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HomeMy WebLinkAbout07236ORDINANCE NO. 7236 AN ORDINANCE LEVYING AND CERTIFYING THE SOUTHPOINTE SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2004 FOR THE 2005 BUDGET YEAR WHEREAS, the City of Pueblo's budget for fiscal year 2005 has been prepared and approved in accordance with the provisions of Article 7 of the Charter of the City of Pueblo, and WHEREAS, the 2004 net assessed valuation of all taxable property in the SouthPointe Special Improvement Maintenance District as certified by the Pueblo County Assessor is $964,360 and WHEREAS, the maximum allowed property tax revenue for fiscal year 2004 pursuant to section 20(7)(c) or Article X of the Colorado Constitution is estimated to be $4,822. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1 _ The City Council as the governing body of the SouthPointe Special Improvement Maintenance District does hereby fund and determine that the maintenance expenses and reserve requirements of the SouthPointe Special Improvement District during the 2005 Fiscal Year are estimated to be $4,822, there is hereby made, set and levied a tax of 5.00 mills upon each dollar of the total assessed valuation of all taxable real property located within the SouthPointe Special Improvement Maintenance District on the assessment date to meet the cost of maintenance and reserve requirements for fiscal year 2005. SECTION 2. The City Council of the City of Pueblo does hereby fix and certify to the County Commissioners of Pueblo County, Colorado the following mill levy imposed by this Ordinance upon each dollar of the total valuation for assessment of all taxable real property located within the SouthPointe Special Improvement Maintenance District on the assessment date: Gross Mill Levy 5.00 mills SECTION 3. The City Clerk is hereby directed to deliver a certified copy of this Ordinance, together with a Certificate of Tax Levies, form DLG 70, properly completed by the Director of Finance, to the County Commissioners of Pueblo County, Colorado, and the Division of Local Government immediately after passage of this Ordinance. SECTION 4. All increase to the District's net fund balance shall constitute and be considered "reserve increases" and therefore a part of the district's 2004 fiscal year spending. All 2004 year -end balances shall constitute and be considered "reserves" and all subsequent expenditures and transfers from such reserves shall be excluded from the district's fiscal year spending within the meaning of Article X, Section 20 (2)(e) of the Colorado Constitution. SECTION 5. This Ordinance shall become effective upon final passage. INTRODUCED November 22, 2004 M 'I T, Ma"Fl Michael Occhiato Councilperson PASSED AND APPROVED December 13, 2004 9 0t, 0"72310 �I� VIIIIIII Background Paper for Proposed ORDINANCE F AGENDA ITEM #t e DATE: NOVEMBER 22, 2004 DEPARTMENT: CITY MANAGER'S OFFICE DAVID J. GALLI, CITY MANAGER TITLE AN ORDINANCE LEVYING AND CERTIFYING THE SOUTHPOINTE SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2004 FOR THE 2005 BUDGET YEAR ISSUE This ordinance sets the mill levy for the property tax with the SouthPointe Special Improvement Maintenance District to be assessed and collected for use in the 2005 budget. RECOMMENDATION Approval of the ordinance. FINANCIAL IMPACT The levy is set at 5.00 mills, which is the same as 2004. It is estimated to collect $4,822 of property tax on an assessed value of $964,360.