Ordinance 2010-1575 - Laserfiche WebLink

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D. Section 3.20.610 of the Louisville Municipal Code is hereby repealed and re- enacted to read in full as follows: Sec. 3.20.610. Use tax —Use of specified revenues. A. Revenues from a three- eighth percent rate of use tax shall be used exclusively for the acquisition of land in and around the city for open space buffer zones, trails, wildlife habitats, wetlands preservation and future parks; and for the development, construction, operation and maintenance of such open space zones, trails, wildlife habitats, wetlands and parks. B. Revenues from a one eighth percent rate of use tax shall be deposited into the historic preservation fund and the net proceeds of such one eighth percent use tax shall be collected, retained and spent exclusively for the historic preservation purposes within historic Old Town Louisville as provided in subsection 3.20.605.B of this chapter. C. Except as herein provided, all revenues from the use tax shall be deposited in such fund or funds as the city council shall designate. D. Except for those revenues subject to subsections A and B of this section, the city council shall have the authority by resolution to waive or reduce the amount of use tax otherwise due and payable to the city pursuant to section 3.20.300, and to enter into agreements for the sharing or crediting of revenues from the tax imposed by said section 3.20.300, if city council determines that such waiver, reduction, sharing or credit is in furtherance of a public purpose and the best interests of the city. Section 2. Total City tax revenues are estimated to increase by up to $1.5 million in the first full year in which the use tax provided for in this ordinance is in effect. However, the revenues from said tax may be collected and spent, regardless of whether said revenues, in any year after the first full year in which said use tax is in effect, exceed the estimated dollar amount stated above, and without any other limitation or condition, and without limiting the collection or spending of any other revenues or funds by the City of Louisville, under Article X, Section 20 of the Colorado Constitution or any other law. Section 3. This ordinance shall not take effect unless and until a majority of the registered voters voting at the special municipal election on November 2, 2010 vote "yes" in response to the following ballot title: SHALL CITY OF LOUISVILLE TAXES BE INCREASED $1.5 MILLION 8