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R>H;SOLUTION N0.42 SERIES 2007 A RESOLUTION SUBMITTING A BALLOT QUESTION ON A PROPOSED INITIATED ORDINANCE TO A VOTE OF' THE REGISTERED ELECTORS OF THE CITY OF LOUISVILLE AT THE REGULAR ELECTION TO BE HELD NOVEMBER 6, 2007. WHEREAS, the City Clerk c-f the City of Louisville has received and transmitted to the City Council a Petition of Initiative initiating a proposed ordinance entitled "AN ORDINANCE TRANSFERRING AUTHORITY FROM THE UNELECTED LOUISVILLE REVITALIZATION COMMISSION TO THE LOUISVILLE CITY COUNCIL AND ESTABLISHING PROCEDURES FOR THE LOUISVILLE URBAN RENEWAL AUTHORITY;" and WHEREAS, pursuant to C.R.S. §31-25-115(1), a transfer of an existing urban renewal authority from an appointed body tee the; governing body of the municipality maybe accomplished only by majority vote at a regular election; and WHEREAS, the City Council therefore will refer the proposed ordinance, in the form petitioned for, to the registered electors of the City at a regular election to be held November 6, 2007; and WHEREAS, pursuant to Louisville Home Rule Charter §7-4(c), C.R.S. §31-11-111, Louisville Municipal Code § 1.16.045, and City Council Resolution No. 37, Series 2007, the City Clerk has set a ballot title for the initiative. NOW, THEREFORE, BE ][T RESOLVED BY THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO: 1. The following ballot question, certified in substantially the same form set forth below, is hereby referred to the registered electors of the City and shall appear on the ballot of the City of Louisville regular municipal election to be held November 6, 2007: Ballot Question 2A SHALL THE CITY OF LOUISVILLE ADOPT AN INITIATED ORDINANCE TO TRANSFER THE EXISTING URBAN RI'sNF;WAL AUTHORITY FROM THE LOUISVILLE REVITALIZATION COMMISSION (LRC), AN APPOINTED BODY, TO THE LOUISVILLE CITY COUNCIL, AN ELECTED B30T)Y; TO RE-ESTABLISH THE LRC AS AN ADVISORY BODY; AND TO SET FORTH CERTAIN REQUIREMENTS APPLICABLE TO CITY COUNCIL ACTING AS THE URBAN RENEWAL AUTHORITY, INCLUDING REQUIREMENTS RELATED TO SALES TAX INUREMENT FINANCING, AUDITS, ETHICS, FINANCIAL ANALYSIS AND CONDUCT OF 1VIE:ETINGS?