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<br />B. Section 3.20.310 of the Louisville Municipal Code is hereby amended by the <br />addition of new Subsections J through L, to read as follows: <br /> <br />Sec. 3.20.310. Exemptions. <br /> <br />The following are exempt from imposition of the city use tax: <br /> <br />J, Sales tax exempt items: The use, storage or consumption of tangible <br />personal property the sale of which would be exempt from the city sales <br />tax, <br /> <br />K. Municipal projects: No use tax shall be due upon the purchase of <br />construction materials used in construction projects undertaken and <br />managed directly by the city, <br /> <br />L. Time-limited exemption: The use or consumption of tangible personal <br />property which occurs more than three (3) years after the most recent sale <br />of such property, if within the three years following such sale the property <br />has been significantly used within the State of Colorado for the principal <br />purpose for which it was purchased. <br /> <br />C. Section 3.20.610 of the Louisville Municipal Code is hereby amended to read <br />in full as follows: <br /> <br />A. Revenues from the temporary % percent use tax imposed for the <br />ten-year period beginning on January 1, 2004 (as authorized by <br />Ordinance No, 1395, Series 2002 and Ordinance No, 1474, Series <br />2005, approved by the registered electors) upon (1) the privilege of <br />using or consuming within the city, construction and building <br />materials purchased at retail for use in connection with <br />commercial, industrial or other nonresidential construction or <br />nonresidential building projects; and (2) the privilege of storing, <br />using or consuming within the city, any motor or other vehicles, <br />purchased at retail on which registration is required, shall be used <br />exclusively for the acquisition of land in and around the city for <br />open space buffer zones, trails, wildlife habitats, wetlands <br />preservation and future parks; and for the development, <br />construction, operation and maintenance of such open space zones, <br />trails, wildlife habitats, wetlands and parks, <br /> <br />B. Except as herein provided, all revenues from the use tax shall be <br />deposited in such fund or funds as the city council shall designate, <br /> <br />3 <br />