(1)Upon the approval of the registered electors pursuant to the provisions of
section 32-15-107, the board shall have the power to levy such uniform sales tax
upon the adoption of a resolution for a period commencing after the termination of
the sales tax levied and collected by the Denver metropolitan major league
baseball stadium district pursuant to section 32-14-105 and continuing for a period
not to extend beyond January 1, 2012, throughout the district created in section 32-15-104 upon every transaction or other incident with respect to which a sales tax is
levied by the state, pursuant to the provisions of article 26 of title 39, C.R.S.; except
that such sales tax shall not be levied on the sale of cigarettes and shall be levied
on:
(a)Purchases of machinery or machine to
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(1) Upon the approval of the registered electors pursuant to the provisions of
section 32-15-107, the board shall have the power to levy such uniform sales tax
upon the adoption of a resolution for a period commencing after the termination of
the sales tax levied and collected by the Denver metropolitan major league
baseball stadium district pursuant to section 32-14-105 and continuing for a period
not to extend beyond January 1, 2012, throughout the district created in section 32-15-104 upon every transaction or other incident with respect to which a sales tax is
levied by the state, pursuant to the provisions of article 26 of title 39, C.R.S.; except
that such sales tax shall not be levied on the sale of cigarettes and shall be levied
on:
(a) Purchases of machinery or machine tools that are otherwise exempt pursuant to
section 39-26-709 (1), C.R.S., to the extent that such sales and purchases are
subject to the sales tax levied by the regional transportation district pursuant to
section 29-2-105 (1)(d), C.R.S.;
(b) Sales of low-emitting motor vehicles, power sources, or parts used for
converting such power sources as specified in section 39-26-719 (1), C.R.S.; and
(c) Vending machine sales of food that are otherwise exempt pursuant to section
39-26-714 (2), C.R.S.
(2) (a) The collection, administration, and enforcement of the sales tax shall be
performed by the executive director of the department of revenue pursuant to part
2 of article 2 of title 29. The district shall pay the net incremental cost incurred by
the department of revenue in the administration and collection of such sales tax.
(b) (Deleted by amendment, L. 2024.)
(3) If the board levies such uniform sales tax as authorized in subsection (1) of this
section, the board shall transmit to the executive director of the department of
revenue not later than five days after the adoption of the resolution imposing such
sales tax a certified copy of said resolution, whereupon said executive director shall
proceed to collect, administer, and enforce such sales tax pursuant to the
provisions of subsection (2) of this section until January 1, 2012, unless the
executive director of the department of revenue receives from the board
notification of discontinuance of the levy of such sales tax pursuant to the
provisions of subsection (4) of this section.
(4) At such time, prior to January 1, 2012, that the board determines that the levy of
the sales tax is no longer necessary for the purposes set forth in this article, the
board shall transmit to the executive director of the department of revenue not
later than five days after the adoption of the resolution discontinuing the levy of
such sales tax a certified copy of said resolution, whereupon said executive director
shall discontinue the collection of said sales tax on the January 1, April 1, July 1, or
October 1 immediately following the adoption of said resolution, whichever occurs
first. Upon the adoption of said resolution discontinuing the sales tax levy, the
board shall have no further authority to levy such sales tax on and after the January
1, April 1, July 1, or October 1 immediately following the adoption of said resolution,
as applicable.
(5) In no case shall the sales tax authorized by this section be levied for a period of
time longer than is necessary to generate revenues sufficient to pay the principal,
interest, and prepayment premium, if any, on outstanding special obligation bonds
issued by the board pursuant to the provisions of this article and for such other
purposes specified in section 32-15-111. Unless ended earlier, such sales tax shall
not continue beyond January 1, 2012.
(6) Notwithstanding anything in this section to the contrary, the sales and use tax
to be collected pursuant to this article shall not exceed an amount necessary to:
(a) Pay up to two hundred sixty-six million dollars for the principal amount of
special obligation bonds, plus interest and prepayment penalty, if any, for such
bonds, plus an amount the net present value of which shall not exceed seventy-five
million dollars, which net present value shall be calculated as of January 1, 2001,
based on an eight percent discount rate; and
(b) Provide coverage ratios for the bonds and the net present value amount as
determined by the board to be most advantageous to the district and the taxpayers.