Ballot Issue 3F: Town of Erie

The ballot question

SHALL THE TOWN OF ERIE'S DEBT BE INCREASED BY UP TO $32.5 MILLION, WITH A MAXIMUM REPAYMENT COST NOT TO EXCEED $52.6 MILLION (PRINCIPAL AND INTEREST) FOR THE PURPOSE OF UPDATING THE AGING ERIE COMMUNITY CENTER BUILDING AND FACILITIES BY ACQUIRING, DESIGNING, CONSTRUCTING, EXPANDING, RENOVATING, IMPROVING, AND EQUIPPING THE SAME AND FOR CONTINUED OPERATIONS AND MAINTENANCE, WITH SUCH IMPROVEMENTS TO INCLUDE BUT ARE NOT LIMITED TO: CONSTRUCTING AND EQUIPPING NEW FITNESS STUDIOS AND EXPANDING EXISTING STUDIOS; CONSTRUCTING AND EQUIPPING A NEW GYMNASIUM AND RACQUET BALL COURTS; EXPANDING MULTIPURPOSE COMMUNITY AND RECREATION SPACE; EQUIPPING NEW STRENGTH TRAINING AND CIRCUIT TRAINING AREAS; AND SHALL TOWN TAXES BE INCREASED BY UP TO $4,866,857 IN THE FIRST FULL FISCAL YEAR AND BY SUCH ADDITIONAL AMOUNTS AS ARE GENERATED ANNUALLY THEREAFTER BY AN INCREASE IN THE RATE OF SALES AND USE TAX IMPOSED BY THE TOWN BY .501%, COMMENCING JANUARY 1, 2027, WHICH TAX REVENUES WILL BE USED FOR THE PAYMENT OF THE DEBT AUTHORIZED BY THIS QUESTION AND FOR THE CONSTRUCTION, OPERATION AND MAINTENANCE OF THE ERIE COMMUNITY CENTER AND OTHER PARK AND RECREATION RELATED EXPENSES OF THE TOWN; AND MAY THE DEBT ISSUED PURSUANT TO THIS QUESTION 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 DEBT AND WITH SUCH TERMS AND CONDITIONS, INCLUDING PROVISIONS FOR REDEMPTION PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF PREMIUM OF NOT TO EXCEED 3%, ALL AS THE TOWN MAY DETERMINE; AND SHALL THE REVENUES RAISED BY SUCH SALES AND USE TAX RATE INCREASE AND PROCEEDS OF SUCH DEBT, ANY OTHER REVENUE USED TO PAY SUCH DEBT, AND INVESTMENT INCOME THEREON, BE COLLECTED AND SPENT BY THE TOWN AS A VOTER-APPROVED REVENUE CHANGE PURSUANT TO ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION?