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HomeMy WebLinkAbout06566As Amended August 28, 2000 ORDINANCE NO. 6566 AN ORDINANCE AMENDING CHAPTER 4, TITLE XIV OF THE 1971 CODE OF ORDINANCES TO CONTINUE THE THREE AND ONE -HALF PERCENT SALES AND USE TAX RATE FOR A THREE YEAR PERIOD FROM JANUARY 1, 2002 THROUGH DECEMBER 31, 2004; DEDICATING THE REVENUES FROM A ONE -HALF PERCENT SALES AND USE TAX RATE FOR JOB CREATING CAPITAL IMPROVEMENT PROJECTS WITHIN THE CITY AND THE PUEBLO MEMORIAL AIRPORT BOUNDARIES; CREATING A SPECIAL FUND FOR THE DEPOSIT OF SUCH REVENUES; FINDING AND DETERMINING THAT THE EXPENDITURE OF SUCH REVENUES FOR JOB CREATING CAPITAL IMPROVEMENT PROJECTS IS A PUBLIC PURPOSE AND MUNICIPAL FUNCTION; AND PROVIDING FOR OTHER MATTERS RELATING THERETO BE IT ORDAINED BY THE PEOPLE OF PUEBLO, THAT: (brackets indicate matter deleted; underscoring indicates matter 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 Ordinances Nos. 3160, 3474, 4235, 5170, 5314, 5668, 5810 and 5978) is hereby amended by making the following changes to 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, [2001] 2004 the rate of tax imposed pursuant to section 14- 4 -85(a) shall be three and one -half percent. (f) The revenues from the additional one -half 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 to [2001] 2004 Sales and Use Tax Capital Improvement Projects Fund" (the "Fund "). The moneys in the Fund shall be used solely for job creating capital improvement projects within the City and the Pueblo Memorial Airport boundaries at such times and in such amounts and for such capital improvement projects as the City Council shall determine. The City Council may, in anticipation of the collection of the revenues from the additional one -half percent sales and use tax rate, and subject to the Colorado Constitution, issue revenue bonds payable solely from the moneys in the Fund for the purpose of financing such capital improvement projects. The City Council may transfer the income from the investment of moneys in the Fund to the Capital Improvement Fund created by Section 7 -16 of the Charter. The unappropriated balance of the Fund on December 31, [2006] 2008 shall be transferred to said Capital Improvement Fund. SECTION 2 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, 5314, 5668, 5810, and 5978) is hereby amended by making the following changes to subsection (b): (b) Notwithstanding the three percent rate provision of this section 14 -4 -63, for the period January 1, 1992 through December 31, [2001] 2004 the rate of tax imposed pursuant to this section 14 -4 -63 shall be three and one -half percent. CFrT10K1 The people of Pueblo do hereby find, determine and declare that the expenditure of revenues from a one -half percent sales and use tax rate for job creating capital improvement projects within the City and the Pueblo Memorial Airport boundaries will promote the public peace, health, safety and welfare and that the expenditure of such revenues for job creating capital improvement projects is a public purpose and municipal function notwithstanding that such expenditure may, directly or indirectly, 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 job creating capital improvement projects within the City and the Pueblo Memorial Airport boundaries and none of the revenues shall be appropriated or expended except in conformity therewith. 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 the same may be amended by this Ordinance. .qG( ti 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. -qF(`TI()N F 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. SFC:TinN 7 This Ordinance shall become effective upon majority vote in favor thereof by the registered electors of the City voting thereon at the Special Municipal Election to be held Tuesday, November 7, 2000.