Loading...
HomeMy WebLinkAbout055921 AUGUST 13, 1990 ORDINANCE NO. 5592 AN ORDINANCE AMENDING CHAPTER 4, TITLE XIV OF THE 1971 CODE OF ORDINANCES RELATING TO SALES AND USE TAX TO IMPOSE A ONE PERCENT INCREASE IN THE SALES AND USE TAX RATE FROM THREE PERCENT TO FOUR PERCENT FOR THE PERIOD JANUARY 1, 1992 THROUGH DECEMBER 31, 1998; PROVIDING FOR THE DEDICATION, APPROPRIATION AND EXPENDITURE OF THE REVENUES FROM SUCH ONE PERCENT INCREASE IN THE SALES AND USE TAX RATE FOR THE FOLLOWING MUNICI- PAL PURPOSES AND ACTIVITIES AS DETERMINED BY CITY COUNCIL: LAWFUL ECONOMIC DEVELOPMENT AND JOB - CREATION WITHIN THE CITY AND PUEBLO MEMORIAL AIRPORT - 50 %, CAPITAL IMPROVEMENTS AND PROJECTS - 38 %, EQUIPMENT - 7 %, AND BEAUTIFICATION AND URBAN ENHANCEMENT - 5 %; CREATING A SPECIAL FUND AND ACCOUNTS FOR THE DEPOSIT OF THE REVENUES FROM SUCH ONE PERCENT INCREASE IN THE SALES AND USE TAX RATE; AUTHORIZING THE CITY COUNCIL TO ISSUE REVENUE BONDS PAYABLE SOLELY FROM SUCH SPECIAL FUND AND ACCOUNTS FOR THE PURPOSE OF FINANCING SAID MUNICIPAL PURPOSES AND ACTIVI- TIES; DETERMINING THAT THE APPROPRIATION AND EXPENDITURE OF REVENUES FOR ECONOMIC DEVELOPMENT AND JOB- CREATION ARE PUBLIC PURPOSES AND MUNICI- PAL FUNCTIONS; AND PROVIDING FOR OTHER MATTERS RELATING THERETO BE IT ORDAINED BY THE PEOPLE OF PUEBLO, COLORADO, that: (Brackets indicate material being deleted; underscoring indicates new material being added.) SECTION 1 Section 85, Chapter 4, Title XIV of the 1971 Code of Ordinances of the City of Pueblo (a portion of Section 13 of Ordinance No. 2189 approved by a vote of the People on November 8, 1955, as amended by Ordinance Nos. 3160, 3474, 4235, 5170 and 5314) is hereby amended by the addition of the following new subsections (e) and (f): (e) Notwithstanding the three percent rate provision of paragraph (a) of this section 14 -4 -85, for the period January 1, 1992 through December 31, 1998, the rate of tax imposed ursuant to section 14- 4 -85(a) shall be four percent. (f) The revenue from the additional one percent sales and use tax rate imposed by sections 14- 4 -63(b) and 14 -4 -85 _(e) of this Chapter, including interest and penalties with respect thereof, shall upon collection and receipt by the _City, be deposited and placed in a special fund hereby created to be known as the "1992 Sales And Use Tax Special Fund" (the "Fund "). The moneys in the Fund shall be trans- ferred to and deposited when received in the following percentages into the following four separate Accounts hereby created within the Fund (the "Accounts ") to be used for the municipal purpose and activity therein stated: (1) 50.00% into the Economic Development Account for lawful economic development and job- creation within the City and Pueblo Municipal Airport. (2) 5.00% into the Beautification Account for beautification and urban enhancement. (3) 7.00% into the Equipment Account for equipment including debt service and lease payments on any obliga- tion of the City incurred for the acquisition, lease, purchase, or financing of equipment. (4) 38.00% into the Capital Projects Account for capital projects and improvements including debt service and lease payments on any obligation of the City incurred for the acquisition, lease, purchase, or financing of capital projects and improvements. The Citv Council is authorized and directed to appropriate and expend the moneys in each Account and income derived from the investment thereof for the municipal purpose and activity therein stated at such times and in such amounts and manner as the City Council shall determine. The City Council may, in anticipation of collection of the revenues from the additional one percent sales and use tax rate, issue revenue bonds payable solely from the moneys in each Account and income derived from the investment thereof for the financing of the municipal purpose and activity therein stated. Notwithstanding any other provisions of this Chapter, the unexpended and unappropriated balance of the Fund and each Account on December 31, 2005 shall be transferred to the Capital Improvement Fund created by Section 7 -16 of the Charter to be used for capital improvements and projects including equipment. -2- C LI(-T T r1.1 1 1 Section 63 of Chapter 4, Title XIV of the 1971 Code of Ordinances of the City of Pueblo (Section 20 of Ordinance No. 2189 approved by a vote of the People on November 8, 1955, as amended by Ordinance Nos. 3160, 3474, 4734, 5170 and 5314) is hereby amended by the addition of the following subsection (b): (b) Notwithstanding the three percent rate provision of this section, for the period January 1, 1992 throu h December 31, 1998, the rate of tax imposed pursuant to this section shall be four percent. SECTION 3 The People of Pueblo do hereby find, determine and declare that the appropriation and expenditure of revenues from the one percent increase in the sales and use tax rate for economic development and job- creation within the City and the Pueblo Memorial Airport will promote the public peace, health, safety and welfare and that the appropriation and expenditure of such revenues for economic development and job- creation are public purposes and municipal functions notwithstanding such appropria- tions and expenditures may aid, assist or benefit private persons, corporations or other entities. The City Council is authorized and directed to establish by Ordinance the criteria, standards, rules and regulations for the appropriation and expenditure of such revenues for economic development and job- creation and no revenues shall be appropriated or expended for economic develop- ment and job- creation except in conformity therewith. 0 LI fIT T r1Al A All ordinances relating to sales and use taxes heretofore adopted, amended or implemented shall remain in full force and -3- effect except as the same have been previously amended or repealed or as same may be amended by this Ordinance. SECTION 5 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. SECTION 6 If any section, subsection, paragraph, clause or other provision of this Ordinance for any reason is invalid or unenforceable, the invalidity or unenforceability of such section, subsection, paragraph, clause or other provision shall not affect any of the remaining provisions of this Ordinance. OVI-TT1 AT '7 This Ordinance shall become effective upon majority vote in favor thereof by the registered electors of Pueblo voting thereon at the Special Municipal Election to be held Tuesday, November 6, 1990. TJ 46.10 -4-