HomeMy WebLinkAbout1993-15 Establishing Support for Amendent One and or the Tabor Amendmenty '3
RESOLUTION NO. 1s
SERIES OF 1993
A RESOLUTION ESTABLISHING VAIL TOWN CQUNCIL'S SUPPORT i=OR
AND URGING VOTER APPROVAL OF BALLOT QUESTION N0. rt
WHICH, IF APPRt~VEO tav THE voTERS,
WILL REMOVE THE REVENUE RESTRICTIONS OF ARTIGLE X, SECTION 2Q,
WHICH iS COMMONLY KNOWN AS AMENDMENT ONE
AND/OR THE TABOR AMENDMENT.
WHEREAS, passage of Ballot Question No. 1 will not increase taxes. It allows only for
spending of already existing revenues.
WHEREAS, Vail Town Council has engaged in considerable study and review of Vail's
economy and the effects of revenue limitation as required by Amendment One; and
WHEREAS, Amendment One's restrictions as they pertain to revenue limitation do not
coincide with Vail's resort based economy and such annual fluctuations as can be experienced
in Vail's resort based economy; and
WHEREAS, this ballot question will resolve the issue of the Town of Vail being able to
continue to provide current services at current tax levels; and
WHEREAS, this revenue restriction could impact negatively an Town of Vail services and
could require reduced service levels; and
WHEREAS, legal interpretations are diverse and unclear making the impact of revenue
limitation impossible to evaluate; and
WHEREAS, Vail took advantage of refinancing debt in 1992 to take on additional
necessary capital projects between 1993 and 1996 and such reduction in debt service may not
be considered fiscal year spending; and, therefore, revenue res#rictions in Amendment One may
require a reduction in revenues and consequently a reduction in capital projects or other services;
and
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commercial property that would produce significant increase in the Real Estate Transfer Tax that
revenue may have to be returned to the taxpayer, thereby limiting the Town's ability to purchase
open lands; and
WHEREAS, being a resort based economy it is important the Town of Vail be able to
collect and reinvest the revenues generated through visitor spending; and
WHEREAS, other than allowing the Town of Vail to collect and expend the full revenues
generated, all the other restrictions of Amendment One remain in effect including requiring voter
approval of all new taxes and tax rate increases, voter approval for new or additional Town of Vail
debt, all ad valorem property tax restrictions remain in place, there can be no increase or
imposition of a new Real Estate Transfer Tax, and all election requirements remain in effect.
NOW, THEREFORE, be it resolved by the Town Council of the Town of Vail, Colorado:
1. The Town Counci! fully supports and recognizes the need to remove revenue
imitation as set forth in Ballot Question No. 1.
2. The Town Council urges voter approval of Ballot Question No. 1 to allow the
collection and expenditure of full revenues which will allow service levels to remain consistent and
at the level expected by Town of Vail residents, visitors, and employees.
3. This resolution shall take effect immediately upon its passage.
INTRODUCED, READ, APPROVED AND ADOPTED this 9th day of November, i 993.
Marg~Fet A. Osterfoss, Mayor
ATTEST:
Holly L. McCutcheon, Town Clerk
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