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<br /> PRIVILEGE OF USING, STORING, DISTRIBUTING, OR CONSUMING <br /> WITHIN THE CITY ANY SERVICES OR ANY ARTICLE QF TANGIBLE <br /> PERSONAL PROPERTY, INCLUDING BUT NOT LIMITED TO <br /> CONSTRUCTION AND BUILDING MATERIALS USED IN CONNECTION <br /> WITH NEW RESIDENTIAL CONSTRUCTION OR NEW RESIDENTIAL <br /> BUILDING PROJECTS, THAT ARE PURCHASED, LEASED OR RENTED <br /> FROM SOURCES INSIDE OR OUTSIDE THE CITY, SUCH TAX BEING AT <br /> THE RATE OF 3.375% FOR THE PERIOD OF JANUARY 1,2007 THROUGH <br /> DECEMBER 31, 2013, AND THEREAFTER AT THE RATE OF 3.0%, SUCH <br /> USE TAX TO COMMENCE JANUARY 1, 2007 AND TO BE UPON SUCH <br /> BASE AND SUBJECT TO SUCH EXEMPTIONS, WAIVERS AND CREDITS, <br /> AND COLLECTION AND ENFORCEMENT PROCEDURES, AS CITY <br /> COUNCIL MAY PRESCRIBE BY ORDINANCE, WITH THE NET PROCEEDS <br /> OF SUCH USE TAX TO BE COLLECTED, RETAINED AND SPENT FOR <br /> PURPOSES DETERMINED BY THE CITY COUNCIL; AND SHALL THE <br /> CITY BE PERMITTED TO COLLECT, RETAIN AND EXPEND ALL <br /> REVENUES DERIVED FROM SUCH USE TAX AS A VOTER-APPROVED <br /> REVENUE CHANGE AND AN EXCEPTION TO LIMITS WHICH WOULD <br /> OTHERWISE APPL Y 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 /> 3 <br />