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Unless approved by the Town Board, the service plan of any district shall impose a Mill Levy Cap such that the total mill levy of the district shall not exceed fifty (50) mills. In the event of changes in the ratio of actual valuation to assessed valuation for real property, pursuant to Article X, section 3(1)(b) of the Colorado Constitution and legislation implementing such constitutional provision, the fifty (50) mill levy limitation provided herein will be increased or decreased (as to all taxable property in the District) to reflect such changes so that, to the extent possible, the actual tax revenues generated by the mill levy, as adjusted, are neither diminished nor enhanced as a result of such changes ("Gallagher adjustment"). The mill levy cap shall be an enforceable limit on all District mill levies.

Without increasing the Mill Levy Cap, the District shall impose a mill levy of three (3) mills for purposes of financing capital improvements or for financing operations and maintenance expenses associated with Town capital improvements, as determined by the Town, which revenues shall be remitted to the Town upon the District’s receipt. The revenues received by the Town for capital improvements or operation and maintenance expenses may be applied to any Town capital improvement so long as the capital improvement is one that the District could otherwise finance (i.e., streets, traffic safety controls, street lighting, water, landscaping, sanitary sewer, storm drainage, mosquito control and park and recreation improvements). The three (3) mills imposed for these purposes shall be included in the fifty (50) mill levy cap. The District’s imposition of the three (3) mills for the capital improvements or operation and maintenance of the Town capital improvements shall be memorialized in an intergovernmental agreement after the District’s organization and the District’s failure to levy, collect, and pay over to the Town the three (3) mills shall constitute a material modification of this Service Plan. In the event that the District has no debt service mill levy, the District shall have no obligation to levy, collect and pay over to the Town the three (3) mills set forth herein. (Ord. 791, 2005; Ord. 846, 2006)