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HomeMy WebLinkAbout08287ORDINANCE NO. 8287 AN ORDINANCE LEVYING AND CERTIFYING THE SOUTHPOINTE SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2010 FOR THE 2011 BUDGET YEAR WHEREAS, the Southpointe Special Improvement Maintenance District’s budget for fiscal year 2011 has been prepared and approved, and WHEREAS, the 2010 net assessed valuation of all taxable property in the SouthPointe Special Improvement Maintenance District as certified by the Pueblo County Assessor is $3,533,333 and WHEREAS, the maximum allowed property tax revenue for fiscal year 2011 pursuant to section 20(7)(c) or Article X of the Colorado Constitution is estimated to be $17,667. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The City Council as the governing body of the SouthPointe Special Improvement Maintenance District, for the purpose of meeting maintenance and reserve expenses of the District, does hereby make, set and levy a tax of 5.000 mills upon each dollar of the total assessed valuation of all taxable real property located within the SouthPointe Special Improvement Maintenance District on the assessment date for fiscal year 2011. SECTION 2. The City Council of the City of Pueblo does hereby fix and certify to the County Commissioners of Pueblo County, Colorado the following mill levy imposed by this Ordinance upon each dollar of the total valuation for assessment of all taxable real property located within the SouthPointe Special Improvement Maintenance District on the assessment date: Gross Mill Levy 5.000 mills SECTION 3. The City Clerk is hereby directed to deliver a certified copy of this Ordinance, together with a Certificate of Tax Levies, form DLG 70, properly completed by the Director of Finance, to the County Commissioners of Pueblo County, Colorado, and the Division of Local Government immediately after passage of this Ordinance. SECTION 4. All increases to the District’s net fund balance shall constitute and be considered “reserve increases” and therefore a part of the district’s 2010 fiscal year spending. All 2010 year-end balances shall constitute and be considered “reserves” and all subsequent expenditures and transfers from such reserves shall be excluded from the district’s fiscal year spending within the meaning of Article X, Section 20 (2)(e) of the Colorado Constitution. SECTION 5. This Ordinance shall become effective upon final passage. INTRODUCED: November 8, 2010 BY: Judy Weaver COUNCILPERSON PASSED AND APPROVED: November 22, 2010 Background Paper for Proposed ORDINANCE DATE: AGENDA ITEM # R-7 November 8, 2010 DEPARTMENT: OFFICE OF THE CITY MANAGER JERRY M. PACHECO, CITY MANAGER JENNY M. EICKELMAN, ASSISTANT CITY MANAGER TITLE AN ORDINANCE LEVYING AND CERTIFYING THE SOUTHPOINTE SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2010 FOR THE 2011 BUDGET YEAR ISSUE This ordinance sets the mill levy for the property tax within the SouthPointe Special Improvement Maintenance District to be assessed and collected for use in the 2011 budget. RECOMMENDATION Approval of the Ordinance. FINANCIAL IMPACT The levy is set at 5.000 mills by prior approval of the voters within the District. It is estimated to collect $17,667 of property tax on an assessed valuation of $3,533,333.