The sales tax and other revenue source funding collected pursuant to this part shall be deposited in a special fund, to be known as the "Colorado Springs trails, open space and parks fund" (the "fund") and all revenue derived from sales tax and revenues received from other sources shall be allocated and expended only in the following amounts, and for the following purposes:
A. Maximum Deposit:
1. Of the proceeds collected pursuant to this part, a maximum of three percent (3%) may be deposited into an account identified as a trails, open space and parks administration, planning and management fund as may be allocated for use by the City Council as recommended by the Trails, Open Space and Parks Advisory Committee ("advisory committee") established by this article for planning purposes as concerning trails, open space and parks.
2. Of the proceeds collected pursuant to this part, a maximum of six percent (6%) may be deposited into an account identified as a trails, open space and parks stewardship and maintenance fund as may be allocated for use by the City Council, as recommended by the Trails, Open Space and Parks Advisory Committee ("advisory committee") established by this article, for stewardship and maintenance purposes related to trails, open space and parks acquired with sales tax and other revenue source funding collected pursuant to this part.
B. Funds Separate: For purposes of Colorado Constitution, article X, section 20 and City Charter section 7-90, the receipt and expenditure of revenues of the sales and use tax shall be accounted for, budgeted and appropriated separately from other revenues and expenditures of the City and outside of the fiscal year spending of the City as calculated under Colorado Constitution, article X, section 20 and City Charter section 7-90. Nothing in Colorado Constitution, article X, section 20 and City Charter section 7-90 shall limit the receipt and expenditure in each fiscal year of the full amount of the revenues of the sales and use tax, nor shall receipt and expenditure of the revenues affect or limit the receipt or expenditure of any and all other revenues of the City for any fiscal year; nor shall Colorado Constitution, article X, section 20, or City Charter section 7-90 limit the receipt and expenditure of revenues received from sources outside of the sales and use tax described by this part, regardless of the source, and specifically including, but not limited to, any revenues received from the great outdoors Colorado fund or private donations.
C. Public-Private Partnerships: Private individuals, corporations or entities may form public-private partnerships with the City and the respective municipalities to advance the purposes described in section 4.6.101 of this article, including the making of private donations for those purposes. This article shall not be construed to limit any tax credits or deductions that may be afforded to private individuals, corporations or entities for charitable donations made hereunder and which are permitted by the Internal Revenue Code, as amended.
D. Bonds: The City may issue bonds as approved by the voters in future elections to advance the capital acquisition purposes of this article.
E. Interest: Interest generated from the revenues of the sales and use tax or other revenues received pursuant to this article shall be used for the purposes set forth above in this article.
F. Open Space Lands Account: Of the revenues distributed hereunder, after deductions for planning as described in subsection A of this section, a minimum of sixty percent (60%) shall be used only for the acquisition, maintenance and stewardship of new open space lands as provided herein.
1. The funds allocated for new open space lands shall be expended by the City only for the purposes set forth in section 4.6.101 of this article.
2. Excepting land leases for the growing of agricultural crops, no new open space land acquired through the revenue provided by these sales taxes or other revenue sources as described in this article may be sold, traded or otherwise conveyed, nor may any exclusive license or permit with respect to open space land be given, until approval is given by a majority vote of the electors of the City in a regular election after referral from the City Council or through a citizen initiative. Prior to referral to the electors of the City, the proposal shall be reviewed by the advisory committee established by this article which shall make a recommendation to the City Council.
3. If the new open space land or any interest acquired in real property by use of proceeds of the sales and use tax generated pursuant to this article be ever sold, exchanged, transferred or otherwise disposed of, the consideration for the sale, exchange, transfer or disposition shall be subject to the same expenditure and use restrictions as those set forth herein for the original proceeds of the sales and use tax and other revenue sources, including restrictions set forth in this subsection F. If the consideration is by its nature incapable of being so subject, then the proposed sale, exchange, transfer or disposition shall be unlawful and shall not be made.
4. Revenue collected by the City that is generated from activities on open space lands acquired with funds generated by this article must be used to acquire, manage, patrol, improve and maintain open space lands consistent with this article.
5. Of the revenues in the Open Space Lands Account, a minimum of seventy five percent (75%) shall be used only for acquisition of new open space land, and no more than twenty five percent (25%) shall be used for maintenance of City-owned open space lands regardless of how acquired or stewardship of City-owned open space lands acquired by the fund.
G. Use For Trails: Of the revenues received from the sales and use tax and other revenue sources, after deductions for planning as described in subsection A of this section, a maximum of twenty percent (20%) of the revenues may be used to acquire an interest in new open space land for new trails within the City, and for the construction, acquisition and maintenance of City-owned new trails regardless of how acquired, and to join in partnerships with El Paso County, neighboring counties and municipalities incorporated therein, recreational districts or other governmental entities or land trusts, or with private individuals, corporations or entities, as would benefit the City residents by completing trail plans as they exist as of the passage of this article. Recreational capital improvements shall be limited to the purposes described in section 4.6.101 of this article.
H. Use For Parks: Of the revenues received from the sales and use tax and other revenue sources, after deductions for planning as described in subsection A of this section, a maximum of twenty percent (20%) of the revenues may be used to acquire an interest in new open space land for new park areas, including the construction and acquisition, of new park area recreational capital improvements for the use and benefit of the public. Recreational improvements shall be limited to the purposes described in section 4.6.101 of this article. Any funds or other revenue received pursuant to this article that is spent on existing lands owned by the City may be spent to acquire, construct, establish and maintain new parks and related facilities thereon as are described in section 4.6.101 of this article and to maintain and renovate all City parks. (Ord. 97-96; Ord. 01-42; Ord. 03-69; Ord. 15-92; Ord. 24-89)