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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.
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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
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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-