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RESOLUTION No. 37, SERIES 1999 - A RESOLUTION SUBMITTING A <br />BALLOT ISSUE TO A VOTE OF THE REGISTERED ELECTORS OF THE CITY <br />OF LOUISVILLE AT THE COORDINATED ELECTION TO BE HELD <br />NOVEMBER 2, 1999 <br /> <br />Davidson called for staff presentation. <br /> <br />Dianne Ray, Finance Director, explained that Resolution No. 37 addresses the 1998 revenue <br />that exceeded the spending limitation, as well as the future revenue anticipated to exceed the <br />limitation. She stated that in 1998, the City collected $539,000 in excess of the spending <br />limitations imposed by TABOR. This was a direct result of the developers' contributions in <br />lieu of open space, and the developers' contributions to the McCaslin Interchange <br />Improvements. She explained that none of the excess was generated from taxes that were <br />paid by the citizens of Louisville. She stated that this amount, under TABOR, would have to <br />be refunded if this Resolution was not placed on the ballot and did not pass. She continued <br />by explaining that in 1999, the City was awarded a GOCO Grant in the amount of $325,000. <br />Since this is a non-federal grant, it is subject to the TABOR restrictions. The resolution <br />would also exempt the grant from the TABOR restrictions and allow the City to use the <br />grant as intended for the purchase of open space. <br /> <br />Davidson asked for clarification that the open space money would stay in the open space <br />fund and could only be spent for open space. <br /> <br />Ray replied, yes. <br /> <br />Davidson questioned whether the money for the McCaslin interchange could only be spent <br />for the McCaslin interchange. <br /> <br />Ray replied, yes. <br /> <br />Davidson also inquired as to whether the voters decide not to pass this resolution if the <br />money is refunded to developers and to GOCO, not to the citizens of Louisville. <br /> <br />Davidson called for Council comments and questions. <br /> <br />Sisk moved that Council approve Resolution No. 37, Series 1999 - A Resolution Submitting <br />a Ballot Issue to a Vote of the Registered Electors of the City of Louisville at the <br />Coordinated Election to Be Held November 2, 1999, seconded by Lathrop. <br /> <br />Roll call was taken. Motion passed by a vote of 6-0, with Howard being absent. <br /> <br />6 <br /> <br /> <br />