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<br />COMMENCE JANUARY 1,2006 AND TO BE UPON SUCH BASE AND <br />SUBJECT TO SUCH EXEMPTIONS, WAIVERS AND CREDITS, AND <br />COLLECTION AND ENFORCEMENT PROCEDURES, AS CITY COUNCIL <br />MAY PRESCRIBE BY ORDINANCE, WITH THE NET PROCEEDS OF SUCH <br />USE TAX TO BE COLLECTED, RETAINED AND SPENT FOR PURPOSES <br />DETERMINED BY THE CITY COUNCIL; AND SHALL THE CITY BE <br />PERMITTED TO COLLECT, RETAIN AND EXPEND ALL REVENUES <br />DERIVED FROM SUCH USE TAX AS A VOTER-APPROVED REVENUE <br />CHANGE AND AN EXCEPTION TO LIMITS WHICH WOULD OTHERWISE <br />APPLY UNDER ARTICLE X, SECTION 20 OF THE COLORADO <br />CONSTITUTION OR ANY OTHER LAW? <br /> <br />YES <br />NO <br /> <br />Section 2. The City Council may submit additional ballot issues or other referred <br />measures to appear on the ballot of the November 1, 2005 regular municipal election by the <br />adoption of an appropriate resolution or ordinance as required by law. <br /> <br />Section 3. City Council hereby finds and states that it is City Council's intent that if <br />such ballot issue is approved by the registered electors at the November 1, 2005, election, then <br />the revenues derived from such use tax shall be deposited or applied in the following manner: <br /> <br />A. Revenues from the temporary % percent use tax imposed for the ten-year <br />period beginning on January 1, 2004 shall be used exclusively for the <br />acquisition of land in and around the city for open space buffer zones, <br />trails, wildlife habitats, wetlands preservation and future parks; and for the <br />development, construction, operation and maintenance of such open space <br />zones, trails, wildlife habitats, wetlands and parks. <br /> <br />B. One-third of the net revenue from the permanent 3.0 percent use tax shall <br />be deposited to the City's capital improvement fund and used solely for <br />the following purposes (and such revenue is pledged to the capital <br />improvement fund): to provide capital improvements or to pay debt <br />service on bonds or other obligations issued for the purpose of providing <br />capital improvements, including without limitation, the payment of all <br />costs associated with the construction, installation, acquisition, provision, <br />design, completion, improvement, replacement and financing of capital <br />improvements of every character. <br /> <br />C. Two-thirds of the net revenue from the permanent 3.0 percent use tax shall <br />be deposited to the city's general fund or any other fund or account as may <br />be designated by the city council, and used for any municipal purpose. <br /> <br />3 <br />