Open Space Funding Sources
Boulder County has raised over $259 million in bond sales since the
1993 open space sales and use tax passage. In 1994, Boulder County
issued $3 6
million in open space sales tax revenue bonds (the county is obligated
to use only the 0.25% sales tax revenue proceeds to repay the bonds).
With all of those bond proceeds spent and the sales and use tax
proceeds exceeding revenue projections, Boulder County went to the
voters again in November 1995 and November 1997 for permission to issue
limited tax general obligation bonds (the county has pledged $3.8
million to $4 million other revenue legally available without increasing
taxes -- such as sales tax revenue not needed for payments on the bonds
-- for repayment of these bonds). The voters approved both bond sales,
and bonds were sold in January 1996 and January 1998 (approximately $35
million in each sale). Based on the extension of the sales tax, which
included approval for another bond sale, $35 million in bonds were
issued for sale in February 2000. Repayment for these three bond series
is pledged from the proceeds of the ten-year extension of the sales tax.
 By
summer 2000, the February 2000 bond proceeds had been committed, and
funding analysis revealed that tax revenues between 2001 and 2009 would
be inadequate to continue significant open space purchases from the
existing 0.25% tax. Over that period, much of the remaining prime open
space land likely would be developed. As a result, the Board of County
Commissioners proposed extending the then current 0.10% recycling and
composting tax, set to expire at the end of 2001, for eight years. The
voters approved this proposal, which allowed the issuance of an
additional $80 million in bond proceeds, $50 million of which was issued
in 2001; the remaining $30 million was issued in December 2002. The 2000
bond proceeds were fully committed by mid 2004. Boulder County went to
voters in November 2004 to request additional open space funding and
future funding for maintenance of open space. Voters approved a new open
space sales and use tax rate of 0.1%. A minimum of 10% of the revenues
must be spent on management and maintenance of Boulder County open
space. The remainder of the revenue can be used for open space
acquisition, trails, land and facilities improvements and maintenance.
This tax is in effect for 20 years until December 31, 2024. After this
date, the tax rate drops to 0.05% and continues into perpetuity, with
these funds being committed for open space management and maintenance
only. Boulder County issued approximately $41 million in bonds in early
2005, backed by the November 2004 open space tax. As of January 1, 2006,
the majority of these funds have been committed for open space
acquisition.
Beyond the provisions allowed for in the 2004 open space tax, operating
and maintenance costs of the open space program continue to be funded
from the general fund (property tax revenues).
Return to Real Estate…
This information was updated August 4, 2006.
|
