Local Government Pledging Sales & Use Tax Capital Improvement

Statutory Revision Committee. Current law specifies that a county, city, or incorporated town may include the creation of a sales and use tax capital improvement fund (special fund) when the county, city, or incorporated town seeks voter approval to levy a sales or use tax. Before the adoption of section 20 of article X of the state constitution (TABOR), the statute provided that a county, city, or incorporated town needed to create the special fund in order to issue revenue bonds payable solely from the fund for financing capital improvements. Current law also specifies that if a county, city, or incorporated town wishes to create a special fund after it has already obtained voter approval…