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RESOLUTION NO. 38, SERIES 2002 A RESOLUTION OF INTENT OF THE CITY COUNCIL OF THE CITY OF LOUISVILLE, COLORADO REGARDING THE CONTINUED USE OF ADDITIONAL SALES TAX REVENUES SHOULD BALLOT ISSUE 2D BE APPROVED AT THE NOVEMBER 5, 2002 SPECIAL MUNICIPAL ELECTION. WHEREAS, since 1996 the City of Louisville has collected a sales and use tax used exclusively for the acquisition of open space buffer zones, trails, wildlife habitats, wetlands preservation and future parks, and WHEREAS, more than $8.6 million has been raised with this tax and used to purchase open space, and WHEREAS, this tax will end December 31, 2003 unless its continuation is approved by the voters of the City of Louisville, and WHEREAS, The Louisville City Council desires to continue the acquisition and development of land for open space buffer zones, trails, wildlife habitats, wetlands preservation and future parks, and WHEREAS, the City of Louisville continues to have a significant base for sales and use taxes, and WHEREAS, it is anticipated that the sales and use tax revenues generated by this and other future development will cause the revenue and expenditures limitations of Article X, Section 20 of the Colorado Constitution, commonly known as "TABOR", to be exceeded, and WHEREAS, TABOR Section 7(d) permits voter-approved revenue changes as an offset to such excess revenues, and WHEREAS, in the first year it is estimated that $1,500,000 in excess revenue would be subject to refund, and WHEREAS, the City Council of the City of Louisville has adopted an ordinance referring a ballot question to the registered electors of the City at the November 5, 2002 Special Municipal Election, and WHEREAS, the City Council of the City of Louisville believes it appropriate to inform the registered electors of the Council's intent concerning the purposes for which the additional revenues will be used. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Louisville, Colorado.