HomeMy WebLinkAbout09976RESOLUTION NO. 9976
A RESOLUTION OPPOSING THE 2003 STATEWIDE BALLOT QUESTION KNOWN AS
REFERENDUM A - REVENUE BONDS FOR WATER PROJECTS
WHEREAS, the Colorado General Assembly adopted Senate Bill 03-236 referring to the
voters a measure known as "Referendum A" which, if approved by the voters, would authorize the
Colorado Water Conservation Board (the "Board") to issue $2 Billion of tax exempt revenue bonds,
with a repayment cost of $4 Billion, for the purpose of funding public and private water
development projects within the state; and
WHEREAS, "Referendum A" contains a pledge that the state "will not limit, altar, restrict, or
impair the rights" given to the Board or to obligees under bonds issued by the Board or agreements
made by the Board; and
WHEREAS, "Referendum A' contains broad authority for the Governor and Board to select
the water projects to receive financing without legislative approval; and
WHEREAS, "Referendum A" creates the largest debt in the history of Colorado; and
WHEREAS, "Referendum A" would enable water projects to be financed which may result
in additional raids on the Arkansas River and permanent transfer of water out of the Arkansas
River, which may substantially reduce flows of the Arkansas River, and possibly dry up the
Arkansas River, through Pueblo forever; and
WHEREAS, "Referendum A" contains no time limits for borrowing or repayment which may
require Coloradoans to pay back this debt for generations to come; and
WHEREAS, the Board has no experience in issuing bonds; and
WHEREAS, if the water projects do not generate enough money to repay the bonds, the
state is not prohibited in Referendum A from using state tax revenues to repay the bonds; and
WHEREAS, no water projects are planned or foreseeable which would benefit the
Pueblo area; and
WHEREAS, no feasible water project has ever failed for lack of financing; and
WHEREAS, "Referendum A" contains no protection for river flow, scenic preservation,
wildlife habitat or the environment; and
WHEREAS, "Referendum A" contains no mitigation measures for communities and river
valleys when their economies are damaged by transfers of water out of the region facilitated by
bonds issued under Referendum A;
NOW, THEREFORE, BE IT RESOLVED BY T.HE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The City Council finds that "Referendum A" provides no benefits for the residents of Pueblo
and that it would pose real and permanent threats of damage and injury to the Pueblo community
and to the taxpayers.
SECTION 2.
Council finds and determines that the public interest requires it to take formal action
opposing "Referendum A.'
SECTION 3.
Council finds that the Colorado Fair Campaign Practices Act, at C.RoS. {}l-45-
117(1)(b)(lll)(A) authorizes the Council to adopt a resolution and take a position of advocacy on
any issue presented as a state-wide ballot issue.
SECTION 4.
Council hereby expresses its strong opposition to the Ballot Questions known as
"Referendum A" - Revenue Bonds for Water Projects," and Council hereby urges its residents to
become familiar with that measures and vote "NO" to reject the measure on November 4, 2003.
INTRODUCED October 14, 2003
BY Al Gurule/Councilperson
APPROVED: Bill Sova/President of City Council
ATTEST: Gina Dutcher/City Clerk