April 4, 2016 [updated links 2016-06-06]
[Note: This November (2016) there will be things on the ballot to restrict or eliminate the Taxpayer’s Bill of Rights (Tabor). TABOR is Article X Section 20 of the Colorado Constitution. This blog shares one aspect of how Tabor is meant to protect the taxpayers.]
This afternoon someone asked me for information on COPs. COPs are Certificates of Participation. After a quick phone call to a friend, the article below showed up in my email.
The article was written by a fiscal policy analyst (Joshua Sharf) at the Independence Institute in Denver, Colorado. The website for the Independence Institute is: www.i2i.org
You will find Joshua’s article does a good job describing COPs, and how they affect other issues. If this subject is brand new to you, or not real familiar to you, you may want to study it carefully. Despite what some people will tell you, COPs are a big deal.
COPs are just one more way that some people in power go around law that protects us. That law is the Taxpayer’s Bill of Rights (TABOR). The law says that in order for governments to issue unsecured debt, or General Obligation (GO) debt, the electorate must agree to increasing their taxes with their vote.
COPs let some people in power spend more money than they are given in their budget, eliminating any incentive for them to cut other expenses, and letting them ignore those of us who will pay the increased taxes.
COPs are a sneaky way to violate the law’s intent: never to increase taxpayer debt without our permission.
Jeffco COPs: Whatcha gonna do when they come for you?
January 29, 2015 12:19 PM· By Joshua Sharf
Is Jefferson County School District about to take on $80,000,000 in unsecured debt without asking its taxpayers? That’s what would happen under a proposal to fund new school buildings.
Under the Colorado State Constitution, governments are forbidden from issuing unsecured, or General Obligation (GO) debt without a vote of the taxpayers. General Obligation debt is not secured by any specific revenue stream or asset, but by the general tax revenues of the district.