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<br />ORDINANCE NO. 1424 <br />SERIES 2003 <br /> <br />AN ORDINANCE PROVIDING FOR THE EXTENSION FOR A TEN-YEAR PERIOD <br />BEGINNING ON JANUARY 1,2004, OF THE CITY'S 3.0 PERCENT USE TAX UPON <br />THE USE OR CONSUMPTION OF RESIDENTIAL CONSTRUCTION AND BUILDING <br />MATERIALS PURCHASED AT RETAIL, FOR PURPOSES OF FURTHERING THE <br />ACQUISITION, CONSTRUCTION, IMPROVEMENT, OR EXPANSION OF CAPITAL <br />FACILITIES OWNED BY THE CITY OR THE BOULDER VALLEY SCHOOL <br />DISTRICT RE-2 LOCATED WITHIN THE CITY AND BENEFITTING YOUTH <br />WITHIN THE COMMUNITY; AND PROVIDING FOR THE SUBMISSION OF THE <br />ORDINANCE TO A VOTE OF THE REGISTERED ELECTORS AT THE REGULAR <br />MUNICIPAL ELECTION TO BE HELD NOVEMBER 4, 2003 <br /> <br />Section 1. <br />adopted to read: <br /> <br />The following ordinance of the City of Louisville, Colorado, is hereby <br /> <br />WHEREAS, the City of Louisville (the "City"), is a Colorado home rule municipal <br />corporation duly organized and existing under laws of the State of Colorado and the City Charter <br />(the "City Charter"); and <br /> <br />I- <br />w <br />~ <br />\J <br />< <br />a.. <br /> <br />WHEREAS, the members of the City Council of the City (the "City Council") have been <br />duly elected and qualified; and <br /> <br />WHEREAS, the acquisition, construction, improvement or expansion of capital facilities <br />which are located within the City, which are owned by the City or the Boulder Valley School <br />District RE-2 (the "School District"), and which benefit youth within the community will benefit <br />the citizens of Louisville and their children, will benefit the youth of the community, and will <br />promote the public health, safety, welfare and economic well-being of the City and its citizens; and <br /> <br />WHEREAS, at the November 8, 1994 election, the registered electors of the City approved <br />Ordinance No. 1157, Series 1994, providing for a nine-year extension of the City's 3-3/8 percent <br />use tax upon the use or consumption of construction and building materials purchased at retail for <br />use in connection with residential construction or residential building projects; and <br /> <br />WHEREAS, pursuant to such voter authorization, revenues from the three percent portion <br />of such extended use tax have been used for purposes of furthering the acquisition, improvement, or <br />expansion of the School District's educational facilities serving the citizens of Louisville and their <br />school-age children, which uses have included acquisition of land for a new high school, expansion <br />of school facilities in Louisville, and similar purposes; and <br /> <br />WHEREAS, such use tax is set to expire January 1,2004; and <br />