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HomeMy WebLinkAbout07414ORDINANCE NO. 7414 AN ORDINANCE LEVYING AND CERTIFYING THE BANDERA BOULEVARD SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2005 FOR THE 2006 BUDGET YEAR WHEREAS, the City of Pueblo's budget for fiscal year 2006 has been prepared and approved in accordance with the provisions of Article 7 of the Charter of the City of Pueblo, and WHEREAS, the 2005 net assessed valuation of all taxable property in the Bandera Boulevard Special Improvement Maintenance District as certified by the Pueblo County Assessor is $2,667,670 and WHEREAS, the maximum allowed property tax revenue for fiscal year 2006 pursuant to section 20(7)(c) or Article X of the Colorado Constitution is estimated to be $9,390. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The City Council as the governing body of the Bandera Boulevard Special Improvement Maintenance District, for the purpose of meeting maintenance expenses of the District, does hereby make, set and levy a tax of 5.00 mills upon each dollar of the total assessed valuation of all taxable real property located within the Bandera Boulevard 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 Bandera Boulevard 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 2005 fiscal year spending. All 2005 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 14, 2005 BY Michael Occhiato Councilperson APPROVED: PIRESMENT 9F CITY CPWCIL ATTESTED BY: CITY CLERK PASSED AND APPROVED December 12, 2005 a�d. *1 - ) y /Ll IP Background Paper for Proposed ORDINANCE 3� AGENDA ITEM # DATE: NOVEMBER 14, 2005 DEPARTMENT: OFFICE OF THE CITY MANAGER DAVID J. GALLI, CITY MANAGER DOUGLAS M. FITZGERALD, ASSISTANT CITY MANAGER AN ORDINANCE LEVYING AND CERTIFYING THE BANDERA BOULEVARD SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2005 FOR THE 2006 BUDGET YEAR ISSUE This ordinance sets the mill levy for the property tax within the Bandera Boulevard Special Improvement Maintenance District to be assessed and collected for use in the 2006 budget. Approval of the ordinance. FINANCIAL IMPACT By approval of the voters within the District, the levy is fixed at 5.00 mills. It is estimated to collect $9,390 of property tax on an assessed value of $2,667,670.