HomeMy WebLinkAboutordinance.council.003-10ORDINANCE NO.
(Series of 2010)
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF ASPEN, COLORADO
CLARIFYING THE WHEELER OPERA HOUSE ENDOWMENT FUND AS A
RESERVE LINE ITEM WITHIN THE WHEELER OPERA HOUSE FUND, DERIVED
FROM ANNUAL WHEELER OPERA HOUSE OVERAGES FROM THE WHEELER
REAL ESTATE TRANSFER TAX (WRETT), AND REDEFINING INVESTMENT
AND EXPENDITURE PARAMETERS FOR SAID FUND.
WHEREAS, the electorate of the City of Aspen approved adoption of Ordinance No. 20,
Series of 1979, imposing a''/z of 1% Real Estate Transfer Tax for the purpose of
renovation, reconstruction and maintenance of the Wheeler Opera House based on a
previously approved Master Plan, or for the payment of interest or bonds issued for such
purposes and for the purpose of supporting the visual and performing arts (limited to
$100,000 per year); and
WHEREAS, the electorate of the City of Aspen authorized the expiration date of the
Wheeler Real Estate Transfer Tax to be extended to December 31, 2019; and
WHEREAS, the City Council established in December 2002 through Ordinance No. 46,
Series of 2002, a separate fund for the collection of excess funds after the conclusion of
any fiscal yeaz in which Wheeler Real Estate Transfer Tax revenues exceeded their use to
offset the annual costs of renovation, reconstruction and maintenance of the Wheeler
Opera House, and that such fund was established with certain restrictions in its enabling
language that aze no longer deemed in the best long-term interests of the Wheeler Opera
House and the citizens of the City of Aspen.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF ASPEN, COLORADO, THAT:
Section 1
Chapter 23.48 of the Municipal Code is hereby amended by the addition of a new
Section 23.48.61, which section shall read as follows:
23.48.61 Wheeler Opera House Reserve Line Item
(a) Purpose. There is hereby established the Wheeler Opera House Reserve Line
Item as part of the Wheeler Opera House Fund into which aze to be deposited
so much of annual operating fund excess revenues as set forth in this Section.
All monies deposited in the Wheeler Opera House Reserve Line Item shall be
expended and/or invested so as to create a body of funds that may serve to
complete the intent of the 1979 Wheeler RETT ballot question and the Master
Plan for the Wheeler Opera House renovation and reconstruction, be used to
fund principal and interest payments for the issuance of bonds or other debt
instruments for this completion, and/or serve as a de facto endowment account
for the purpose of funding Wheeler operations, capital improvements, and
grants to local non-profit arts organizations consistent with the 1979 ballot
question upon the expiration of the Wheeler Opera House Real Estate
Transfer Tax.
(b) Funding. The Wheeler Opera House Reserve Line Item shall receive no less
than 100% of all excess revenues (above and beyond Wheeler annual
operating and capital improvement expenses, and necessary increases to the
Wheeler operating and departmental reserve accounts) collected and paid to
the Wheeler Opera House/City Of Aspen from the Wheeler Opera House Real
Estate Transfer Tax and other earned revenue sources. City Council may
authorize such additional funding from other sources, for deposit into the
Wheeler Opera House Reserve Line Item, as it may deem necessary from time
to time.
(c) Principal. All monies deposited into the Wheeler Opera House Reserve Line
Item shall be available for expenditure solely for the purposes declared in the
1979 Real Estate Transfer Tax Ordinance. Unless used for such limited
purposes, all monies will be considered as principal for investment and may
not be extended or used for any other purpose.
(d) Interest -Other Income. All interest or other income earned and generated by
monies in the Wheeler Opera House Reserve Line Item shall accrue
exclusively to the Line Item and shall be considered as part of (c), as
described above.
(e) Investments Authorized. The Director of Finance is authorized to invest
Wheeler Opera House monies, without distinction between principal and
income, in any security, bond, note, stock, debenture, mortgage or other
investment as specified in C.R.S. Section 24-75-601.1, as may be amended.
Investments may be made for such periods of time or dates of maturity as
deemed prudent by the Director of Finance, after input from the City Manager
and/or Wheeler Executive Director. All investments of the Wheeler Opera
House Holding Fund shall be governed by the standard for investments as
described at C.R.S. Section 15-1-304.
Section 2
This ordinance shall not have any effect on existing litigation and shall not
operate as an abatement of any action or proceeding now pending under or by virtue of
the ordinances repealed or amended as herein provided, and the same shall be construed
and concluded under such prior ordinances.
Section 3
If any section, subsection, sentence, clause, phrase or portion of this ordinance is
for any reason held invalid or unconstitutional in a court of competent jurisdiction, such
portion shall be deemed a separate, distinct and independent provision and shall not affect
the validity of the remaining portions thereof.
Section 4
A public hearing on the ordinance shall be held on theta-~ day of~~
2010, in the City Council Chambers, Aspen City Hall, Aspen, Colorado.
INTRODUCED, READ AND ORDERED PUBLISHED as provided by law by
the City Council of the City of Aspen on the l t day of ~.~ G~-tl.~t ' , 2010.
Michael C. Irel d, Mayor
athryn S. h, City Clerk
FINALLY
adopted, passed and approved this ZS day of~J_ ~~~I~ V 2010.
Michael C. Ireland, Mayor
A T~T:.
athryn S. Ko , C' ity Jerk
Approved as to form:
John P. Worcester
City Attorney
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proved atloption of Ortlinance Ne. 20, Series of be tlepositeo ~.
19]9, imposing a'h of 1 % Real Estate Transfer cess revenm
Tax for the purpose of renovation, reconstruction monies tlepe
and maintenance of the Wheeler Opera House Reserve Line
bawtl on a previously approvetl Master Plan, or for vestetl so es
the payment of interest or bontls issued for such serve to com
purposes antl for the pupose of supporting the vi- RETT ballot
suet and performing arts (limitetl to $100,000 per Woheetieer Opee
year); antl menis for iN
WHEREAS, the electorate of the City of Aspen simmenis fbi
authorized iM1e expiration date of the Wheeler Reel facto antlowi
Estate Transfer Tax to be extended tb December ignle~s tbllar<
31, 2019; antl the expiratic
WHEREAS, the City Council eafablishetl in De- Es!ffie Trans
camber 2002 through Ordinance No. 46, Series of Ib) Fu
2002, a separate funtl for the collection of excess Reserve Lim
funtla aFler the conclusion of any fiscal year In of ell excess
which Wheeler Real Estate Transfer Tax revenues annual op'
exceetletl their use to offset the annual costs of expenses, a
renovation, reconstruction and maintenance of the operebng al
Wheeler Opera House, and Ihet such funtl was leged and!
establishetl with certain restrictions in its enabling Of Aspen f
language that ere no longer tleemetl in the best Estate Trai
Iong-term interests of the Wheeler Opera House s~ ~untlingC
and Uie citizens of the Chy of Aspen. Wheeler O
NOW, THEREFORE, BE IT ORDAINED BY THE may tleem i
CITV COUNCIL OF THE CITY OF ASPEN, COL- Wheeler O~
ORADO, THAT: available h
S~ declared i
Chapter 23.48 of the Municipal Cotle is hereby Ordinance.
amended by the addition of a new Section investmen
23.48 61, which section shall reatl as bllbws'. any other p
23.68.61 Wheeler Opera House Reserve Line other) n)doi
Rem
(a)Purpose. There ishereby established the Ne Whee~
Wheeler Opere Houw Reserve Line Item as part of accrue ex
the Wheeler Opare House Funtl into which are to consitleret
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1100% This brtlinance shell not M1ave any effect on
!heeler existing litigation and shall not operate as an
ement abatement of any action or proceetling now
Vheeler gentling antler or Dy virtue of the ortlinances re~
its) col- peeled or amentletl es heroin provide0. antl the
iwlCify same shell be construetl antl conclutletl antler
ie Real such prior oNinencea.
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a0tlitio- S i n 3
Tny.1ne
m, e§ it phrase areponion of thie o~d nancec s foar any
into the sewn heltl invalitl or unconstitutional in a court of
shall be competent luriatlicfion, such portion sM1all be
urposes tleemetl a separate, tlistind antl intlepentlent
;ter Tax provision antl shall not affect the validity of the
nooses, remaining pbNOn6 thereof.
be COnslaaieu as y•••~•v-~'-'
Tay not be extentletl or usetl for
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t - OtM1er Income. All Interest or
anetl antl generatetl by monies In
em Mouse Rawrve Llne Item shall
set d (C)has tlewhbetl above ell be
Sect 4
A public hearing on the ordinance shall be heltl
Counc? Chamfers, Aspev Cuy Hali?Aspen
Coloratlo.
INTRODUCED, READ AND ORDERED
ComoiSOfEhe City of Aspen ont11e11N dayloY
January 2010.
Michael C. Ireland. Mayor
ATTEST'.
KaNryn S. Koch, City CIeM
Published in the As en Times Weekly on January
1],2010 1452]326)
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