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ORDINANCE NO. 1424 SERIES 2003 AN ORDINANCE PROVIDING FOR THE EXTENSION FOR A TEN-YEAR PERIOD BEGINNING ON JANUARY 1, 2004, OF THE CITY'S 3.0 PERCENT USE TAX UPON THE USE OR CONSUMPTION OF RESIDENTIAL CONSTRUCTION AND BUILDING MATERIALS PURCHASED AT RETAIL, FOR PURPOSES OF FURTHERING THE ACQUISITION, CONSTRUCTION, IMPROVEMENT, OR EXPANSION OF CAPITAL FACILITIES, CAPITAL PROJECTS OR EQUIPMENT OWNED BY THE CITY OR THE BOULDER VALLEY SCHOOL DISTRICT RE-2 LOCATED WITHIN THE CITY AND BENEFITTING YOUTH WITHIN THE COMMUNITY; AND PROVIDING FOR THE SUBMISSION OF THE ORDINANCE TO A VOTE OF THE REGISTERED ELECTORS AT THE REGULAR MUNICIPAL ELECTION TO BE HELD NOVEMBER 4, 2003 Section adopted to read: The following ordinance of the City of Louisville, Colorado, is hereby WHEREAS, the City of Louisville (the "City"), is a Colorado home rule municipal corporation duly organized and existing under laws of the State of Colorado and the City Charter (the "City Charter"); and WHEREAS, the members of the City Council of the City (the "City Council") have been duly elected and qualified; and WHEREAS, the acquisition, construction, improvement or expansion of capital facilities, capital project or equipment which are located within the City, which are owned by the City or the Boulder Valley School District RE-2 (the "School District"), and which benefit youth within the community will benefit the citizens of Louisville and their children, will benefit the youth of the community, and will promote the public health, safety, welfare and economic well-being of the City and its citizens; and WHEREAS, at the November 8, 1994 election, the registered electors of the City approved Ordinance No. 1157, Series 1994, providing for a nine-year extension of the City's 3-3/8 percent use tax upon the use or consumption of construction and building materials purchased at retail for use in connection with residential construction or residential building projects; and WHEREAS, pursuant to such voter authorization, revenues from the three percent portion of such extended use tax have been used for purposes of furthering the acquisition, improvement, or expansion of the School District's educational facilities serving the citizens of Louisville and their school-age children, which uses have included acquisition of land for a new high school, expansion of school facilities in Louisville, and similar purposes; and