(1) (a) For purposes of complying with the
provisions of section 20 (4) of article X of the state constitution and upon receipt of
a notice from the secretary of state stating that a valid petition has been filed and
verified and the adoption of a resolution by the board as set forth in section 32-15-106 (1)(f), the board may submit to the registered electors within the geographical
boundaries of the district, at the 1998 general election, the question of whether the
district shall be authorized:
(I) (A) To levy and collect, for a period commencing after the termination of
the sales tax levied and collected by the Denver metropolitan major league
baseball stadium district pursuant to section 32-14-105 and continuing for a period
not to extend beyond January 1, 2012, a uniform sales tax throughout the district at
a rate not to exceed one-tenth of one percent upon every transaction or other
incident with respect to which a sales tax is levied by the state, pursuant to the
provisions of article 26 of title 39, C.R.S.; except that such sales tax shall be levied
on purchases of machinery or machine tools that are otherwise exempt pursuant to
section 39-26-709 (1), C.R.S., to the extent that such purchases are subject to the
sales tax levied by the regional transportation district pursuant to section 29-2-105
(1)(d), C.R.S., to be held and distributed pursuant to the provisions of section 32-15-111; and
(B) To levy and collect a tax upon admissions to a new stadium pursuant to
section 32-15-110.5 for a period not to extend beyond January 1, 2012, and at a rate
not to exceed ten percent upon every purchase of admission to such stadium, to be
held and distributed pursuant to the provisions of section 32-15-111; and
(II) To incur multiple-fiscal year financial obligations to be repaid from other
multiple-fiscal year financial obligations of the district or the revenues collected by
the district, or both, and to refund and refinance the bond anticipation notes and
special obligation bonds authorized without further approval of the voters even if, in
the case of refinancing or refunding of bond anticipation notes, such refinancing or
refunding is at a higher interest rate.
(b) The summary for such petition shall include, but shall not be limited to,
the following statements:
(I) That the district will levy and collect the sales tax specified in paragraph
(a) of this subsection (1) for a period of time commencing after the termination of
the sales tax levied and collected by the Denver metropolitan major league
baseball stadium district pursuant to section 32-14-105 and continuing for a period
not to extend beyond January 1, 2012;
(II) The month, day, and year on which the sales tax levied and collected by
the Denver metropolitan major league baseball stadium district is projected to
terminate and the month, day, and year on which the sales tax levied and collected
by the metropolitan football stadium district is projected to commence; and
(III) A statement that the maximum principal amount of moneys to be raised
by the district for payment of costs of construction of the stadium through the
issuance of multiple-fiscal year financial obligations is two hundred sixty-six million
dollars.
(c) The board may submit the question set forth in paragraph (a) of this
subsection (1) to the registered electors of the district:
(I) After being presented with a notice from the secretary of state stating
that a valid petition requesting the submittal of the question that is signed by the
registered electors within the geographical boundaries of the district in an amount
equal to at least five percent of the total number of votes cast within the
geographical boundaries of the district for all candidates for the office of secretary
of state at the previous general election has been filed and stating that the
signatures on the petition have been verified in accordance with subsections (2) and
(3) of this section; and
(II) After the adoption of a resolution by the board as set forth in section 32-15-106 (1)(f).
(d) (I) Except as otherwise provided in subparagraph (III) of this paragraph
(d), at the election, the question appearing on the ballot shall be determined as
follows:
(A) In the event that the board has determined that it is more cost effective
and economically viable to renovate Mile High stadium than to build a new stadium,
the question appearing on the ballot shall be as follows:
SHALL THE METROPOLITAN FOOTBALL STADIUM DISTRICT TAXES BE
INCREASED ( FIRST FULL FISCAL YEAR DOLLAR INCREASE ) ANNUALLY AND BY
WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER FROM
THE LEVY AND COLLECTION BY THE DISTRICT OF A ONE-TENTH OF ONE
PERCENT SALES AND USE TAX FOR A PERIOD NOT TO EXTEND BEYOND
JANUARY 1, 2012, OR UPON PAYMENT OF THE SPECIAL OBLIGATION BONDS,
WHICHEVER OCCURS EARLIER, COMMENCING AFTER THE TERMINATION OF THE
SALES AND USE TAX LEVIED AND COLLECTED BY THE DENVER METROPOLITAN
MAJOR LEAGUE BASEBALL STADIUM DISTRICT, WITH ALL OF THE PROCEEDS TO
BE USED AND SPENT, ALONG WITH FUNDS FROM OTHER SOURCES INCLUDING
THE PRIVATE SECTOR, FOR THE COSTS RELATING TO THE RENOVATION OF MILE
HIGH STADIUM; AND SHALL THE METROPOLITAN FOOTBALL STADIUM DISTRICT
BE AUTHORIZED TO ISSUE MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS
PAYABLE FROM THE PROCEEDS OF SAID ONE-TENTH OF ONE PERCENT SALES
AND USE TAX AND SAID FUNDS FROM OTHER SOURCES, WHICH
AUTHORIZATION SHALL INCLUDE THE AUTHORITY TO REFUND SUCH MULTIPLE-FISCAL YEAR FINANCIAL OBLIGATIONS AND REFUNDING SPECIAL OBLIGATION
BONDS WITHOUT ADDITIONAL VOTER APPROVAL?
(B) In the event that the board has determined that it is more cost effective
and economically viable to build a new stadium than to renovate Mile High stadium,
the question appearing on the ballot shall be as follows:
SHALL THE METROPOLITAN FOOTBALL STADIUM DISTRICT DEBT BE
INCREASED ( PRINCIPAL AMOUNT ), WITH A REPAYMENT COST OF ( MAXIMUM
TOTAL DISTRICT COSTS ) AND SHALL DISTRICT TAXES BE INCREASED ( FIRST
FULL FISCAL YEAR DOLLAR INCREASE ) ANNUALLY AND BY WHATEVER
ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER FROM THE LEVY
AND COLLECTION BY THE DISTRICT OF [A (____) PERCENT ADMISSIONS TAX
AND FROM THE LEVY AND COLLECTION OF] [THIS CLAUSE TO BE INSERTED IF
DETERMINED TO BE APPROPRIATE BY THE DISTRICT] A ONE-TENTH OF ONE
PERCENT SALES AND USE TAX WITH ALL OF THE PROCEEDS OF SUCH DEBT
AND TAXES TO BE USED AND SPENT, TOGETHER WITH FUNDS FROM OTHER
SOURCES INCLUDING THE PRIVATE SECTOR, FOR THE COSTS RELATING TO THE
CONSTRUCTION OF A NEW FOOTBALL STADIUM TO BE LOCATED WITHIN THE
DISTRICT SUBJECT TO THE FOLLOWING LIMITATIONS:
THE SALES AND USE TAX SHALL COMMENCE AFTER THE TERMINATION OF THE
SALES AND USE TAX LEVIED AND COLLECTED BY THE DENVER METROPOLITAN
MAJOR LEAGUE BASEBALL STADIUM DISTRICT AND SHALL NOT EXTEND
BEYOND JANUARY 1, 2012, OR THE PAYMENT IN FULL OF SUCH DEBT,
WHICHEVER OCCURS EARLIER;
[THE DEBT SHALL BE EVIDENCED BY NOTES, BONDS, OR CONTRACTS
INCLUDING NOTES, BONDS, OR CONTRACTS TO REFUND OTHER NOTES, BONDS,
OR CONTRACTS EVEN IF THE REFUNDING IS AT A HIGHER RATE OF INTEREST;]
[THIS PARAGRAPH TO BE INSERTED IF DETERMINED TO BE APPROPRIATE BY
THE DISTRICT]
THE DEBT SHALL BE PAYABLE FROM THE PROCEEDS OF SUCH TAX,
INVESTMENT INCOME, AND SUCH OTHER DISTRICT REVENUES AS THE BOARD
OF DIRECTORS MAY PLEDGE FOR SUCH PAYMENT;
THE DEBT SHALL HAVE SUCH TERMS AND CONDITIONS AS THE BOARD OF
DIRECTORS OF THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR
REDEMPTION PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE
PREMIUM;
[THE ADMISSIONS TAX SHALL NOT EXTEND BEYOND JANUARY 1, 2012, OR THE
PAYMENT IN FULL OF SUCH DEBT, WHICHEVER OCCURS EARLIER;] [THIS
PARAGRAPH TO BE INSERTED IF DETERMINED TO BE APPROPRIATE BY THE
DISTRICT]
AND SHALL THE PROCEEDS OF SUCH DEBT AND TAXES AND ANY INVESTMENT
INCOME THEREFROM AND ANY OTHER REVENUES OF THE DISTRICT BE
COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION, AS A VOTER-APPROVED REVENUE CHANGE UNDER SECTION 20 OF ARTICLE X OF THE
COLORADO CONSTITUTION OR ANY OTHER LAW?
(II) Except as otherwise provided in subparagraph (III) of this paragraph (d), the
ballot title shall be a statement of the language included in the question set forth in
sub-subparagraph (B) of subparagraph (I) of this paragraph (d); except that the title
shall substitute the words THE METROPOLITAN FOOTBALL STADIUM DISTRICT
DEBT SHALL BE INCREASED for SHALL THE METROPOLITAN FOOTBALL
STADIUM DISTRICT DEBT BE INCREASED, shall substitute the words DISTRICT
TAXES SHALL BE INCREASED for the words SHALL DISTRICT TAXES BE
INCREASED, and shall substitute the words THE PROCEEDS OF SUCH DEBT AND
TAXES AND ANY INVESTMENT INCOME THEREFROM AND ANY OTHER
REVENUES OF THE DISTRICT SHALL BE for the words SHALL THE PROCEEDS
OF SUCH DEBT AND TAXES AND ANY INVESTMENT INCOME THEREFROM AND
ANY OTHER REVENUES OF THE DISTRICT BE, and the title shall end with a period
instead of a question mark.
(III) The ballot question specified in subparagraph (I) of this paragraph (d) may be
modified by the proponents of a petition or by the district to the extent necessary to
conform to the legal requirements for ballot questions and titles.
(IV) If at any election a majority of the registered electors within the geographical
boundaries of the district voting on the question vote affirmatively on the question
specified in paragraph (d) of this subsection (1), then the sales tax and the
admissions tax shall be levied, collected, and distributed as provided for in this
article.
(2) The provisions of article 40 of title 1, C.R.S., regarding the following subject
matter shall apply to petitions that may be submitted pursuant to subsection (1) of
this section: Form requirements and approval; circulation of petitions; elector
information and signatures on petitions; affidavits and requirements of circulators
of petitions; and verification of signatures, including, but not limited to, cure of an
insufficiency of signatures and protests regarding sufficiency statements and
procedures for hearings or further appeals regarding such protests. The provisions
of article 40 of title 1, C.R.S., regarding review and comment, the setting of a ballot
title, including, but not limited to, the duties of the title board, rehearings and
appeals, and the number of signatures required shall not apply to petitions that
may be submitted pursuant to subsection (1) of this section.
(3) Any petition shall be filed with the secretary of state at least ninety days before
the 1998 general election. Any petition shall be valid only for the 1998 general
election. Notice of any question to be submitted to the registered electors within
the geographical boundaries of the district after verification of the signatures on
any petition filed with the secretary of state and at which election such question
shall be submitted shall be filed by the board in the office of the secretary of state
prior to fifty-five days before such election.
(4) (a) For purposes of complying with the provisions of section 20 of article X of
the state constitution and upon the adoption of a resolution by the board, the board
may submit to the registered electors within the geographical boundaries of the
district, at a general election or at an election held on the first Tuesday in
November of an odd-numbered year, the question of whether the district is
authorized to collect and spend revenues in excess of the fiscal year spending
limitation of the district.
(b) If at any such election a majority of the registered electors within the
geographical boundaries of the district voting on the question vote affirmatively on
the question of whether the district is authorized to collect and spend excess
revenues, then the district shall collect and spend such revenues as provided for in
this article.
(5) The provisions of subsection (1) of this section concerning the sales tax shall not
be applicable if the authority of the district to levy and collect any sales tax
approved by the registered electors has expired pursuant to the provisions of this
article. The provisions of subsection (1) of this section concerning the admissions
tax shall not be applicable if the authority of the district to levy and collect any
admissions tax approved by the registered electors has expired pursuant to the
provisions of this article.
(6) Prior to the general election at which any question is to be submitted to the
registered electors pursuant to subsection (1) of this section, the board shall hold at
least two public hearings in each of the counties included, in whole or in part, within
the district.
(7) No public moneys from the state, any city, town, city and county, or county shall
be expended by the public entity or by any private entity or private person to
advertise, promote, or purchase commercial promotion or advertisement to urge
electors to vote in favor of or against any question submitted at an election
pursuant to the provisions of this article.
(8) Prior to submitting a question to the registered electors of the district pursuant
to this section, the district shall enter into an agreement with the franchise
requiring the franchise to pay for all costs of the district associated with the
election at which the question is submitted to the voters pursuant to this section.