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HomeMy WebLinkAbout07686ORDINANCE NO. 7686 AN ORDINANCE LEVYING AND CERTIFYING THE SOUTHPOINTE SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2007 FOR THE 2008 BUDGET YEAR WHEREAS, the City of Pueblo's budget for fiscal year 2008 has been prepared and approved in accordance with the provisions of Article 7 of the Charter of the City of Pueblo, and WHEREAS, the 2007 net assessed valuation of all taxable property in the SouthPointe Special Improvement Maintenance District as certified by the Pueblo County Assessor is $3,300,760 and WHEREAS, the maximum allowed property tax revenue for fiscal year 2008 pursuant to section 20(7)(c) or Article X of the Colorado Constitution is estimated to be $16,504. 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, for the purpose of meeting maintenance and reserve 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 SouthPointe Special Improvement Maintenance District on the assessment date to meet the cost of maintenance and reserve requirements for fiscal year 2008. 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 increases to the District's net fund balance shall constitute and be considered "reserve increases" and therefore a part of the district's 2007 fiscal year spending. All 2007 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 12, 2007 BY Randy Thurston Councilperson APPROVED: a F#k ESIDEINTof City Council ATTESTED BY: CITY CLERK PASSED AND APPROVED: November 26, 2007 ord. 10(v Background Paper for Proposed ORDINANCE a5 AGENDA ITEM # 4— SS DATE: NOVEMBER 12, 2007 DEPARTMENT: OFFICE OF THE CITY MANAGER DAVID J. GALLI, CITY MANAGER DOUGLAS M. FITZGERALD, ASSISTANT CITY MANAGER AN ORDINANCE LEVYING AND CERTIFYING THE SOUTHPOINTE SPECIAL IMPROVEMENT MAINTENANCE DISTRICT PROPERTY TAX MILL LEVY MADE IN 2007 FOR THE 2008 BUDGET YEAR ISSUE This ordinance sets the mill levy for the property tax within the SouthPointe Special Improvement Maintenance District to be assessed and collected for use in the 2008 budget. RECOMMENDATION Approval of the ordinance. FINANCIAL IMPACT The levy is set at 5.00 mills by approval of the voters within the District. It is estimated to collect $16,504 of property tax on an assessed valuation of $3,300,760.