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FLOOD05130
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Last modified
1/25/2010 6:48:21 PM
Creation date
10/5/2006 1:16:54 AM
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Floodplain Documents
County
Statewide
Community
State of Colorado
Basin
Statewide
Title
Water Project Development Financing Needs
Date
12/30/1982
Floodplain - Doc Type
Educational/Technical/Reference Information
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<br />fiscal year. An expenditure of monies in the fund for water <br />project construction has never been made. <br /> <br />Property Taxes. Section 11 of Article X of the Colorado <br />Constitution permits the state to levy a property tax of up to <br />four mills, with an additional one mill levy for the erection and <br />maintenance of buildings at state educational institutions. <br />Although used previously, this state assessed property tax was <br />phased out in the 1960s. At current property valuations, a one <br />mill levy would generate about $15 million per year. <br /> <br />General Obligation Financing <br /> <br />The above sources of tax revenues are not insubstantial. <br />However, these must be measured against all capital investment <br />needs facing the state, as well as the hundreds of millions of <br />dollars of needed water project construction and rehabilitation <br />including "up front" cost";sharing on federal projects (see, for <br />example, the investment needs set forth in the final report of <br />the Blue Ribbon Panel and the Five Year Capital Investment plan, <br />FY 1983-1987). When viewed from this perspective, it appears <br />that the historical policy of "pay as you go" may not be <br />responsive to" the capital intensive requirements of water project <br />development and rehabilitation which must be addressed over the <br />next two decades. <br /> <br />If "paying as you go" is found to not meet Colorado's <br />captial investment needs then serious consideration must be given <br />to commencing a general obligation financing program. Implemen- <br />tation of such a program would require two things: <br /> <br />(1) Amendment of the State Constitution, which presently <br />specifies that "the state shall not contract any debt <br />by loan in any form," except in a very few instances <br />(Section 4, Article XI), and <br /> <br />(2) Pledges of specified futl.lre tax revenues which would be <br />used 'to retire any indebtedness for want of sufficient <br />project revenues. <br /> <br />wi th respect to pledges of future tax revenues, there are, <br />as discussed above, several poss ible sources. However, not all <br />taxes are equally attractive for general Obligation financing <br />purposes. This is because the amount of capital which can be <br />borrowed is a function of the anticipated stability of the tax <br />revenues which are pledged to retire the indebtedness to be <br />incurred. <br /> <br />The more stable the tax revenues are expected to be, the <br />lower the revenue to annual debt service ratio requirement will <br />be. For example, property taxes are regarded by investment <br />bankers as the best source of pledged revenues. Thus, for every <br /> <br />-7- <br />
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