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<br /> PERSONAL PROPERTY, OTHER THAN RESIDENTIAL CONSTRUCTION <br /> AND BUILDING MATERIALS, THAT ARE PURCHASED, LEASED OR <br /> RENTED FROM SOURCES INSIDE OR OUTSIDE THE CITY, SUCH TAX <br /> BEING AT THE RATE OF 3.375% FOR THE PERIOD OF JANUARY 1,2007 <br /> THROUGH DECEMBER 31, 2013, AND THEREAFTER AT THE RATE OF <br /> 3.0%, SUCH USE TAX TO COMMENCE JANUARY 1, 2007 AND TO BE <br /> UPON SUCH BASE AND SUBJECT TO SUCH EXEMPTIONS, WAIVERS <br /> AND CREDITS, AND COLLECTION AND ENFORCEMENT PROCEDURES, <br /> AS CITY COUNCIL MA Y PRESCRIBE BY ORDINANCE, WITH THE NET <br /> PROCEEDS OF SUCH USE TAX TO BE COLLECTED, RETAINED AND <br /> SPENT FOR PURPOSES DETERMINED BY THE CITY COUNCIL; AND <br /> SHALL THE CITY BE PERMITTED TO COLLECT, RETAIN AND EXPEND <br /> ALL REVENUES DERIVED FROM SUCH USE TAX AS A VOTER- <br /> APPROVED REVENUE CHANGE AND AN EXCEPTION TO LIMITS WHICH <br /> WOULD OTHERWISE APPLY UNDER ARTICLE X, SECTION 20 OF THE <br /> COLORADO CONSTITUTION OR ANY OTHER LAW? <br /> YES <br /> - <br /> NO <br /> - <br /> Section 2. The City Council may submit additional ballot issues or other referred <br /> measures to appear on the ballot of the November 7, 2006 regular municipal election by the <br /> adoption of an appropriate resolution or ordinance as required by law. <br /> Section 3. City Council hereby finds and states that it is City Council's intent that if <br /> such ballot issue is approved by the registered electors at the November 7, 2006, election, then <br /> the revenues derived from such use tax shall be deposited or applied in the following manner: <br /> A. Revenues from the temporary % percent use tax imposed for the ten-year <br /> period beginning on January 1, 2004 shall be used exclusively for the <br /> acquisition of land in and around the city for open space buffer zones, <br /> trails, wildlife habitats, wetlands preservation and future parks; and for the <br /> development, construction, operation and maintenance of such open space <br /> zones, trails, wildlife habitats, wetlands and parks. <br /> B. One-third of the net revenue from the permanent 3.0 percent use tax shall <br /> be deposited to the City's capital improvement fund and used solely for <br /> the following purposes (and such revenue is pledged to the capital <br /> improvement fund): to provide capital improvements or to pay debt <br /> service on bonds or other obligations issued for the purpose of providing <br /> capital improvements, including without limitation, the payment of all <br /> costs associated with the construction, installation, acquisition, provision, <br /> design, completion, improvement, replacement and financing of capital <br /> improvements of every character. <br /> 3 <br />