HomeMy WebLinkAbout06472ORDINANCE NO. 6472
AN ORDINANCE REFUNDING FISCAL YEAR 1998 EXCESS
REVENUE AND APPROVING A TEMPORARY PROPERTY
TAX CREDIT TO EFFECT SUCH REFUND
WHEREAS, the City's revenue for fiscal year 1998 from sources not excluded from fiscal
year spending will exceed the limits established by Section 20, Article X of the Colorado
Constitution (the "Amendment V) by $639,292.00 (the "Excess Revenue "), and
WHEREAS, Amendment 1 provides that Excess Revenue may be refunded in any reasonable
method and that refunds need not be proportional when prior payments are impractical to identify
or return, and
WHEREAS, City has evaluated different methods of making such refunds. NOW,
THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1
The City Council does hereby find and determine that:
(a) There exists no practical basis to identify either the source of revenue which is
included in the Excess Revenue or who paid such revenue.
(b) The procedure set forth in section 39 -1 -111.5 C.R.S. constitutes a reasonable method
for effecting refund of the Excess Revenue in accordance with Amendment 1 and comports with the
mandates of Amendment 1.
SECTION 2
The Excess Revenue will be refunded in accordance with the procedure set forth in section
39 -1 -111.5 C.R.S. Concurrent with the certification of the City's 1999 mill levy as required pursuant
to section 39- 5- 128(1) C.R.S., the City shall certify a refund of Excess Revenue in the form of a
temporary property tax credit. Such certification shall include the City's gross mill levy, the
temporary property tax credit expressed in mill levy equivalents, and the net mill levy, which shall
be the gross mill levy less the temporary property tax credit.
SECTION 3
This Ordinance shall become effective immediately upon final passage and approval.
INTRODUCED: September 13, 1999
ATTEST:
City rk
By Cathy A. Garcia
Councilperson
APP ED:
P s dent of the City Council
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