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(a) The rate of the general tax levy on the taxable property within the city for fiscal year 2001 shall be reduced by the amount of two (2) mills. The rate of the general tax levy on the taxable property within the city for fiscal year 2004 shall be further reduced by the amount of one (1) mill. As provided by Article X, Section 20(4)(a), such rate shall not be increased in future fiscal years without prior voter approval.

(b) Commencing with the 1999 fiscal year, the city is authorized to collect, retain, and expend city revenues in all future fiscal years in an amount equal to adjusted fiscal year spending, with increases in future fiscal years at a rate equal to inflation plus annual local growth. For purposes of this section, "adjusted fiscal year spending" shall mean all city expenditures and reserve increases for the 1998 fiscal year except, as to both, those for refunds made in the current or next fiscal year or those from gifts, federal funds, collections for another government, pension contributions by employees and pension fund earnings, reserve transfers or expenditures, damage awards, property sales, or, commencing with the 1999 fiscal year, city fees. Commencing with the 2001 fiscal year, all city expenditures and reserve increases from sales and use taxes shall also be excluded from "adjusted fiscal year spending." The terms "inflation" and "local growth" shall have the same meanings given them by Article X, Section 20(2)(f) and (g) of the Colorado Constitution.

(c) Commencing with the 2001 fiscal year, the city is authorized to collect, retain, and expend city property tax revenues in all future fiscal years in an amount equal to the property tax revenue received by the city in the 2000 fiscal year, with increases in future fiscal years at a rate equal to inflation plus annual local growth. The terms "inflation" and "local growth" shall have the same meanings given them by Article X, Section 20(2)(f) and (g) of the Colorado Constitution.

(d) This section 11-27 provides the exclusive mechanism for limiting city taxes and revenues. All taxes now or hereafter imposed by the city, and the revenues therefrom, shall be exempt from any requirement of tax reduction in Article X, Section 20 of the Colorado Constitution, as now or hereafter in effect. (Ord. No. 99-44, § 1, 11-2-1999; Ord. No. 2000-45, § 1, 11-7-2000)