Ballot Issue 7B: Central Colorado Water Conservancy District

The ballot question

SHALL THE CENTRAL COLORADO WATER CONSERVANCY DISTRICT DEBT BE INCREASED UP TO $250 MILLION, WITH A MAXIMUM REPAYMENT COST OF UP TO $470 MILLION, AND SHALL DISTRICT TAXES BE INCREASED UP TO $18.7 MILLION ANNUALLY FOR THE PURPOSE OF DEVELOPING, ACQUIRING AND MANAGING RELIABLE WATER RESOURCES THROUGH DEBT FINANCING TO: LESSEN DROUGHT IMPACT AND INCREASE WATER SUPPLIES NECESSARY TO SUPPORT AND MAINTAIN FAMILY FARMS AND AGRICULTURAL BUSINESSES THROUGH DEVELOPMENT OF WATER PROJECTS TO CAPTURE WATER DURING TIMES OF HIGH SUPPLY FOR USE DURING TIMES OF NEED; PREVENT LOCAL FARM AND RANCH DRY-UPS AND KEEP WATER IN ADAMS, MORGAN AND WELD COUNTIES THROUGH THE ACQUISITION OF SENIOR WATER RIGHTS; AND ACQUIRE, CONSTRUCT AND IMPROVE LONG-TERM WATER STORAGE RESERVOIRS AND OTHER FACILITIES TO MORE EFFICIENTLY STORE AND DELIVER WATER AVAILABLE TO THE DISTRICT; SUCH DEBT TO CONSIST OF THE ISSUANCE AND PAYMENT OF BONDS OR SIMILAR LIMITED TAX OBLIGATIONS, WHICH DEBT SHALL BEAR INTEREST AT A MAXIMUM NET EFFECTIVE INTEREST RATE NOT TO EXCEED 6.0% PER ANNUM AND SHALL BE 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 DIRECTORS MAY DETERMINE; SHALL AD VALOREM PROPERTY TAXES BE LEVIED IN ANY YEAR AT A LIMITED MILL LEVY RATE NOT TO EXCEED 3 MILLS, EXCEPT AS PERMITTED IN SECTION 37-45-126 OF THE COLORADO REVISED STATUTES, AND IN SUCH AMOUNTS AS SET FORTH ABOVE AND SHALL THE DISTRICT BE AUTHORIZED TO ENCUMBER AND PLEDGE ANY OTHER REVENUES OF THE DISTRICT TO BE USED TO PAY THE PRINCIPAL OF AND INTEREST ON SUCH BONDS AS THE SAME BECOME DUE AND TO FUND ANY RESERVES FOR THE PAYMENT THEREOF; AND SHALL ANY INVESTMENT EARNINGS (REGARDLESS OF AMOUNT) FROM SUCH TAX REVENUES AND FROM THE PROCEEDS OF SUCH BONDS CONSTITUTE A VOTER-APPROVED REVENUE CHANGE?