The use, storage, distribution or consumption in the City of tangible personal property and upon the sale or use of which a retail Sales or Use Tax at a rate equal to or greater than three and seven one-hundredths percent (3.07%) has been previously imposed, collected and remitted to a municipal corporation organized and existing under the authority of the Constitution or Statutes of the State of Colorado is exempt from the levy of the City Sales or Use Tax. If the rate of retail Sales Tax or Use Tax paid to the Colorado municipal corporation is less than three and seven one-hundredths percent (3.07%), the net difference between the tax due under this City Tax Code and the tax paid to the other municipal corporation shall be paid to the City. In no instance shall the City tax credit exceed three and seven one-hundredths percent (3.07%). This exemption shall be denied if the tax paid to another Colorado municipal corporation was not legally due under the laws of the municipal corporation. This exemption shall be denied for subsequent transactions within the City, including, but not limited to, rentals and leases. (Ord. 85-274; Ord. 92-149; Ord. 93-176; Ord. 94-206; Ord. 95-182; Ord. 96-208; Ord. 97-97; Ord. 01-42; Ord. 01-168; Ord. 15-97; Ord. 20-61)