Revenue Bonds to Fund Resilient Improvements to the St. Vrain Project
Oct. 16—What he asks: “Without imposing new taxes or increasing existing taxes, will the Town of Longmont be permitted to borrow up to $20,000,000 for the purpose of financing improvements to the system storm drainage, including but not limited to improvements to the St. Lawrence River? The Vrain Creek drainage channel from Sunset Street to Hover Street to protect downstream areas from future flooding; and whether the loan should be evidenced by bonds, loan agreements or other financial obligations payable only from the revenues of the city’s storm drainage company and be issued in one installment or in several series at a price greater than, less than or equal to the capital of this loan and according to the terms, including the provisions for repayment before maturity with or without payment of a premium, that the City may determine? »
What does this mean: Should the city be allowed to borrow up to $20 million to fund storm drainage infrastructure along St. Vrain’s Creek to protect the city from future flooding?
What supporters say: This election measure is necessary to restore the Saint-Vrain stream and to protect the people and property along it from flooding.
What the opponents say: No formal opposition has formed to this electoral measure.