Are There Limits to TMMD's Taxing Authority?
GENERAL FUND:
TMMD CANNOT impose a tax (mill) which generates more than $500,000 revenue per year for Operations (General Fund). In 2015, this revenue limit effectively caps the general operations mill at 20.73 Click here for a detailed illustration of TMMD’s taxing limitations.
DEBT FUND:
TMMD can impose a tax (mill) up to 66.027 in order to service the current outstanding debt obligations (Debt Fund). In 2015, TMMD could have set the mills for debt fund at 30.31. Click here for a detailed illustration of TMMD’s taxing limitations.
The Service Plan limits the amount of debt TMMD can incur to 8.5 million. To date, TMMD has used $8,333,977 of this debt authorization. TMMD CANNOT incur debt (take out new bonds) in excess of 8.5 million without voter approval (TABOR vote) and an amendment to the Service Plan. A TABOR vote is conducted during an official election. Every registered voter in TrailMark receiving an election ballot would have the opportunity to vote whether TMMD should incur more debt.
TMMD CANNOT impose a tax (mill) which generates more than $500,000 revenue per year for Operations (General Fund). In 2015, this revenue limit effectively caps the general operations mill at 20.73 Click here for a detailed illustration of TMMD’s taxing limitations.
DEBT FUND:
TMMD can impose a tax (mill) up to 66.027 in order to service the current outstanding debt obligations (Debt Fund). In 2015, TMMD could have set the mills for debt fund at 30.31. Click here for a detailed illustration of TMMD’s taxing limitations.
The Service Plan limits the amount of debt TMMD can incur to 8.5 million. To date, TMMD has used $8,333,977 of this debt authorization. TMMD CANNOT incur debt (take out new bonds) in excess of 8.5 million without voter approval (TABOR vote) and an amendment to the Service Plan. A TABOR vote is conducted during an official election. Every registered voter in TrailMark receiving an election ballot would have the opportunity to vote whether TMMD should incur more debt.
