Colorado voting to ban ANY state debt.

[donco6]

Be it Enacted by the People of the State of Colorado:

Section 1.
Article XI, section 3 is repealed and re-enacted to read, as stated in the original constitution: "The state shall not contract any debt by loan in any form."

Sections 4, 5, 6(2), and 6(3) are repealed as obsolete and superseded.

Section 6 (1) is repealed and re-enacted as section 6 to read: "Without voter approval, no political subdivision of the state shall contract any debt by loan in any fonn. The loan shall not be repealed until such indebtedness is fully paid or discharged. The ballot title shall specify the use of the funds, which shall not be changed."

Section 2.
Article X, section 20 is amended to add:
(4)(c) After 2010, the following limits on borrowing shall exist:
(i) The state and all its enterprises, authorities, and other state political entities shall not borrow, directly or indirectly, money or other items of value for any reason or period of time. This ban covers any loan, whether or not it lasts more than one year; may default; is subject to annual appropriation or discretion; is called a certificate of participation, lease-purchase, lease-back, emergency, contingency, property lien, special fund, dedicated revenue bond, or any other name; or offers any other excuse, exception, or form.

(ii) Local districts, enterprises, authorities, and other political entities may borrow money or other items of value only after November voter approval. Loan coverage in (i) applies to loans in (ii). Future borrowing may be prepaid without penalty and shall be bonded debt repaid within ten years. A non-enterprise shall not borrow if the total principal of its direct and indirect current and proposed borrowing would exceed ten percent of assessed taxable value of real property in its jurisdiction.

(iii) No borrowing may continue past its original term. All current borrowing shall be paid. Except enterprise borrowing, after each borrowing is fully repaid, current tax rates shall decline as voter-approved revenue changes equal to its planned average annual repayment, even if not repaid by taxes. Such declines do not replace others required. Future borrowing is void if it violates this paragraph (c), which shall be strictly enforced. Conflicting laws, rulings, and practices are repealed, overturned, and superseded.


So, the state cannot have ANY debt at all. Can never borrow money in any way. And any political subdivision cannot borrow money without a vote. So I cannot enter into a copier lease/purchase program at my school district unless I take that to the voters in November. I cannot finance a roof replacement. I cannot get a cash-flow loan to make payroll until my property taxes arrive in March.

I give up.

[Hawkeye-X]

1. Hey Don

How did the MRI go?

Also, do you have a relevant article from the DP or local nooz channels to confirm this?

[donco6]

3. I have it tomorrow.

Up and nervous tonight.

Here's a link to the Vote No campaign info. http://protectcoloradoscommunities.net/index.php?s=learn

And ballotpedia:

http://www.ballotpedia.org/wiki/index.php/Colorado_Property_Taxes,_Amendment_60_(2010)

It's just been certified for the ballot, so people are just learning about it.

[Hawkeye-X]

7. I'll keep you in mind

and hope the MRI turns out that you're OK. :)

[Kolesar]

2. Even conservative intellects agree that the government needs to spend on transportation

...to create economic growth. Bonds are needed to build roads and ports.

I think bonds are needed to pay for water and sanitation projects, too.

[eleny]

4. Are we to presume that this is going on the ballot?

Please post a link, Don. I haven't watched local news lately and have to admit that I'm in the dark. :blush:

Tia.

[Hawkeye-X]

6. Me too.

Just learning about these now.

They'll get my FUCK NO vote in the general.

Smells like another attempt in Brucifying again.

It's already bad enough that TABOR is the law of the state, we're still trying to deBrucify that damn law (repeal it too)

[eleny]

9. Thanks, H-X

When I read the OP I thought of Bruce immediately. And I wish there was a "f-no" choice on the ballot. I think this one will go down in flames.

PS and OT - have you visited the Owl Box cam website? I didn't join to chat but do read the chat and thought I saw you there. In case you are the same Hawkeye-X, wow but the owlets get big in a hurry! I can hardly wait till they start going outside.

[Hawkeye-X]

10. Yes, I watched Molly hatch these eggs

but every time I go to the website, the owlets gets REALLY huge.

I haven't seen the daycam in two weeks, been very busy with real life

I hope to catch a glimpse of it tomorrow, if I have time.

:hi:

Hawkeye-X

[DevonRex]

20. Just thinking of Bruce makes me grind my teeth down to nubs. GRRRRR. nt

[donco6]

25. Ugh. He's such a jerk.

Now that he's got Colorado Springs to where they can't even keep their streetlights on at night, he's coming after the rest of the state.

[donco6]

15. Here's one.

http://ballotpedia.org/wiki/index.php/Colorado_State_and_Local_Debt_Limitations,_Amendment_61_(2010)

Ballot summary
Amendment 61 would:<3>

require local government to get voter approval for loans
require local government to repay debt within 10 years
prohibits borrowing by state government

Ballot title
Shall there be an amendment to the Colorado constitution concerning limitations on government borrowing, and, in connection therewith, prohibiting future borrowing in any form by state government; requiring voter approval of future borrowing by local governmental entities; limiting the form, term, and amount of total borrowing by each local governmental entity; directing all current borrowing to be paid; and reducing tax rates after certain borrowing is fully repaid?

Supporters
Marty Neilson, president of the Colorado Union of Taxpayers, said she believes the measure will be beneficial for the state of Colorado. "There is plenty of taxing going on and too much spending," she said. Additionally, Neilson rejected the argument that county government and school districts would be harmed by the tax changes. She added,"I know the schools' mantra: 'It's for the children.' But many of our graduates going on to college have to take remedial classes. These schools need to perform a bit better and do it on the funds they have."<4>

Opponents
Senate President Brandon Shaffer, House Speaker Terrance Carroll, Senate Minority Leader Josh Penry and House Minority Leader Mike May all oppose Amendment 61. Shaffer, Carroll, Penry and May also oppose two ballot measures on the Colorado 2010 ballot: Proposition 101 and Amendment 60.<5> Some 2010 gubernatorial candidates announced their opposition in February 2010: Denver Mayor John Hickenlooper, the Democrat running for governor, and former Congressman Scott McInnis, one of the Republicans running.<6>

[eleny]

24. Thanks Don!

I haven't been approached yet to sign a petition. These guys really tick me off.

Last year there was a guy taking signatures in front of my library (Jeffco Main) for a lower taxes petition. I told him he had a lot of nerve standing in front of a building he was trying to close. People walked up to sign it and I told them they were harming the library that they were using. From the way they acted it seemed like they didn't get it. But I felt better for having had my say.

[DevonRex]

19. So am I. nt

[KingFlorez]

5. This is very flawed

It ties the hands of every level of government. Everyone knows borrowing isn't the most popular option, but it's necessary at times and the option needs to be open.

[TwilightGardener]

8. This state really loves tying its own hands.

[Commie Pinko Dirtbag]

11. More like tying its own arteries. -nt

[madamesilverspurs]

12. Has anybody ever figured out

what we did to deserve Dougie Bruce???


-

[DavidDvorkin]

13. This is a ballot initiative? What's the title? Does it

have the signatures to get on the ballot? Are there any polls about it?

All kinds of screwy ballot initiatives get proposed in various states. That's not the same thing as saying that a state "is voting" to do whatever it is.

[donco6]

14. It's already been certified and will be on the November 2010 ballot

So, yeah, we're voting on it.

At the state CASBO meeting last week, they said the other two, 101 and Amendment 60 were not polling well, but that this one was.

http://ballotpedia.org/wiki/index.php/Colorado_State_and_Local_Debt_Limitations,_Amendment_61_(2010)

Colorado has the lowest threshhold to get voter-initiatives on the ballot.

[DavidDvorkin]

18. Well, that's disturbing

Lately, Colorado voters have been more sensible about government debt than they were back in TABOR days. I hope the polling means only that voters are reacting to the general description at this point and that they'll wise up.

[donco6]

21. Me too. This thing will be beyond crippling.

Gearing up for a fight tho.

[gristy]

22. It's on the ballot? Typos and all?

"shall contract any debt by loan in any fonn"

[donco6]

23. I sincerely apologize for my OCR.

I had to OCR the .pdf file that wasn't representing in text.

I swear on my mother's grave it really is on the ballot.

[SoCalDem]

16. Fine!...but....

don't come begging Uncle Sam to fill your empty coffers when you cannot make ends meet.

States have to bite the bullet and be prepared to tax their citizens to pay for services they ask for....and in exchange for that tax money, the legislators should be expected to face a yearly audit to show the people where their money went.

[donco6]

17. Oh and another niftypiece:

(iii) No borrowing may continue past its original term. All current borrowing shall be paid. Except enterprise borrowing, after each borrowing is fully repaid, current tax rates shall decline as voter-approved revenue changes equal to its planned average annual repayment, even if not repaid by taxes. Such declines do not replace others required. Future borrowing is void if it violates this paragraph (c), which shall be strictly enforced. Conflicting laws, rulings, and practices are repealed, overturned, and superseded.

So, if you currently have a loan - say for new school buses - once the loan is repaid, the entity cannot use that freed up cash to purchase other things. It has to reduce the property tax rate, even if the payment was coming from the 60% of the funding that comes from the state and not property taxes. So any entities funding will be cut by whatever amount they have in outstanding debt payments.