DENVER -- Moody's Investors Service downgraded Jefferson County School District, Colo., general obligation debt to Baa1 from A because of the tax limitations imposed by Amendment 1.

Amendment 1, passed last year by the state's voters, limits tax and spending increases to the rate of the Denver-Boulder Consumer Price Index. If local governments want to raise either taxes or spending above the Denver rate, the increases must be approved by a vote of the people.

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