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HomeMy WebLinkAbout05810ORDINANCE NO. 5810 AN ORDINANCE AMENDING CHAPTER 4, TITLE XIV OF THE 1971 CODE OF ORDINANCES TO REALLOCATE THE USE OF THE THREE AND THREE- TENTHS PERCENT PORTION OF THE CITY'S SALES AND USE TAX REVENUES PRESENTLY BEING RETAINED BY THE RETAILERS WHO COLLECT SUCH TAX ON BEHALF OF THE CITY; DEDICATING THE REVENUES FROM SUCH THREE AND THREE - TENTHS PERCENT PORTION OF THE CITY'S SALES AND USE TAX TO THE PAYMENT OF THE OPERATION AND MAINTENANCE EXPENSES OF A PROPOSED CIVIC CENTER AND HOTEL COMPLEX WITHIN THE BOUNDARIES OF THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO, TO THE PAYMENT OF THE PRINCIPAL OF, PREMIUM, IF ANY, AND INTEREST ON REVENUE BONDS OF THE URBAN RENEWAL AUTHORITY OF PUEBLO, COLORADO ISSUED IN THE AGGREGATE PRINCIPAL AMOUNT OF $9,500,000 TO FINANCE SUCH CIVIC CENTER AND HOTEL COMPLEX AND OTHER IMPROVEMENTS, OR ANY BONDS ISSUED TO REFINANCE SUCH BONDS, AND /OR TO THE REIMBURSEMENT OF RETAILERS FOR THEIR COSTS INCURRED IN COLLECTING AND REMITTING THE SALES AND USE TAX REVENUES TO THE CITY; CREATING A SPECIAL FUND FOR THE DEPOSIT OF SUCH REVENUES; FINDING AND DETERMINING THAT THE EXPENDITURE OF SUCH REVENUES FOR A CIVIC CENTER AND HOTEL COMPLEX IS A PUBLIC PURPOSE AND MUNICIPAL FUNCTION; AND PROVIDING OTHER MATTERS RELATING THERETO BE IT ORDAINED BY THE PEOPLE OF PUEBLO, THAT: (Brackets indicate matter deleted; underscoring indicates matter added) SECTION 1 The first sentence of Section 86, Chapter 4, Title XIV of the 1971 Code of Ordinances of the City of Pueblo (Section 12 of Ordinance No. 2189 approved by a vote of the People on November 8, 1955, as amended by Ordinances Nos. 3160, 3474, 4235, 5170, 5314 and 5668) is hereby amended to read as follows: Every retailer, also herein called vendor, shall, irrespective of the provisions of Section 14 -4 -85 be liable and responsible for the payment of an amount equivalent to the rate of tax imposed by Section 14 -4 -85 of this Chapter on all sales made by him of commodities or services specified in Section 14 -4 -61 and shall, before the twentieth day of each month, make a return to the Director of Finance for the preceding calendar month and remit an amount equivalent to the rate of tax 02/16096.1 imposed by Section 14 -4 -85 of this Chapter on such sales to the Director of Finance [, less three and three - tenths percent of such tax to cover the vendor's expense in the collection and remittance of such tax] . SECTION 2 Chapter 4, Title XIV of the 1971 Code of Ordinances of the City of Pueblo (a portion of Ordinance No. 2189 approved by a vote of the People on November 8, 1955, as amended by Ordinances Nos. 3160, 3474, 4235, 5170, 5314 and 5668) is hereby amended by the addition of the following new section: 14 -4 -17: COLLECTION FEES Notwithstanding Sections 14 -4 -1 and 14 -4 -85 of this Chapter, three and three- tenths percent of the revenues derived from the taxes imposed by this Chapter shall be deposited and placed in a special fund hereby created pursuant to Section 7 -21 of the Charter of the City to be known as the "Collection Fee Fund" (the "Collection Fee Fund "). The moneys in the Collection Fee Fund shall be used solely for one or more of the following purposes in such amounts and proportions as the City Council shall determine: (1) paying the he operation and maintenance expenses of a civic center and hotel complex within the Urban Renewal Authority of Pueblo Colorado (2) paving the principal of premium if any, and interest on revenue bonds of the Urban Renewal Authority of Pueblo Colorado issued to finance the civic center and hotel complex and other improvements, or any bonds issued to refinance such bonds. and /or (3) reimbursing retailers for their costs incurred in collecting and remitting the sales and use tax revenues to the City. The City Council is authorized to pledge irrevocably all or any part of the moneys in the Collection Fee Fund for the purposes set forth in clauses (1) and /or (2) above. SECTION 3 The People of Pueblo do hereby find, determine and declare that the expenditures of revenues from the three and three- tenths percent of the City's sales and use tax revenues deposited to the Collection Fee Fund established pursuant to Section 14 -4 -17 of Chapter 4, Title XIV of the 1971 Code of Ordinances of the City of Pueblo (Ordinance No. 2189 approved by a vote of the People on November 8, 1955, as amended by Ordinance Nos. 3160, 3474, 4734, 5170, 5314 and 5668) will promote the public peace, health, safety and welfare and the expenditure of such revenues for the purposes set forth in said Section 14 -4 -17 is a public purpose and municipal function notwithstanding such expenditure may, directly or indirectly, aid, assist or benefit private persons, corporations or other entities. 02/16096.1 2 SECTION 4 All ordinances relating to sales and use taxes heretofore adopted, amended or implemented 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. 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. SECTION 7 This Ordinance shall become effective upon majority vote in favor thereof by the eligible electors of Pueblo voting thereon at the General Municipal Election to be held Tuesday, November 2, 1993. 02/16096.1 3