City Council Agenda and Packet 2003 07 26 SP

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ORDINANCE NO. 1423 SERIES 2003 AN ORDINANCE SUBMITTING TO THE REGISTERED ELECTORS OF THE CITY AT THE NOVEMBER 4, 2003 REGULAR MUNICIPAL ELECTION A BALLOT ISSUE CONCERNING INCREASES IN CITY DEBT AND PROPERTY TAXES FOR THE PURPOSE OF CONSTRUCTING A NEW CITY OF LOUISVILLE LIBRARY, AND AUTHORIZING OTHER ACTIONS REGARDING THE CONDUCT OF SUCH ELECTION WHEREAS, the City of Louisville (the "City"), is a Colorado home rule municipal corporation duly organized and existing under laws of the State of Colorado and the City Charter (the "City Charter"); and WHEREAS, the members of the City Council of the City (the "City Council") have been duly elected and qualified; and WHEREAS, Article X, Section 20 of the Colorado Constitution, also referred to as the Taxpayer's Bill of Rights ("TABOR") requires voter approval for any new tax, any increase in any tax rate, the creation of any debt, and the spending of certain funds above limits established by TABOR; and I- w ~ \J < a.. WHEREAS, pursuant to Article 12 and Section 4-8 of the City Charter, the City may authorize the issuance of bonds, the imposition of new taxes and the increase of a tax rate by ordinance and upon approval of the registered electors of the City; and WHEREAS, the City Council is of the opinion that the City should issue bonds and increase the City's property tax mill levy for the payment of such bonds, as further stated in this ordinance; and WHEREAS, TABOR requires that the City submit ballot issues, as defined in TABOR, to the City's registered electors on specified election days before action can be taken on such ballot issues; and WHEREAS, the City will hold its regular municipal election on November 4,2003; and WHEREAS, November 4, 2003, is one of the election dates at which TABOR ballot issues may be submitted to the registered electors of the City pursuant to TABOR; and