitution?