Resolution 2025-76 - Laserfiche WebLink

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The second requirement is for the Enterprise to be `authorized to issue its own revenue bonds'. The BID Act, in C.R.S. Section 31-25-1221, allows a BID to issue revenue bonds of the district, stating in part: "Bonds payable solely from revenues derived from sources other than the district's general ad valorem tax may be issued without an election." That statute also says: "Under no circumstances shall any of said bonds be held to be an indebtedness, an obligation, or a liability of the municipality in which the district is located, and bonds issued pursuant to this part 12 [the BID Act] shall contain a statement to that effect." In other words, a business improvement district has statutory authority to issue revenue bonds, and if any bonds are issued by a business improvement district, those bonds are not an obligation of the city. By approval of this Operating Plan, the BID Ice Rink Enterprise is hereby authorized to issue its own revenue bonds. However, in accordance with the 2025 amended and the 2026 budgets (Exhibit 2), it will not do so. The third requirement is that the Enterprise `receive under ten percent of annual revenue in grants for all state and local governments combined.' There is a provision in the Ice Rink Agreement for the City to pay the BID for services to be rendered by the BID. A payment under an agreement for services, such as the Ice Rink Agreement, does not constitute a grant. Under this Operating Plan, the BID is not authorized to apply for or receive grants of 10% or more of its annual revenue from all Colorado state and local governments combined. Improvements, Services, BID Administration To the extent that the BID Ice Rink Enterprise is required to provide `improvements' under the Ice Rink Agreement, it will do so. The `services' to be provided by the BID Ice Rink Enterprise are as described in the Ice Rink Agreement. Revenue from the BID Ice Rink Enterprise will be used for performing the Ice Rink Agreement and the administration of the BID, including the annual audit as required, Board meeting expenses, if any, and the like. TAXES, FEES, AND ASSESSMENTS. A prior operating plan had indicated that the BID would be certifying a mill levy to collect taxes in 2001, however, the election that was required to levy the tax failed as discussed above. No BID taxes have been collected to date, nor will be collected in 2025 or 2026. The BID Ice Rink Enterprise will collect fees for services and goods and other revenues as described in the Ice Rink Agreement. In a prior year, the BID submitted a proposal to the City/LRC for potential tax DN 4257652.1