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<br /> sal es made by him of commodi ties or serv ices as <br /> specified in Section 3.20.030. He shall, be fore the <br /> twentieth day of each month, make a return to the <br /> executive director of the Department of Revenue, for the <br /> benefit of the city, for the preced ing calendar month <br /> and rem i t an amount equivalent to said three percent on <br /> such sales to said executive director, less three and <br /> one-third percent of the sum so remi t ted to cover the <br /> vendor's expense in the collection and remittance of <br /> said tax; but if any vendor is delinquent in remitting <br /> said tax, other than in unusual circumstances shown to <br /> the satisfaction of the executive director as agent for <br /> the city, the vendor shall not be allowed to retain any <br /> amount to cover his expense of collect i ng and remitting <br /> said tax, and an amount equivalent to the full three <br /> percent shall be remitted to the executive director for <br /> the benefit of the city by such delinquent vendor. Such <br /> returns of the taxpayer or duly authorized agent shall <br /> contain such info rma tion and be made in such a manner <br /> and upon such forms as the city prescribes. <br /> Section 3. Repeal and Amendment. Sections 3.20.210, <br />3.20.220, 3.20.230, and 3.20.240, of the Hunicipal Code of the <br />City of Loui sv ille, Colorado, are hereby repealed, and Chapter <br />3.20 of said Hunicipal Code is amended by the addi tion of the <br />followi ng sections: <br /> 3.20.210 Use of Revenues. <br /> A. There is he reby established a special fund of <br /> the City to be known as the "City of Loui sv ille Sales <br /> Tax Capital Improvement Fund" (the "Fund"). The <br /> revenues specified in Section 3.20.210(B) hereof shall <br /> be cred i ted to the Fund and used solely for the purpose <br /> of prov id i ng capital improvements, or to pay debt <br /> service on bonds or other obligations of the city issued <br /> to provide such capital improvements. Honeys credited <br /> to the Fund shall not be available to be pledged or <br /> expended, by interfund transfer or otherwise, for any <br /> general purposes of the city. <br /> B. Twenty-f ive (25%) of the revenue s derived from <br /> the city's three percent (3%) sales tax shall be <br /> deposited to the Fund immediately upon receipt or <br /> collection and used solely for the purposes for wh i c h <br /> the Fund may be used. The rema in ing seventy-five <br /> percen t (75%) of the revenues of the sales tax shall be <br /> deposi ted to the general fund or such other fund or <br /> funds as shall be directed by the city council. <br /> - 4 - <br />