Ordinance 1994-1170 - Laserfiche WebLink

Home Browse Search

the Capital Improvement Fund and the Pledged Revenues and having a lien thereon which is subordinate to the lien of the Bonds and Parity Lien Bonds. Tax Code: the Internal Revenue Code of 1986, as amended, and applicable regulations and rulings presently or hereafter promulgated or proposed thereunder or under any predecessor thereto. In this Ordinance, unless the context otherwise requires, (1) the terms "herein," "hereunder," "hereby," "hereto," "hereof' and any similar terms, refer to this Ordinance as a whole and not to any particular article, section or subdivision hereof; and the term "heretofore" means before the date of execution of this Ordinance, the term "now" means at the date of execution of this Ordinance, and the term "hereafter" means after the date of execution of this Ordinance; (2) words of the masculine gender include correlative words of the feminine and neuter genders and words importing the singular number include the plural number and vice versa; and (3) the captions or headings of this Ordinance, are for convenience only and in no way define, limit or describe the scope or intent of any provisions, articles or sections of this Ordinance. Section 2. Recitals. (a) By the Open Space Sales Tax Ordinance passed and adopted on August 3, 1993, and approved by the voters at a regular municipal election on November 3, 1993, the City imposed a temporary three-eighths percent (.375%) municipal sales and use tax on the sale of tangible personal property at retail, the furnishing of services, the use or consumption of construction or building materials and the storage, use or consumption of motor vehicles purchased at retail for 10 years beginning January 1, 1994. (b) Pursuant to Section 29-2-112, C.R.S. (the "Act"), any municipality which has pledged sales tax revenues solely for capital improvement purposes and has created a sales tax capital improvement fund may, in anticipation of collection of sales tax revenues, issue revenue bonds payable solely from the fund for the purpose of financing capital improvements. -12-