BY SENATORS Lacy, Bishop, Johnson, Schroeder, Tanner, and Wattenberg;
also REPRESENTATIVES Dean, Agler, Miller, Schauer,
and Taylor.
CONCERNING MODIFICATION OF THE "METROPOLITAN
FOOTBALL STADIUM DISTRICT ACT", AND, IN CONNECTION THEREWITH,
EXPANDING THE BOUNDARIES OF THE DISTRICT AND MODIFYING THE TERMS
OF THE AGREEMENT THAT THE BOARD OF DIRECTORS NEGOTIATES WITH A
NATIONAL FOOTBALL LEAGUE FRANCHISE.
Be it enacted by the General Assembly of the State
of Colorado:
SECTION 1. The
introductory portion to 3215104 (1), Colorado Revised
Statutes, is amended, and the said 3215104 is further
amended BY THE ADDITION OF A NEW SUBSECTION, to read:
3215104. Creation of district
area of district. (1) There
is hereby created a district to be known and designated as the
metropolitan football stadium district. The district shall be
a body corporate and politic and a political subdivision of the
state. EXCEPT AS PROVIDED IN SUBSECTION (1.5) OF THIS SECTION,
the area comprising the district shall consist of:
(1.5) ON AND AFTER THE EFFECTIVE DATE
OF THIS SUBSECTION (1.5), THE DISTRICT SHALL, IN ADDITION TO ANY
AREAS LISTED UNDER SUBSECTION (1) OF THIS SECTION, CONSIST OF
THE FOLLOWING AREAS:
(a) THAT AREA WITHIN THE CITY OF LONE
TREE, STATE OF COLORADO, THAT, AS OF THE EFFECTIVE DATE OF THIS
SUBSECTION (1.5), IS ZONED FOR COMMERCIAL USE AND IS WITHIN SECTIONS
3, 4, AND 5, TOWNSHIP 6 SOUTH, RANGE 67 WEST OF THE SIXTH PRINCIPAL
MERIDIAN, COUNTY OF DOUGLAS, STATE OF COLORADO; AND
(b) THAT AREA EAST OF YOSEMITE STREET,
SOUTH OF COUNTY LINE ROAD, WEST OF INTERSTATE 25 AND WITHIN SECTION
3, TOWNSHIP 6 SOUTH, RANGE 67 WEST OF THE SIXTH PRINCIPAL MERIDIAN,
COUNTY OF DOUGLAS, STATE OF COLORADO.
SECTION 2. 3215106
(1) (c), (1) (e), (1) (f) (III), (1) (f) (VI), (1) (p), (2) (a),
(2) (i), (3), and (5) (c), Colorado Revised Statutes, are amended,
and the said 3215106 (1) and (2) are further amended
BY THE ADDITION OF THE FOLLOWING NEW PARAGRAPHS, to read:
3215106. Board of directors
powers and duties. (1) In
addition to any other powers specifically granted to the board
in this article, the board shall have the following duties and
powers:
(c) To negotiate
an agreement with the franchise:
TO NEGOTIATE AN AGREEMENT WITH THE FRANCHISE REQUIRING THE FRANCHISE
TO PAY TWENTYFIVE PERCENT OF THE ACTUAL CONSTRUCTION COSTS
OF THE STADIUM, INCLUDING BUT NOT LIMITED TO PROFESSIONAL FEES,
SITE ACQUISITION COSTS, AND MATERIALS AND LABOR COSTS AND REQUIRING
THE FRANCHISE TO PAY FOR TWENTYFIVE PERCENT OF ALL COSTS
IN EXCESS OF THE ANTICIPATED CONSTRUCTION COSTS.
(I) Requiring the franchise to
provide all costs of renovation or construction that exceed the
maximum amount of the special obligation bonds issued by the district
or at least twentyfive percent of the costs of renovating
Mile High stadium or constructing a new stadium; whichever is
greater; and
(II) Requiring the franchise to
pay for any costs of renovation of Mile High stadium or construction
of the new stadium in excess of the maximum amount paid by the
district pursuant to subparagraph (I) of this paragraph (c); including,
but not limited to, cost overruns;
(e) To negotiate
with PROVIDE the counties within
the district and with
the city and county of Denver and
enter into an agreement to provide such counties and the city
and county of Denver with a benefit
from A PORTION OF the revenues, other than sales tax revenues
AND ADMISSIONS TAX REVENUES, derived from the operation of Mile
High stadium if it is renovated or the new stadium during the
period of time the district is collecting the sales tax OR THE
ADMISSIONS TAX OR SUCH LONGER PERIOD AS THE BOARD MAY DETERMINE
APPROPRIATE;
(f) After completion of the review, negotiations,
and other matters set forth in paragraphs (a) to (e) of this subsection
(1) and if the board determines that there is a need to renovate
Mile High stadium or to construct a new stadium and that the renovation
of Mile High stadium or the construction of a new stadium is more
cost effective and economically viable than maintaining and repairing
Mile High stadium, the board shall then determine whether it is
more cost effective and economically viable to renovate Mile High
stadium or to construct a new stadium, after which the board shall
adopt a resolution that, in addition to the statements required
by section 3215107 (1) (b), includes, but shall not
be limited to, the following declarations:
(III) That
the district has entered into an agreement with the franchise
that requires the franchise: THAT
THE DISTRICT HAS ENTERED INTO AN AGREEMENT WITH THE FRANCHISE
THAT REQUIRES THE FRANCHISE TO PROVIDE TWENTYFIVE PERCENT
OF THE ACTUAL CONSTRUCTION COSTS OF THE STADIUM, INCLUDING BUT
NOT LIMITED TO PROFESSIONAL FEES, SITE ACQUISITION COSTS, AND
MATERIALS AND LABOR COSTS AND THAT REQUIRES THE FRANCHISE TO PAY
FOR TWENTYFIVE PERCENT OF ALL COSTS IN EXCESS OF THE ANTICIPATED
CONSTRUCTION COSTS.
(A) To provide all costs of renovation
or construction that exceed the maximum amount of the special
obligation bonds issued by the district or at least twentyfive
percent of the costs of renovating Mile High stadium or constructing
a new stadium; whichever is greater; and
(B) To provide any costs of renovation
of Mile High stadium or construction of the new stadium in excess
of the maximum amount paid by the district pursuant to subparagraph
(I) of paragraph (c) of subsection (1) of this section; including,
but not limited to, cost overruns;
(VI) That the board has
entered into an agreement with WILL
PROVIDE the counties within the district and with
the city and county of Denver to provide
such counties and the city and county of Denver
with a benefit from the revenues, other than sales tax revenues
AND ADMISSIONS TAX REVENUES, derived from the operation of Mile
High stadium if it is renovated or the new stadium during the
period of time the district is collecting the sales tax OR THE
ADMISSIONS TAX OR SUCH LONGER PERIOD AS THE BOARD MAY DETERMINE
APPROPRIATE.
(g.5) IN DESIGNING AND CONSTRUCTING A
NEW STADIUM, TO ARRANGE AND COORDINATE THE PROVISION OF MASS TRANSIT,
INCLUDING LIGHT RAIL, BUSES, AND OTHER FORMS OF PUBLIC TRANSPORTATION
TO SERVICE SUCH STADIUM WITH THE REGIONAL TRANSPORTATION DISTRICT.
(p) To receive and accept from any source
aid or contributions of money, property, labor, or other things
of value to be held, used, and applied to carry out the purposes
of this article subject to the conditions upon which the grants
or contributions are made; except that no public moneys from the
state, any city, town, city and county, or county, and any department,
agency, or instrumentality of the United States of America shall
be accepted or expended for any purpose set forth in this article.
NOTWITHSTANDING ANY PROVISION SET FORTH IN THIS PARAGRAPH (p),
THE BOARD SHALL NOT BE PROHIBITED FROM RECEIVING PUBLIC MONEYS
FROM THE ECONOMIC DEVELOPMENT COMMISSION CREATED PURSUANT TO SECTION
2446102 (2), C.R.S., THAT ARE PAID FROM THE ECONOMIC
DEVELOPMENT FUND CREATED PURSUANT TO SECTION 2446105,
C.R.S.
(2) After the board has completed the
review and negotiations set forth in paragraphs (a) to (e) of
subsection (1) of this section and if the board has received notice
from the secretary of state stating that a valid petition has
been filed and verified and has adopted a resolution pursuant
to paragraph (f) of subsection (1) of this section, in addition
to any powers granted to the board in subsection (1) of this section
or in this article, the board shall have the following powers
and duties:
(a) To decide
at which general election or election held on the first Tuesday
of November in an oddnumbered year
SUBMIT the question specified in section 3215107 (1)
shall be submitted
to the registered electors within the geographical boundaries
of the district AT THE 1998 GENERAL ELECTION;
(i) To borrow money, CONTRACT TO BORROW MONEY FOR THE PURPOSE OF ISSUING BOND ANTICIPATION NOTES PURSUANT TO ARTICLE 14 OF TITLE 29, C.R.S., contract to borrow money for the purpose of issuing special obligation bonds, and issue obligations for any of its corporate purposes and to fund such obligations, to refinance such obligations EVEN IF, IN THE CASE OF REFINANCING OR REFUNDING BOND ANTICIPATION NOTES, SUCH REFINANCING OR REFUNDING IS AT A HIGHER INTEREST RATE, and to refund such obligations as provided in this article subject to the requirements of section 20 of article X of the state constitution;
(n.5) TO LEVY AND COLLECT, IF THE BOARD
SO DETERMINES, A TAX UPON ADMISSIONS TO A NEW STADIUM CONSTRUCTED
BY THE DISTRICT PURSUANT TO THE PROVISIONS OF THIS ARTICLE, SUBJECT
TO THE REQUIREMENTS OF SECTION 20 OF ARTICLE X OF THE STATE CONSTITUTION;
(3) If Mile High stadium is renovated
or if a new stadium is built, the board shall
make a good faith effort MAY sell
or lease the name of the stadium and any symbol or image of the
general design, appearance, or configuration of the stadium, including
trademarks, service marks, trade names, and logos. PRIOR TO MAKING
A DETERMINATION TO SELL OR LEASE THE NAME OF THE STADIUM, THE
BOARD SHALL ASSESS THE COSTS AND BENEFITS OF SUCH SALE OR LEASE
AND SPECIFICALLY CONSIDER THE PUBLIC SENTIMENT AND ANY OTHER BENEFITS
ASSOCIATED WITH RETAINING THE NAME "MILE HIGH STADIUM"
OR WITH USING ANY OTHER NAME THAT REFLECTS THE GEOGRAPHICAL, HISTORICAL,
CULTURAL, SPIRITUAL, OR OTHER QUALITIES OF THE STATE. All proceeds
from such sale or lease, if any, shall be used by the board to
pay the principal, interest, and prepayment premium, if any, on
outstanding special obligation bonds issued by the board pursuant
to the provisions of this article.
(5) In carrying out its duties in connection
with the operation of the stadium, the board shall duly consider:
(c) That no
person or business be awarded a food and beverage concession contract
allowing such person or business to occupy more than twentyfive
NOT LESS THAN FIFTEEN percent of the total square footage allocated
for food and beverage sales at Mile High stadium if it is renovated
or at the new stadium SHALL BE OCCUPIED, EITHER DIRECTLY OR THROUGH
SUBCONTRACTS, BY PERSONS OR BUSINESSES THAT MAINTAIN THEIR PRINCIPAL
PLACE OF BUSINESS IN COLORADO.
SECTION 3. 3215106,
Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW
SUBSECTION to read:
3215106. Board of directors
powers and duties. (7) IN
DESIGNING AND CONSTRUCTING A STADIUM PURSUANT TO THIS ARTICLE,
THE BOARD MAY CONSIDER THE TECHNICAL AND ECONOMIC FEASIBILITY
OF INCLUDING A RETRACTABLE ROOF OVER SUCH STADIUM; EXCEPT THAT:
(a) NO CONSTRUCTION COSTS FOR A RETRACTABLE DOME SHALL BE PART OF THE BALLOT ISSUE PROPOSED, NOR SHALL ANY SUCH COSTS BE PAID BY ANY BONDS, TAXES, OR OTHER REVENUES ISSUED UNDER THIS ARTICLE; AND
(b) THE BOARD SHALL NOT AUTHORIZE THE
CONSTRUCTION OF A RETRACTABLE ROOF WITHOUT PRIOR SPECIFIC STATUTORY
AUTHORIZATION IF ANY PORTION OF THE COSTS OF CONSTRUCTION OF SUCH
RETRACTABLE ROOF SHALL BE PAID OR FUNDED BY ANY TAX OR OTHER REVENUES
OF THE DISTRICT.
SECTION 4. 3215107
(1) (a), (1) (b) (III), (1) (d) (I) (B), (1) (d) (II), (1) (d)
(III), (1) (d) (IV), (3), (5), and (6), Colorado Revised Statutes,
are amended, and the said 3215107 is further amended
BY THE ADDITION OF A NEW SUBSECTION, to read:
3215107. Authorizing election.
(1) (a) For purposes of complying with the provisions
of section 20 (4) of article X of the state constitution and upon
receipt of a notice from the secretary of state stating that a
valid petition has been filed and verified and the adoption of
a resolution by the board as set forth in section 3215106
(1) (f), the board may submit to the registered electors within
the geographical boundaries of the district, at a
THE 1998 general election, or an election
held on the first Tuesday in November of an oddnumbered
year the question of whether the
district shall be authorized:
(I) (A) To levy and collect, for
a period commencing after the termination of the sales tax levied
and collected by the Denver metropolitan major league baseball
stadium district pursuant to section 3214105 and continuing
for a period not to extend beyond January 1, 2012, a uniform sales
tax throughout the district at a rate not to exceed onetenth
of one percent upon every transaction or other incident with respect
to which a sales tax is levied by the state, pursuant to the provisions
of article 26 of title 39, C.R.S.; except that such sales tax
shall be levied on purchases of machinery or machine tools that
are otherwise exempt pursuant to section 3926114 (11),
C.R.S., to the extent that such purchases are subject to the sales
tax levied by the regional transportation district pursuant to
section 292105 (1) (d), C.R.S., to be held and distributed
pursuant to the provisions of section 3215111; and
(B) TO LEVY AND COLLECT A TAX UPON ADMISSIONS
TO A NEW STADIUM PURSUANT TO SECTION 3215110.5 FOR
A PERIOD NOT TO EXTEND BEYOND JANUARY 1, 2012, AND AT A RATE NOT
TO EXCEED TEN PERCENT UPON EVERY PURCHASE OF ADMISSION TO SUCH
STADIUM, TO BE HELD AND DISTRIBUTED PURSUANT TO THE PROVISIONS
OF SECTION 3215111; AND
(II) To incur multiplefiscal year
financial obligations to be repaid from OTHER MULTIPLEFISCAL
YEAR FINANCIAL OBLIGATIONS OF THE DISTRICT OR the revenues generated
from the sales tax levied and collected
by the district, OR BOTH, and to refund AND REFINANCE the BOND
ANTICIPATION NOTES AND special obligation bonds authorized without
further approval of the voters EVEN IF, IN THE CASE OF REFINANCING
OR REFUNDING OF BOND ANTICIPATION NOTES, SUCH REFINANCING OR REFUNDING
IS AT A HIGHER INTEREST RATE.
(b) The summary for such petition shall
include, but shall not be limited to, the following statements:
(III) A statement that the maximum PRINCIPAL
amount of moneys to be raised by the district FOR PAYMENT OF COSTS
OF CONSTRUCTION OF THE STADIUM through the issuance of special
obligation bonds MULTIPLEFISCAL
YEAR FINANCIAL OBLIGATIONS is one
hundred eighty TWO HUNDRED SIXTYSIX
million dollars.
(d) (I) Except as otherwise provided
in subparagraph (III) of this paragraph (d), at the election,
the question appearing on the ballot shall be determined as follows:
(B) In the event that the board has determined
that it is more cost effective and economically viable to build
a new stadium than to renovate Mile High stadium, the question
appearing on the ballot shall be as follows:
"SHALL THE METROPOLITAN FOOTBALL STADIUM
DISTRICT TAXES BE INCREASED (first full fiscal year dollar
increase) ANNUALLY AND BY WHATEVER ADDITIONAL AMOUNTS ARE
RAISED ANNUALLY THEREAFTER FROM THE LEVY AND COLLECTION BY THE
DISTRICT OF A ONETENTH OF ONE PERCENT SALES AND USE TAX
FOR A PERIOD NOT TO EXTEND BEYOND JANUARY 1, 2012, OR UPON PAYMENT
OF THE SPECIAL OBLIGATION BONDS, WHICHEVER OCCURS EARLIER, COMMENCING
AFTER THE TERMINATION OF THE SALES AND USE TAX LEVIED AND COLLECTED
BY THE DENVER METROPOLITAN MAJOR LEAGUE BASEBALL STADIUM DISTRICT,
WITH ALL OF THE PROCEEDS TO BE USED AND SPENT, ALONG WITH FUNDS
FROM OTHER SOURCES INCLUDING THE PRIVATE SECTOR, FOR THE COSTS
RELATING TO THE CONSTRUCTION OF A NEW FOOTBALL STADIUM TO BE LOCATED
WITHIN THE DISTRICT; AND SHALL THE METROPOLITAN FOOTBALL STADIUM
DISTRICT BE AUTHORIZED TO ISSUE MULTIPLEFISCAL YEAR FINANCIAL
OBLIGATIONS PAYABLE FROM THE PROCEEDS OF SAID ONETENTH OF
ONE PERCENT SALES AND USE TAX AND SAID FUNDS FROM OTHER SOURCES,
WHICH AUTHORIZATION SHALL INCLUDE THE AUTHORITY TO REFUND SUCH
MULTIPLEFISCAL YEAR FINANCIAL OBLIGATIONS, AND REFUNDING
SPECIAL OBLIGATION BONDS, WITHOUT ADDITIONAL VOTER APPROVAL?"
"SHALL THE METROPOLITAN FOOTBALL STADIUM DISTRICT DEBT BE INCREASED (PRINCIPAL AMOUNT), WITH A REPAYMENT COST OF (MAXIMUM TOTAL DISTRICT COSTS) AND SHALL DISTRICT TAXES BE INCREASED (FIRST FULL FISCAL YEAR DOLLAR INCREASE) ANNUALLY AND BY WHATEVER ADDITIONAL AMOUNTS ARE RAISED ANNUALLY THEREAFTER FROM THE LEVY AND COLLECTION BY THE DISTRICT OF [A (____) PERCENT ADMISSIONS TAX AND FROM THE LEVY AND COLLECTION OF] [THIS CLAUSE TO BE INSERTED IF DETERMINED TO BE APPROPRIATE BY THE DISTRICT] A ONETENTH OF ONE PERCENT SALES AND USE TAX WITH ALL OF THE PROCEEDS OF SUCH DEBT AND TAXES TO BE USED AND SPENT, TOGETHER WITH FUNDS FROM OTHER SOURCES INCLUDING THE PRIVATE SECTOR, FOR THE COSTS RELATING TO THE CONSTRUCTION OF A NEW FOOTBALL STADIUM TO BE LOCATED WITHIN THE DISTRICT SUBJECT TO THE FOLLOWING LIMITATIONS:
C THE SALES AND USE TAX SHALL COMMENCE AFTER THE TERMINATION OF THE SALES AND USE TAX LEVIED AND COLLECTED BY THE DENVER METROPOLITAN MAJOR LEAGUE BASEBALL STADIUM DISTRICT AND SHALL NOT EXTEND BEYOND JANUARY 1, 2012, OR THE PAYMENT IN FULL OF SUCH DEBT, WHICHEVER OCCURS EARLIER;
C [THE DEBT SHALL BE EVIDENCED BY NOTES, BONDS, OR CONTRACTS INCLUDING NOTES, BONDS, OR CONTRACTS TO REFUND OTHER NOTES, BONDS, OR CONTRACTS EVEN IF THE REFUNDING IS AT A HIGHER RATE OF INTEREST;] [THIS PARAGRAPH TO BE INSERTED IF DETERMINED TO BE APPROPRIATE BY THE DISTRICT]
C THE DEBT SHALL BE PAYABLE FROM THE PROCEEDS OF SUCH TAX, INVESTMENT INCOME, AND SUCH OTHER DISTRICT REVENUES AS THE BOARD OF DIRECTORS MAY PLEDGE FOR SUCH PAYMENT;
C THE DEBT SHALL HAVE SUCH TERMS AND CONDITIONS AS THE BOARD OF DIRECTORS OF THE DISTRICT MAY DETERMINE, INCLUDING PROVISIONS FOR REDEMPTION PRIOR TO MATURITY WITH OR WITHOUT PAYMENT OF THE PREMIUM;
$ [THE ADMISSIONS TAX SHALL NOT EXTEND BEYOND JANUARY 1, 2012, OR THE PAYMENT IN FULL OF SUCH DEBT, WHICHEVER OCCURS EARLIER;] [THIS PARAGRAPH TO BE INSERTED IF DETERMINED TO BE APPROPRIATE BY THE DISTRICT]
AND SHALL THE PROCEEDS OF SUCH DEBT AND TAXES
AND ANY INVESTMENT INCOME THEREFROM AND ANY OTHER REVENUES OF
THE DISTRICT BE COLLECTED AND SPENT WITHOUT LIMITATION OR CONDITION,
AS A VOTERAPPROVED REVENUE CHANGE UNDER SECTION 20 OF ARTICLE
X OF THE COLORADO CONSTITUTION OR ANY OTHER LAW?"
(II) Except as otherwise provided in subparagraph
(III) of this paragraph (d), the ballot title shall be a statement
of the language included in the question set forth in SUBSUBPARAGRAPH
(B) OF subparagraph (I) of this paragraph (d); except that the
title SHALL SUBSTITUTE THE WORDS "THE METROPOLITAN FOOTBALL
STADIUM DISTRICT DEBT SHALL BE INCREASED" FOR "SHALL
THE METROPOLITAN FOOTBALL STADIUM DISTRICT DEBT BE INCREASED",
shall substitute the words "THE
METROPOLITAN FOOTBALL STADIUM DISTRICT
TAXES SHALL BE INCREASED" for the words "SHALL THE
METROPOLITAN FOOTBALL STADIUM DISTRICT
TAXES BE INCREASED", and shall substitute the words "THE
METROPOLITAN FOOTBALL STADIUM DISTRICT
PROCEEDS OF SUCH DEBT AND TAXES AND ANY INVESTMENT INCOME THEREFROM
AND ANY OTHER REVENUES OF THE DISTRICT SHALL BE AUTHORIZED"
for the words "SHALL THE METROPOLITAN
FOOTBALL STADIUM DISTRICT BE AUTHORIZED
THE PROCEEDS OF SUCH DEBT AND TAXES AND ANY INVESTMENT INCOME
THEREFROM AND ANY OTHER REVENUES OF THE DISTRICT BE",
and the title shall end with a period instead of a question mark.
(III) The ballot question specified in
subparagraph (I) of this paragraph (d) may be modified by the
proponents of a petition OR BY THE DISTRICT to the extent necessary
to conform to the requirements of
any final decision of a district or appellate court regarding
the legal requirements for ballot questions and titles.
(IV) If at any election a majority of
the registered electors within the geographical boundaries of
the district voting on the question vote affirmatively on the
question specified in paragraph (d) of this subsection (1), then
the sales tax AND THE ADMISSIONS TAX shall be levied, collected,
and distributed as provided for in this article.
(3) Any petition shall be filed with the
secretary of state at least ninety days before the 1998 general
election. or the election held on
the first Tuesday of November in an oddnumbered year, whichever
is applicable, at which it shall be voted upon. Regardless of
when the petition is filed, nothing in this subsection (3) shall
be construed to limit the ability of the board to decide at which
election the question shall be submitted to the registered electors.
Any petition shall be valid only for the next
occurring 1998 general election.
and the next occurring election held
on the first Tuesday of November in oddnumbered years regardless
of which election occurs first.
Notice of any question to be submitted to the registered electors
within the geographical boundaries of the district after verification
of the signatures on any petition filed with the secretary of
state and at which election such question shall be submitted shall
be filed by the board in the office of the secretary of state
prior to fiftyfive days before such election.
(5) The provisions of subsection (1) of
this section CONCERNING THE SALES TAX shall not be applicable
if the authority of the district to levy and collect any sales
tax approved by the registered electors has expired pursuant to
the provisions of this article. THE PROVISIONS OF SUBSECTION
(1) OF THIS SECTION CONCERNING THE ADMISSIONS TAX SHALL NOT BE
APPLICABLE IF THE AUTHORITY OF THE DISTRICT TO LEVY AND COLLECT
ANY ADMISSIONS TAX APPROVED BY THE REGISTERED ELECTORS HAS EXPIRED
PURSUANT TO THE PROVISIONS OF THIS ARTICLE.
(6) Prior to any
THE general election or election held
in November of an oddnumbered year
at which any question is to be submitted to the registered electors
pursuant to subsection (1) or (4)
of this section, the board shall hold at least two public hearings
in each of the counties included, in whole or in part, within
the district.
(8) PRIOR TO SUBMITTING A QUESTION TO THE REGISTERED ELECTORS OF THE DISTRICT PURSUANT TO THIS SECTION, THE DISTRICT SHALL ENTER INTO AN AGREEMENT WITH THE FRANCHISE REQUIRING THE FRANCHISE TO PAY FOR ALL COSTS OF THE DISTRICT ASSOCIATED WITH THE ELECTION AT WHICH THE QUESTION IS SUBMITTED TO THE VOTERS PURSUANT TO THIS SECTION.
SECTION 5. 3215110,
Colorado Revised Statutes, is amended BY THE ADDITION OF A NEW
SUBSECTION to read:
3215110. Sales tax imposed
collection administration of tax discontinuance.
(6) NOTWITHSTANDING ANYTHING IN THIS SECTION TO THE
CONTRARY, THE SALES AND USE TAX TO BE COLLECTED PURSUANT TO THIS
ARTICLE SHALL NOT EXCEED AN AMOUNT NECESSARY TO:
(a) PAY UP TO TWO HUNDRED SIXTYSIX
MILLION DOLLARS FOR THE PRINCIPAL AMOUNT OF SPECIAL OBLIGATION
BONDS, PLUS INTEREST AND PREPAYMENT PENALTY, IF ANY, FOR SUCH
BONDS, PLUS AN AMOUNT THE NET PRESENT VALUE OF WHICH SHALL NOT
EXCEED SEVENTYFIVE MILLION DOLLARS, WHICH NET PRESENT VALUE
SHALL BE CALCULATED AS OF JANUARY 1, 2001, BASED ON AN EIGHT PERCENT
DISCOUNT RATE; AND
(b) PROVIDE COVERAGE RATIOS FOR THE BONDS
AND THE NET PRESENT VALUE AMOUNT AS DETERMINED BY THE BOARD TO
BE MOST ADVANTAGEOUS TO THE DISTRICT AND THE TAXPAYERS.
SECTION 60 Article 15 of title
32, Colorado Revised Statutes, is amended BY THE ADDITION OF A
NEW SECTION to read:
3215110.5. Admissions tax
imposed collection discontinuance.
(1) (a) UPON THE APPROVAL OF THE REGISTERED ELECTORS
PURSUANT TO THE PROVISIONS OF SECTION 3215107, THE
BOARD SHALL HAVE THE POWER TO LEVY AN ADMISSIONS TAX UPON THE
ADOPTION OF A RESOLUTION FOR A PERIOD NOT TO EXTEND BEYOND JANUARY
1, 2012, UPON EVERY PURCHASE OF AN ADMISSION TO A NEW STADIUM
CONSTRUCTED BY THE DISTRICT PURSUANT TO THIS ARTICLE. THE AMOUNT
OF THE TAX SHALL NOT EXCEED TEN PERCENT OF THE PRICE OF EACH ADMISSION.
THE BOARD SHALL HAVE THE AUTHORITY TO DETERMINE WHETHER TO LEVY
AN ADMISSIONS TAX PURSUANT TO THIS SECTION, AND NOTHING IN THIS
ARTICLE SHALL BE CONSTRUED TO REQUIRE THE DISTRICT TO LEVY SUCH
A TAX.
(b) EVERY VENDOR MAKING A SALE TO A PURCHASER
THAT IS TAXABLE UNDER THE PROVISIONS OF THIS SECTION IS REQUIRED
AT THE TIME OF MAKING SUCH SALE TO COLLECT THE TAX IMPOSED BY
THIS SECTION FROM THE PURCHASER. THE TAX TO BE COLLECTED AS PROVIDED
IN THIS SECTION SHALL BE CONSPICUOUSLY, INDELIBLY, AND SEPARATELY
STATED AND CHARGED FROM THE SALES PRICE ON THE TICKET OR CARD
EVIDENCING THE SALE AND SHOWN SEPARATELY FROM THE SALES PRICE
ON ANY RECORD MADE THEREOF AT THE TIME OF THE SALE OR AT THE TIME
WHEN EVIDENCE OF THE SALE IS FIRST ISSUED OR EMPLOYED BY THE VENDOR;
EXCEPT THAT, WHEN ADDED, SUCH TAX SHALL CONSTITUTE A PART OF SUCH
PURCHASE OR CHARGE AND SHALL BE A DEBT FROM THE PURCHASER TO THE
VENDOR UNTIL PAID AND SHALL BE RECOVERABLE AT LAW IN THE SAME
MANNER AS OTHER DEBTS. THE TAX SHALL BE PAID BY THE PURCHASER
TO THE VENDOR WHO, AS TRUSTEE FOR AND ON ACCOUNT OF THE DISTRICT,
SHALL BE LIABLE TO THE DISTRICT FOR THE COLLECTION AND RETURN
THEREOF.
(c) THE DISTRICT MAY PRESCRIBE FORMS AND
PROCEDURES IN CONFORMITY WITH THIS SECTION FOR THE ADDING OF THE
ADMISSIONS TAX TO THE PURCHASE PRICE OF AN ADMISSION, FOR THE
MAKING OF RETURNS, FOR THE ASCERTAINMENT, ASSESSMENT, AND COLLECTION
OF THE TAX IMPOSED PURSUANT TO THIS SECTION, AND FOR THE PROPER
ADMINISTRATION AND ENFORCEMENT THEREOF.
(2) IN NO CASE SHALL THE ADMISSIONS TAX
AUTHORIZED BY THIS SECTION BE LEVIED FOR A PERIOD OF TIME LONGER
THAN IS NECESSARY TO GENERATE REVENUES SUFFICIENT TO PAY THE PRINCIPAL,
INTEREST, AND PREPAYMENT PREMIUM, IF ANY, ON OUTSTANDING SPECIAL
OBLIGATION BONDS ISSUED BY THE BOARD PURSUANT TO THE PROVISIONS
OF THIS ARTICLE AND FOR SUCH OTHER PURPOSES SPECIFIED IN SECTION
3215111. UNLESS ENDED EARLIER, SUCH ADMISSIONS TAX
SHALL NOT CONTINUE BEYOND JANUARY 1, 2012.
SECTION 70 The introductory portion
to 3215111 (1) and 3215111 (1) (d), (1)
(e), and (2), Colorado Revised Statutes, are amended to read:
3215111. Sales tax and
admissions tax revenues use. (1) Sales
tax revenues AND ADMISSIONS TAX REVENUES levied and collected
pursuant to the provisions of section
SECTIONS 3215110 AND 3215110.5 shall be
used by the board for the following purposes:
(d) To reimburse the board for the daytoday
operating costs incurred in the administration of the district;
however, such costs shall not exceed threefourths of one
percent of the amount of sales tax AND ADMISSIONS TAX revenues
collected annually;
(e) To reimburse the board for any loans
made to the board or any direct outofpocket expenses
incurred by the board on and after the effective date of this
act for matters directly related to the duties of the board prior
to the time that sales tax OR ADMISSIONS TAX revenues were available
for use by the board;
(2) If sales tax revenues AND ADMISSIONS
TAX REVENUES levied and collected pursuant to the provisions of
section
SECTIONS 3215110 AND 3215110.5 and the
operating revenues generated by the district are insufficient
for all of the purposes set forth in subsection (1) of this section,
the purpose set forth in paragraph (a) of said subsection (1)
shall have first priority of such sales AND ADMISSIONS tax revenues.
SECTION 80 3215112
(1) (e), Colorado Revised Statutes, is amended to read:
3215112. Operating revenues
use. (1) Any operating
revenues generated by the district, including, but not limited
to, lease payments, fees, rentals, rates, tolls, penalties, and
charges for services, programs, or facilities furnished by the
district, shall be used by the board for the following purposes:
(e) To meet
the obligations of any agreement with
PROVIDE the counties within the district and the city and county
of Denver to provide such
counties and the city and county of
Denver with a benefit from the revenues,
other than sales tax revenues OR ADMISSIONS TAX REVENUES, derived
from the operation of the stadium during the period of time the
district is collecting the sales tax.
SECTION 90 3215113
(1), Colorado Revised Statutes, is amended to read:
3215113. Issuance of special
obligation bonds. (1) Upon
the approval of the registered electors pursuant to the provisions
of section 3215107, the district may borrow money
in anticipation of the revenues generated from the operation of
a stadium and sales tax revenues AND FROM ADMISSIONS TAX REVENUES,
IF ANY, of the district and may issue special obligation bonds
in the maximum PRINCIPAL amount of one
hundred eighty TWO HUNDRED SIXTYSIX
million dollars to evidence the amount so borrowed.
SECTION 100 3215114,
Colorado Revised Statutes, is amended to read:
3215114. Pledge of sales
and admissions tax revenues and net operating revenues. The
payment of special obligation bonds may be secured by the specific
pledge of sales tax revenues AND ADMISSIONS TAX REVENUES of the
district, operating revenues of the district, or moneys or assets
of the district held in escrow, as the board, in its discretion,
may determine. Operating revenues, sales tax revenues, ADMISSIONS
TAX REVENUES, or moneys or assets held in escrow pledged for the
payment of any special obligation bonds, as received by the district,
shall immediately be subject to the lien of such pledge, without
any physical delivery thereof, any filing, or further act, and
the lien of such pledge and the obligation to perform the contractual
provisions made in the authorizing resolution or other instrument
relating thereto shall have priority over all other obligations
and liabilities of the district, except as may be otherwise provided
in this article or in such resolution or instrument, and subject
to any prior pledges and liens previously created. The lien of
such pledge shall be valid and binding as against all persons
having claims of any kind in tort, contract, or otherwise against
the district, regardless of whether such persons have notice thereof.
SECTION 110 3215115,
Colorado Revised Statutes, is amended to read:
3215115. Payment, recital,
and securities. Special obligation
bonds issued pursuant to the provisions of this article and constituting
special obligations shall recite in substance that the obligations
and the interest thereon are payable solely from operating revenues
of the district, sales tax revenues of the district, ADMISSIONS
TAX REVENUES OF THE DISTRICT, or moneys or assets of the district
held in escrow, as the case may be, pledged to the payment thereof.
SECTION 120 3215117,
Colorado Revised Statutes, is amended to read:
3215117. Limitation upon
payment. The payment of special
obligation bonds shall not be secured by any encumbrance, mortgage,
or other pledge of property of the district, other than operating
revenues, sales tax revenues, ADMISSIONS TAX REVENUES, or moneys
or assets held in escrow. No property of the district, subject
to this exception, shall be liable to be forfeited or taken in
payment of the special obligation bonds.
SECTION 130 3215123,
Colorado Revised Statutes, is amended to read:
3215123. Revenue sharing. After
all the principal, interest, and premium, if any, of the special
obligation bonds issued pursuant to this article are paid in full
and the levy and collection of sales tax AND ADMISSIONS TAX revenues
by the district is discontinued, but prior to the repeal of this
article, any funds collected by the district that are, in the
sole discretion of the board, deemed not to be necessary for the
anticipated expenses and reserves of the district shall be credited
at least annually to the general fund of each county, city and
county, city, and town which is included, in whole or in part,
in the district based upon the proportion of the total amount
of sales tax revenues collected pursuant to section 3215110
within such county, city and county, city, and town to the total
amount of sales tax revenues collected pursuant to section 3215110
within the district. For purposes of this section, the total
amount of sales tax revenues collected within a county shall not
include any sales tax revenues collected in any city or town located
within such county. In addition, in computing said proportion,
any sales tax revenues collected in any county, city, or town
which is not included, in whole or in part, within the geographical
boundaries of the district shall not be included in the total
amount of sales tax revenues collected within the district.
SECTION 140 3215124,
Colorado Revised Statutes, is amended to read:
3215124. Report. On
or before the first day of
March 1 immediately following the levy and collection of the sales
tax by the district and on and after March 1 of each year thereafter,
the board shall file a report with the general assembly indicating
the amount of any revenues raised by any sales tax AND ANY ADMISSIONS
TAX levied and collected pursuant to the provisions of this article,
the amount of any revenues generated from the operation of the
stadium pursuant to the provisions of this article, the amount
of any revenues received from all other sources and specifying
such sources, and the distribution and use of such revenues.
SECTION 150 3215126,
Colorado Revised Statutes, is amended to read:
3215126. Sale of real and
personal property of district. Upon
completion of the renovation of Mile High stadium or the construction
of a new stadium pursuant to the provisions of this article, the
board shall make a good faith effort to sell the real and personal
property of the district, including the stadium, to any qualified
buyer subject to the leasehold interest and other contract rights
of the franchise. The board shall establish criteria to determine
qualified buyers. The board shall not accept any offer from any
qualified buyer for such real and personal property of the district
for an amount less than the total amount of outstanding obligations
of the district or the amount of sales tax revenues used by the
board to acquire a site for the stadium and to construct the stadium,
whichever is greater. NOTWITHSTANDING ANY OTHER PROVISION OF
THIS SECTION TO THE CONTRARY, THE DISTRICT SHALL NOT BE REQUIRED
TO SELL THE REAL AND PERSONAL PROPERTY OF THE DISTRICT IF SUCH
SALE WOULD ADVERSELY AFFECT THE FEDERAL TAX EXEMPT STATUS OF THE
INTEREST ON THE SPECIAL OBLIGATION BONDS ISSUED BY THE DISTRICT
PURSUANT TO THIS ARTICLE.
SECTION 160 3215122
(1) (b), Colorado Revised Statutes, is amended, and the said 3215122
is further amended BY THE ADDITION OF A NEW PARAGRAPH, to read:
3215122. Lease of stadium.
(1) Any lease agreement entered into by the district
and the franchise shall include, but is not limited to, the following:
(b) A provision requiring the franchise
AND ITS SUCCESSORS AND ASSIGNS to conduct its complete regular
home season schedule and any home playoff events in the
stadium FOR A PERIOD OF AT LEAST TWENTY YEARS AND THAT SUCH PROVISION
SHALL BE SPECIFICALLY ENFORCEABLE AGAINST THE FRANCHISE AND ITS
SUCCESSORS AND ASSIGNS;
(h) A PROVISION REQUIRING THE FRANCHISE,
UPON THE SALE OF THE FRANCHISE OR EIGHTY PERCENT OF THE BENEFICIAL
INTEREST IN THE ENTITY OWNING THE FRANCHISE, TO PAY TO THE DISTRICT,
AS A ONETIME PAYMENT, AN AMOUNT EQUAL TO THE SHARING AMOUNT
TO BE USED FOR YOUTH ACTIVITY PROGRAMS. AS USED IN THIS PARAGRAPH
(h), "SHARING AMOUNT" MEANS AN AMOUNT EQUAL TO TWO PERCENT
OF THE NET PROFIT REALIZED BY THE FRANCHISE OR THE PERSONS OR
ENTITIES SELLING INTERESTS, AS THE CASE MAY BE, NOT TO BE LESS
THAN ONE MILLION DOLLARS. NET PROFIT MEANS THE GROSS PROCEEDS
OF THE SALE LESS CAPITAL CONTRIBUTIONS TO THE FRANCHISE (OR CAPITAL
CONTRIBUTIONS OF THE PERSON=S
SELLING INTERESTS), PLUS SIX PERCENT IMPUTED ANNUAL RETURN ON
SUCH CAPITAL CONTRIBUTIONS, AND LESS FRANCHISE DEBT IF SUCH DEBT
IS NOT ASSUMED OR PAID BY THE PURCHASING ENTITY. INDIVIDUAL SALES
OF THE FRANCHISE=S
BENEFICIAL INTERESTS WILL NOT TRIGGER THIS PROFITSHARING
PROVISION IF SUCH SALES DO NOT, OVER A ONEYEAR PERIOD, RESULT
IN THE SALE OF EIGHTY PERCENT OR MORE OF THE BENEFICIAL INTERESTS
OF THE FRANCHISE TO A PERSON OR ENTITY OR RELATED PERSONS OR ENTITIES
THAT HAVE NOT BEEN BENEFICIAL OWNERS OF INTERESTS OF THIS FRANCHISE.
SECTION 170 Article 15 of title
32, Colorado Revised Statutes, is amended BY THE ADDITION OF A
NEW SECTION to read:
3215125.5. No action maintainable. AN
ACTION OR PROCEEDING, AT LAW OR IN EQUITY, TO REVIEW ANY ACT,
RESOLUTION, OR PROCEEDING OR TO QUESTION THE VALIDITY OR TO ENJOIN
THE PERFORMANCE OF ANY ACT, RESOLUTION, OR PROCEEDING RELATED
TO THE ISSUANCE OF ANY BONDS OR FOR ANY OTHER RELIEF AGAINST OR
FROM ANY ACT, RESOLUTION, OR PROCEEDING DONE UNDER THIS ARTICLE
WITH RESPECT TO THE FINANCING OF THE STADIUM, THE ELECTION PROVIDED
IN THIS ARTICLE, OR THE ACTIONS OF THE BOARD PURSUANT TO SECTION
3215106 (1) (a) TO (1) (g), (3), OR (5), SECTION 3215107,
OR SECTIONS 3215110 TO 3215113, OR THE
VALIDITY OR EXECUTION OF THE MANAGEMENT AGREEMENT PURSUANT TO
SECTION 3215121 OR THE VALIDITY OR EXECUTION OF THE
LEASE PURSUANT TO SECTION 3215122, WHETHER BASED UPON
IRREGULARITIES OR JURISDICTIONAL DEFECTS, SHALL NOT BE MAINTAINED,
UNLESS COMMENCED WITHIN THIRTY DAYS AFTER THE PERFORMANCE OF THE
ACT, RESOLUTION, OR PROCEEDING OR AFTER THE EFFECTIVE DATE THEREOF,
WHICHEVER IS EARLIER, AND SHALL BE THEREAFTER PERPETUALLY BARRED.
SECTION 180 3215133
(1) (b), Colorado Revised Statutes, is amended to read:
3215133. Repeal of article.
(1) This article is repealed, effective as of the
earliest occurrence of the following:
(b) At such time as a majority of the
registered electors within the geographical boundaries of the
district vote negatively on the question set forth in section
3215107 (1) AND THE BOARD HAS ADOPTED A RESOLUTION
DECLARING THAT THE AFFAIRS OF THE DISTRICT HAVE BEEN WOUND UP
OR NINETY DAYS HAVE PASSED SINCE SUCH NEGATIVE VOTE, WHICHEVER
OCCURS FIRST; or
SECTION 190 Safety clause.
The general assembly hereby finds, determines, and declares that
this act is necessary for the immediate preservation of the public
peace, health, and safety.
____________________________ ____________________________
Tom Norton Charles E. Berry
PRESIDENT OF SPEAKER OF THE HOUSE
THE SENATE OF REPRESENTATIVES
____________________________ ____________________________
Patricia K. Dicks Judith M. Rodrigue
ASSISTANT SECRETARY OF CHIEF CLERK OF THE HOUSE
THE SENATE OF REPRESENTATIVES
APPROVED________________________________________
_________________________________________
Roy Romer
GOVERNOR OF THE STATE
OF COLORADO