SHALL CITY OF DURANGO DEBT BE INCREASED $15,890,000 WITH A MAXIMUM REPAYMENT COST OF $26,305,900 WITHOUT IMPOSING ANY NEW TAXES OR TAX RATE INCREASES, FOR THE PURPOSE OF ACQUIRING A SITE FOR A NEW LIBRARY FACILITY, CONSTRUCTING, INSTALLING AND EQUIPPING SUCH LIBRARY FACILITY, INCLUDING WITHOUT LIMITATION COSTS ASSOCIATED WITH SITE IMPROVEMENTS, SUBJECT TO THE FOLLOWING:

THE CITY MAY PLEDGE TO THE PAYMENT OF THE DEBT FIFTY PERCENT OF THE ONE-HALF OF ONE PERCENT SALES AND USE TAX APPROVED BY THE VOTERS OF THE CITY ON APRIL 5, 2005 OR ANY OTHER LEGALLY AVAILABLE REVENUES OF THE CITY, AS DETERMINED BY THE CITY COUNCIL;

THE DEBT MAY BE SOLD IN ONE SERIES OR MORE, FOR A PRICE ABOVE OR BELOW THE PRINCIPAL AMOUNT OF SUCH SERIES, ON TERMS AND CONDITIONS, AND WITH SUCH MATURITIES AS PERMITTED BY LAW AND AS THE CITY MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF PREMIUM OF NOT TO EXCEED THREE PERCENT;

THE CITY IS AUTHORIZED TO ISSUE DEBT TO REFUND THE DEBT AUTHORIZED IN THIS QUESTION, PROVIDED THAT SUCH REFUNDING DEBT, ALONG WITH ANY OTHER DEBT INCURRED BY THE CITY PURSUANT TO THIS AUTHORIZATION, IS ISSUED ON TERMS WHICH DO NOT EXCEED THE PRINCIPAL AMOUNT AND TOTAL REPAYMENT COSTS AUTHORIZED IN THIS QUESTION; AND

THE EARNINGS FROM THE INVESTMENT OF SUCH BOND PROCEEDS MAY BE COLLECTED, RETAINED AND SPENT AS A VOTER APPROVED REVENUE CHANGE UNDER ARTICLE X, SECTION 20 OF THE COLORADO CONSTITUTION AND ANY OTHER REVENUE LIMITATIONS CONTAINED IN THE LAWS OF THE STATE?