SALES AND USE TAX INCREASE FOR A COMMUNITY POOL

SHALL THE CITY OF CAÑON CITY TAXES BE INCREASED BY $1,680,000 ANNUALLY AND BY WHATEVER AMOUNT IS GENERATED THEREAFTER FROM A TEMPORARY SALES AND USE TAX IMPOSED AT THE RATE OF THREE-TENTHS OF ONE PERCENT (0.30%) TO BEGIN ON JANUARY 1, 2025 AND TO END ON DECEMBER 31, 2050, TO BE PLEDGED SOLELY TO SUPPORT FINANCING FOR THE CONSTRUCTION OF A COMMUNITY RECREATION POOL AND RELATED POOL CAPITAL IMPROVEMENTS CONSTRUCTED AND OPERATED BY THE CAÑON CITY AREA METROPOLITAN RECREATION AND PARK DISTRICT (THE “RECREATION DISTRICT”) AND LOCATED ON LAND DONATED BY FREMONT RE-1 SCHOOL DISTRICT; SHALL THE TAX INCREASE AUTHORIZED HEREIN BE SUBJECT TO AND CONDITIONED UPON PRIOR VOTER APPROVAL OF A BALLOT MEASURE AUTHORIZING DEBT TO BE ISSUED BY THE RECREATION DISTRICT; SHALL CITY OF CAÑON CITY AND THE RECREATION DISTRICT BE AUTHORIZED TO ENTER INTO AN AGREEMENT CREATING FINANCIAL OBLIGATIONS EXTENDING BEYOND THE CURRENT FISCAL YEAR TO PAY OVER THE PLEDGED REVENUES TO THE RECREATION DISTRICT; AND SHALL THESE PLEDGED REVENUES BE COLLECTED, RETAINED AND SPENT AS A VOTER APPROVED REVENUE CHANGE OF THE CITY NOTWITHSTANDING ANY REVENUE LIMITS PROVIDED BY LAW?

What does this language mean?

This question would raise sales tax for the City of Cañon City by .30% for the construction of a new swimming pool.  The taxes would be passed through to the Cañon City Area Recreation and Park District to pay for the General Obligation Bonds to pay for the capital construction and build capital reserves.  Once the bonds are paid off after 25 years, the sales tax will sunset.  If the bonds are paid off early, they will sunset at that time.  The sales tax collected can be used only for capital construction and capital reserves.  It may not be used for pool operations or any other Recreation District operations or projects.  The City and District must also enter into an Intergovernmental Agreement on how the funds are used.  This provides an extra layer of transparency to the project