Ordinance 1993-1130 - Laserfiche WebLink

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part from the Capital Improvement Fuod 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 Indenture, 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 defme, limit or describe the scope or intent of any provisions, articles or sections of this Ordinance. Section 2. Recitals. (a) By the Sales Tax Ordinance passed and adopted on February 7, 1989, and approved by the voters at a special municipal election on March 21, 1989, the City imposed a three percent (3 %) municipal sales tax on the sale of tangible personal property at retail and the furnishing of services. (b) The Sales Tax Ordinance provides for the creation of the Capital Improvement Fund, and for the deposit therein of one third (1/3) of the net revenues derived from the three percent (3%) Sales Tax imposed by the Sales Tax Ordinance. (c) The Sales Tax Ordinance provides that such Sales Tax revenues may be used solely for the purpose of providing capital improvements or paying debt service on bonds issued for such purposes pursuant to Section 29-2-111, C.R.S. - 8 -