HomeMy WebLinkAbout07628ORDINANCE NO. 7628
AN ORDINANCE AMENDING CHAPTER 4, TITLE XIV OF
THE PUEBLO MUNICIPAL CODE TO REALLOCATE THE
USE OF THE THREE AND THREE - TENTHS PERCENT
PORTION OF THE CITY'S SALES AND USE TAX REVENUES
WHICH WERE PREVIOUSLY BEING RETAINED BY THE
RETAILERS WHO COLLECT SUCH TAX; AUTHORIZING
THE CITY COUNCIL TO DEDICATE THE REVENUES FROM
SUCH THREE AND THREE - TENTHS PORTION OF THE
CITY'S SALES AND USE TAX TO PAY THE PRINCIPAL OF,
PREMIUM, IF ANY, AND INTEREST ON THE URBAN
RENEWAL AUTHORITY OF PUEBLO, COLORADO
( "AUTHORITY ") REFUNDING REVENUE BONDS, SERIES
2005 IN THE AGGREGATE PRINCIPAL AMOUNT OF
$7,310,000.00, OR ANY BONDS ISSUED TO REFINANCE
SUCH BONDS, TO PAY THE NET OPERATING AND
MAINTENANCE EXPENSES OF THE PUEBLO CONVENTION
CENTER, INCLUDING A RESERVE FOR REPLACEMENT
FUND, TO FINANCE IN AN AMOUNT NOT TO EXCEED
$3,000,000.00 THE ACQUISITION AND CONSTRUC -TION OF
PARKING FACILITIES AND OTHER IMPROVEMENTS
RELATED TO THE PUEBLO CONVENTION CENTER, TO
PAY THE PRINCIPAL OF, PREMIUM, IF ANY, AND
INTEREST ON THE AUTHORITY'S REVENUE BONDS, IF
ISSUED, IN A PRINCIPAL AMOUNT NOT TO EXCEED
$8,000,000.00 TO FINANCE AN EXPANSION OF THE
PUEBLO CONVENTION CENTER AND THE
CONSTRUCTION OF RELATED PARKING FACILITIES AND
OTHER IMPROVEMENTS, OR ANY BONDS ISSUED TO
REFINANCE SUCH BONDS, AND /OR TO REIMBURSE
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; 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
Section 17 of Chapter 4, Title XIV of the Pueblo Municipal Code (a portion of Ordinance
No. 2189 approved by a vote of the People on November 8, 1955, as amended by Ordinance
Nos. 3160, 3474, 4235, 5170, 5314, 5668 and 5810 ) is hereby amended to read as follows:
Sec. 14 -4 -17. Collection fees.
Notwithstanding Sections 14 -4 -1 and 14 -4 -85 of this Chapter, three and three -
tenths percent (3.3 %) 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 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
operation and maintenance expenses of a civic center and hotel complex within the
Urban Renewal Authority of the City; (2) paying the principal of, premium, if any, and
interest on revenue bonds of the Urban Renewal Authority of the City 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. (1) to pay the
principal of, premium, if any, and interest on the Urban Renewal Authority of Pueblo,
Colorado ( "Authority ") Refunding Revenue Bonds, Series 2005 in the aggregate principal
amount of $7,310,000.00, or any bonds issued to refinance such bonds, (2) to pay the
net operating and maintenance expenses of the Pueblo Convention Center, including a
reserve for replacement fund, (3) to finance in an amount not to exceed $3,000,000.00
the acquisition and construction of parking facilities and other improvements related to
the Pueblo Convention Center, (4) to pay the principal of, premium, if any, and interest
on the Authority's revenue bonds, if issued, in a principal amount not to exceed
$8,000,000.00 to finance an expansion of the Pueblo Convention Center and the
construction of related parking facilities and other improvements, or any bonds issued to
refinance such bonds, and /or (5) to reimburse 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] any and all of the purposes set forth in clauses [ (1) and /or (2) ] (1), (2), (3),
(4) and (5) above.
.q Fr.TInN 9
Section 14 -4 -17 of the Pueblo Municipal Code (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 7181), as amended, 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.
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SECTION 3
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 4
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 5
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.
.qFr.TInN F
This Ordinance shall become effective upon majority vote in favor thereof by the
registered electors of Pueblo voting thereon at the Regular Municipal Election to be held
Tuesday, November 6, 2007.
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