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<br />the use tax levy, is amended to read as follows: <br /> <br />Sec. 3.20.300. Levy of tax; rate. <br /> <br />There is imposed and there shall be paid and collected a use tax: <br /> <br />B. For a ten-year period beginning January 1,2004, upon the privilege <br />of using or consuming within the city, construction and building materials <br />purchased at retail for use in connection with residential construction or building <br />projects in accordance with Ordinance _, Series 2003; and <br /> <br />B. Subsection A of Section 3.20.610 of the Louisville Municipal Code is <br />amended to read as follows: <br /> <br />Sec. 3.20.610. Use tax-use of specified revenues. <br /> <br />A. <br />follows: <br /> <br />The revenues derived from the use tax shall be deposited as <br /> <br />1. <br /> <br />Revenues from the three percent use tax upon the privilege of <br />using or consuming within the city, construction and building <br />materials purchased at retail for use in connection with residential <br />construction or residential building projects shall be deposited in a <br />special fund which shall be spent for purposes determined by the <br />city council to further the acquisition, construction, improvement, <br />or expansion of capital facilities which are located within the City, <br />which are owned by the City or the Boulder Valley School District <br />RE-2, and which benefit youth within the community. <br /> <br />I- <br />w <br />~ <br />\J <br />< <br />a.. <br /> <br />Section 2. Total City tax revenues are estimated to increase by up to $150,000 in the <br />first full year in which the use tax extension provided for in this ordinance is in effect. However, <br />the revenues from said extension may be collected and spent, regardless of whether said <br />revenues, in any year after the first full year in which said use tax extension is in effect, exceed <br />the estimated dollar amount stated above, and without any other limitation or condition, and <br />without limiting the collection or spending of any other revenues or funds by the City of <br />Louisville, under Article X, Section 20 of the Colorado Constitution or any other law. <br /> <br />Section ~. This ordinance shall not take effect unless and until a majority of the <br />registered voters voting at the regular municipal election on November 4, 2003 vote "yes" in <br />response to the following ballot title: <br /> <br />SHALL CITY OF LOUISVILLE TAXES BE INCREASED $150,000 IN 2004 <br />AND THEN ANNUALLY BY WHATEVER ADDITIONAL AMOUNTS ARE <br /> <br />3 <br />