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HomeMy WebLinkAboutOrdinance 1555CITY OF WHEAT RIDGE, COLORADO INTRODUCED BY COUNCIL MEMBER POND Council Bill No. 10 Ordinance No. 1555 Series of 2014 TITLE: AN ORDINANCE SUBMITTING A BALLOT QUESTION TO THE VOTERS OF THE CITY AT THE NOVEMBER 4, 2014 ELECTION, CONCERNING AN INCREASE IN THE SALES AND USE TAX RATE AND REVENUE BONDS TO FINANCE PUBLIC WORKS AND PARKS AND RECREATION INFRASTRUCTURE PROJECTS WHEREAS , the City Council of the City of Wheat Ridge , Colorado has the authority to refer ballot questions to the electorate pursuant to Section 6 .3 of the Home Rule Charter and CRS 31-11-111 ; and WHEREAS , the Council wishes to refer a ballot question concern ing an increase in the City's sales and use tax rate to pay revenue bonds issued for the purpose of financing various public works and parks and recreation infrastructure projects . NOW THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF WHEAT RIDGE, COLORADO: Section 1. Ballot question referred. The following ballot question is hereby referred to the electorate of the City at the November 4 , 2014 election: SHALL THE CITY OF WHEAT RIDGE TAXES BE INCREASED BY UP TO $6 .4 MILLION ANNUALLY IN THE FIRST FULL FISCAL YEAR , AND BY WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER, BY INCREASING THE RATE OF SALES AND USE TAX LEVIED BY THE CITY BY ONE PERCENT (1.0%), AND SHALL CITY OF WHEAT RIDGE DEBT BE INCREASED BY UP TO $40 MILLION , WITH A MAXIMUM REPAYMENT COST NOT TO EXCEED $68.5 MILLION , WITH THE PROCEEDS OF SUCH DEBT AND SUCH TAXES TO BE USED FOR: • CRITICAL FACILITY , INFRASTRUCTURE AND ECONOMIC DEVELOPMENT PROJECTS TO ALLOW WHEAT RIDGE TO OPERATE, MAINTAIN AND IMPROVE ROADS , BRIDGES AND STORM WATER AND FLOOD PLAIN DRAINAGE SYSTEMS • CONSTRUCTION , INSTALLATION , OPERATION AND MAINTENANCE OF PARKS AND RECREATION IMPROVEMENTS INCLUDING REVITALIZATION OF ANDERSON PARK TO IMPROVE ITS OVERALL EFFECTIVENESS AND EFFICIENCY AS A MULTI-GENERATIONAL FAMILY ACTIVITY PARK INCLUDING IMPROVEMENTS TO THE OUTDOOR POOL AND FACILITIES AND THE ANDERSON RECREATION BUILDING , SUCH IN CREASE IN THE SALES AND USE TAX RATE TO BEGIN ON JANUARY 1, 2015; SUCH DEBT TO BE SO LD IN ONE OR MORE SERIES AT A PRICE ABOVE , BELOW OR EQUAL TO T HE PRINCIPAL AMOUNT OF SUCH DEBT AND ON SUCH TERMS AND CONDITIONS AS THE CITY MAY DETERMINE , INCLUDING PROVISIONS FOR REDEMPTION OR REFUNDING OF THE DEBT PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF PREMIUM OF NOT TO EXCEED 3.0%, AND SHALL THE CITY BE AUTHORIZED TO ISSUE DEBT TO REFUND THE DEBT AUTHOR IZED IF AFTER THE ISSUANCE OF SUCH REFUNDING DEBT THE TOTAL OUTSTANDING PRINC IPAL AMOUNT OF ALL DEBT ISSUED PURSUANT TO THIS QUESTION DOES NOT EXCEED THE MAXIMUM PRINCIPAL AMOUNT AUTHORIZED AND IF ALL DEBT ISSUED PURSUANT TO THIS QUESTION IS ISSUED ON T ERMS THAT DO NOT EXCEED THE REPAYMENT COSTS AUTHOR IZED IN THIS QUESTION ; AND SHALL THE REVE NUES RA ISED BY SUCH SALES AND USE TAX RATE INCREASE AND PROCEEDS OF SUCH DEBT, ANY OTHER REVENUE USED TO PAY SUCH DEBT, AND INVESTMENT INCOME THEREON , BE COLLECTED AND SPENT BY THE CITY AS A VOTER-APPROVED REVENUE CHANGE PURSUANT TO ARTICLE X , SECTION 20 OF THE COLORADO CONSTITUTION? Sec t ion 2. Safety Clause . The City Council hereby finds , determines, and declares that this Ordinance is promulgated under the general police power of the City of Wheat Ridge , that it is promulgated for the health , safety , and welfare of the public and that this Ordinance is necessary for the preservation of health and safety and for the protection of public convenience and welfare . The City Council further determines that the Ordinance bears a rational relation to the proper legislative object sought to be attained . Secti o n 3. Sever abi lity; Conflicting Ordi nances Repea led. If any section , subsection or clause of this Ordinance shall be deemed to be unconstitutional or otherwise invalid , the validity of the remaining sect ions, subsections and clauses shall not be affected thereby . All other ord inances or parts of ordinances in conflict with the provisions of this Ordinance are hereby repealed . Section 4. Effective Da t e . Th is Ordinance shall take effect immediately upon adoption at second reading , as permitted by the Charter INTRODU CED , RE AD , AND A DOPTED on first reading by a vote of 7 to 0 on this 11th day of August, 2014 , ordered published in full in a newspaper of general circulation in the City of Wheat Ridge and Public Hearing and consideration on final passage set for August 25 , 2014 , at 7:00 o'clock p.m ., in the Council Chambers , 7500 West 29th Avenue , Wheat Ridge , Colorado . READ , A DOPTE D A ND ORDERED PUBLISHE D on se cond and final reading by a vote of 8 to 0 , this 25 th day of August , 2014 . SIGNED by the Mayor on this 25th day of _.......;A=u=g=us:;..;:t:__ ____ , 2014 . 2 ATIEST: Ar2::l,[?;/;)_d)k ' Gerald E. Dahl , City Attorney Fi rst Publ ication : August 14, 2014 Second Publ ication : August 28, 2014 Wheat Ridge Transcript Effective Date: Au gust 25. 2014 3