§ 53-540. Mill levies for capital maintenance and capital improvements.

(a)

Purpose. The intent of this section is to provide a reliable and stable source of funding for the city's critical, ongoing need for investment in its capital infrastructure. In particular, the purpose of this section is to provide for the implementation of the voter approved property tax increase for capital maintenance at the special municipal election conducted on November 6, 2007, whereby the City and County of Denver has been authorized to impose an additional ad valorem property tax at the rate of 2.5 mills, and to dedicate the revenue derived from this tax for the sole purpose of funding capital maintenance. Furthermore, the purpose of this section is to dedicate a portion of the city's pre-existing property tax revenue stream to capital maintenance and improvements in lieu of funding that has heretofore been transferred to the capital projects fund from the employee occupational privilege tax and the business occupational privilege tax.

(b)

Dedicated mill levy increase for capital maintenance. For 2007 property taxes collected in 2008, and for each fiscal year thereafter, the city shall assess, in addition to any and all other city and county ad valorem property tax levies, a levy at the rate of 2.5 mills on all taxable property in the City and County of Denver. The revenue derived from said levy shall be credited to the capital projects fund, Fund No. 31000 of the fund plan as set forth in section 20-18 and used exclusively for capital maintenance as defined in section 20-16.

(c)

Dedicated portion of general fund mill levy for capital projects generally. For 2007 property taxes collected in 2008, and for each fiscal year thereafter, the city shall dedicate a portion of the property tax revenues derived from its general fund mill levy to the capital projects fund, Fund No. 31000 of the fund plan as set forth in section 20-18. The portion of the property tax revenue to be dedicated to capital projects shall equal $30,938,783.00 in 2017, adjusted in 2018 and each subsequent fiscal year in proportion to any annual adjustment in the total amount of property tax revenue derived from the city's net general fund mill levy as provided in section 20-26(d).

(Ord. No. 417-07, § 1, 11-6-07; Ord. No. 441-07, § 1, 11-6-07, § Ord. No. 0029-17, § 1, 2-6-17)