Finance Committee Agenda and Packet 2019 05 17

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Kelly MUNICIPAL LAWYERS est_ 1987 Kathleen M. Kelly Nicolas D. Cotton -Baez (303) 298-1601 tel (303) 298-1627 fax kathleen@kellypc.com nick@kellypc.com MEMORANDUM TO: Finance Committee City of Louisville FROM: Kathleen M. Kelly /s/ Nicolas D. Cotton -Baez /s/ DATE: May 17, 2019 RE: Bond Counsel Revisions to Proposed Excess Tax Revenue TABOR Ballot Issue Language At the April 1st meeting, the Finance Committee reviewed two alternative TABOR ballot issues. The first alternative would seek voter approval to retain excess revenues received from the 2016 sales and use tax increase and retain the 0.15% rate increase. The second alternative would seek voter approval to retain the 0.15% rate increase, but not retain revenues in excess of the revenue estimates set forth in the 2016 TABOR notice. The Finance Committee directed the City Attorney's office to confer with the City's bond counsel, Dee Wisor, to confirm the proposed ballot issue alternatives would meet City objectives and TABOR requirements. Mr. Wisor recommended the following revisions to the ballot issue alternatives proposed by the City Attorney's office (words added are underlined; words deleted are Gtricken through): No Refund; Retain Rate: WITHOUT CREATING ANY NEW TAX OR INCREASING ANY CURRENT TAXES TAX RATE, SHALL THE CITY OF LOUISVILLE BE PERMITTED TO KEEP REVENUES THAT OTHERWISE WOULD BE REFUNDED FOR EXCEEDING ESTIMATES INCLUDED IN THE ELECTION NOTICE MAILED TO VOTERS FOR FROM THE 2016 VOTER - APPROVED 0.15 PERCENT INCREASE IN SALES AND USE TAX, WHETHER OR NOT SUCH REVENUES HAVE ALREADY BEEN SPENT, AND CONTINUE TO COLLECT THE TAX AT THE PREVIOUSLY APPROVED RATE, AND SPEND ALL REVENUES 10