Ordinance 1985-869 DEFEATED in GENERAL ELECTION

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ORDINANCE NO. 869 AN ORDINANCE OF THE CITY OF LOUISVILLE, COLORADO, CONCERNING THE IMPOSITION OF A 3% CITY SALES TAX ON THE SALE OF TANGIBLE PERSONAL PROPERTY AT RETAIL OR THE FURNISHING OF SERVICES; TO CREATE A CAPITAL IMPROVEMENT FUND TO BE FUNDED WITH 25% OF THE PROCEEDS OF THE 3% SALES TAX; AND TO PROVI DE FOR THE SUBMISSION OF THIS ORDINANCE FOR APPROVAL AT THE REGULAR ELECTION OF THE CITY ON NOVEMBER 5, 1985. WHEREAS, pursuant to Chapter 3.20 of the Municipal Code of the City of Louisville, Colorado (the "Code"), the City of Louisville ( the "City") presently imposes a 2% sales tax on the sale of tangible personal property at retail or the furnishing of services; and WHEREAS, pursuant to ~29-2-101 et seq., C.R.S, such 2% sales tax can be increased only upon the approval of the registered electors of the City at a regular or special election; and WHEREAS, pursuant to ~29-2-111, Colorado Rev i sed Statutes, the City may create a sales tax capi tal improvement fund for the deposit of all or any of the revenue from the City sales tax, to be used solely to provide capital improvements, subject to the approval of the reg i stered electors of the City; and WHEREAS, due to the need to perform certain capital improvements and the necessity of creating a revenue source there- for, it is hereby de te rmined that the pub 1 i c interest requires that the rate of City sales taxation be increased from 2% to 3%, and that 25% of the proceeds derived therefrom be deposited to a sales tax capital improvement fund as hereinafter provided; and WHEREAS, the County of Boulder (the "County" ) has not adopted a resolution proposing a sales tax for the County as to which the election has not previously been held; and WHEREAS, the 3% sales tax provided for herein, if approved and imposed, would not result in the imposition of a - 2 -