§ 20-403. Legal status of tourism improvement districts.

Any tourism improvement district created under this article XIII shall be deemed a body corporate and politic, and a "district" within the meaning of Art. X. section 20(2)(b) of the Colorado Constitution, a unit of local government distinct and separate from the city itself. As a legal entity created entirely through an exercise of the city's home rule authority, tourism improvement districts shall not be considered political subdivisions of the state. Although legally distinct from the city and not a department or agency of the city, tourism improvement districts may be considered a component unit of the city for purposes of budgeting, accounting, auditing, and financial reporting. However, multiple-fiscal year financial obligations of a tourism improvement district shall not be considered obligations of the city, notwithstanding reporting as a component unit. As more fully provided in this article XIII, tourism improvement districts may contract with the city for performance of any or all administrative, financial, or legal services on behalf of the district.

(Ord. No. 653-17, § 1, 6-26-17)