Authorization to increase City debt by not more than $68,000,000 to finance improvements to the City's wastewater system and to pledge wastewater utility revenues to the payment of the debt.

Shall City of Durango debt be increased not more than $68,000,000 with a total repayment cost of not more than $101,340,000 for the purpose of financing improvements to the City's wastewater system including, without limitation, the design and construction of a new wastewater treatment plant at a new location or the improvement of the current wastewater treatment plant; and shall the debt be paid solely from the City's wastewater utility revenues; and shall such debt (1) be issued in one or more series at such prices and with such terms as the City may determine including provisions for redemption prior to maturity with or without payment of a premium, and (2) bear interest at a rate or rates such that the maximum annual debt service of all series is not more than $4,776,000?