Cheyenne Mountain school construction bonds

Cheyenne Mountain School District 12's $80 million borrowing plan would replace Skyway Elementary School with a new building on its present site. The Gazette reports that the school was built in 1955 and that the district's facilities master plan estimated its replacement at $26.5 million. The question's other named projects are safety and security upgrades at all school buildings; added learning spaces at Broadmoor Elementary and Cheyenne Mountain Elementary; replaced or updated roofs, boilers, air conditioning, heating, electrical and other building systems; and more athletic and activity field space, which the district places at Cheyenne Mountain High School.

The list opens with "including but not limited to," and the question also lets the district acquire, build or improve any capital asset it is "authorized by law to own."

The Gazette reports that enrollment has been stable in recent years. Superintendent David Peak told the paper the Broadmoor and Cheyenne Mountain Elementary additions support modern educational needs in aging buildings, not future growth. Asked why it does not close Skyway, the district answers that four elementary schools would not hold enough space or enrollment for its PreK-12 program.

The district says paying off two earlier bonds gives it capacity to issue new bonds while keeping its tax rate at 55 mills. Its FAQ says the rate stays at 55 mills whether Issue 4B passes or fails, and that the rate is not guaranteed, because future assessed values, interest rates and other conditions can change it. The state's tax-year 2025 levy table splits the district's 55 mills into 27 general, 19.893 override, 8.04 bond and 0.067 abatement mills. If the question fails, the district says it would meet the building needs over time from general funds that could otherwise pay for salaries, instruction and student activities.

The question caps the new debt at $80 million, its total repayment at $162 million and the yearly tax increase at $8.8 million. It lets the district levy property tax in any year without a limit on the rate, but only enough to pay the bonds or any refunding debt or to build a reserve for those payments. The district may sell the bonds in one or more series, above or below their principal amount, on terms and with maturities permitted by law and set by the district. The bonds may be repaid before maturity with or without a premium of no more than 3%. The question names no final repayment year. It may collect and spend the money raised, and earnings on it, as a voter-approved revenue change under TABOR and any other law.