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HomeMy WebLinkAbout05314ORDINANCE NO. 5314 AN ORDINANCE AMENDING CHAPTER 4, TITLE XIV OF THE 1971 CODE OF ORDINANCES RELATING TO SALES AND USE TAX; PROVIDING FOR AN INCREASE IN THE SALES AND USE TAX RATE BY ONE -HALF PERCENT FROM THREE PERCENT TO THREE AND ONE -HALF PERCENT FOR A FIVE YEAR PERIOD; PLEDGING THE REVENUES FROM SUCH SALES AND USE TAX INCREASE FOR CAPITAL IMPROVEMENT PURPOSES AT PUEBLO MEMORIAL AIRPORT; AND PROVIDING FOR OTHER MATTERS RELATING THERETO BE IT ORDAINED BY THE PEOPLE OF PUEBLO, COLORADO, that: (brackets indicate material deleted, underscoring indicates material added) S FrT T C)N 1 . Subsections (b) and (d), Section 85, Chapter 4, Title XIV of the 1971 Code of Ordinances (a portion of Section 13 of Ordinance No. 2189 approved by vote of the People on November 8, 1955, as amended by Ordinance Nos. 3160, 3474, 4235 and 5170) is hereby amended to read as follows: (b) Notwithstanding the three percent rate provisions of paragraph (a) of this Section 14 -4 -85 for the period January 1, [1985) 1987 through December 31, [1986] 1991, the rate of tax imposed pursuant to this Section shall be three and one -half percent. (d) The additional one -half percent sales and use tax imposed by Section 14- 4 -63(a) and 14- 4 -85(b) of this Chapter, together with interest (thereon) and penalties with respect thereof, shall, upon collection and receipt by the City, be deposited and placed in a special fund to be known as "Sales and Use Tax Capital Improvement Fund" to be used solely for capital improvement purposes at Pueblo Memorial Airport including, without limitation, the aviation, commercial and industrial areas thereof. The City Council.may, in anticipa- tion of collection of the revenues from the sales and use tax increase, issue revenue bonds payable solely from the Sales and Use Tax Capital Improvement Fund for the purpose of financing such capital improvements at Pueblo Memorial Airport. The City Council may transfer the income from the investment of moneys in the Sales and Use Tax Capital Improvement Fund to the Capital Improvement Fund created under Section 7 -16 of the Charter. SECTION 2 Subsection (a) of Section 63 of Chapter 4, Title XIV of the 1971 Code of Ordinances (a portion of Section 20 of Ordinance No. 2189 approved by vote of the People on November 8, 1955, as amended by Ordinance Nos. 3160, 3474, 4734 and 5170) is amended to read as follows: (a) Notwithstanding the three percent rate provision of Section 14 -4 -63 of this Chapter, for the period January 1, [1985) 1987 through December 31, [1986) 1991 the rate of tax imposed pursuant to this Section shall be three and one -half percent. s SECTION 3 All ordinances relating to sales and use taxes heretofore adopted, amended or implemented, including without limitation Ordinance Nos. 2189, 3160, 3450, 3474, 4235, 4573, 4734, 5022 and 5170 shall remain in full force and effect except as the same have been previously amended or repealed or as same may be amended by this Ordinance. grr'PTnM d _ All ordinances, or parts thereof, inconsistent herewith are hereby repealed to the extent of such inconsistency. This repealer shall not be construed to revive any ordinance, or part thereof, heretofore repealed. CRrTTnM r%- If any section, subsection, paragraph, clause or other pro- vision of this Ordinance for any reason is invalid or unenforce- able, the invalidity or unenforceability of such section, subsection, paragraph, clause or other provision shall not affect any of the remaining provisions of this Ordinance. Ewa CFrTTnN A_ This Ordinance become effective at 12:00 o'clock A.M. (midnight) December 31, 1986 upon majority vote in favor thereof of the qualified electors of Pueblo voting thereon at the General Election to be held Tuesday, November 4, 1986. -3-