(a) Unencumbered tax revenues in an amount equal to those generated by the levy of 0.33 mills, and remitted to the Town less any administration fees imposed by the County, pursuant to the annual levy of general ad valorem taxes on real property, as authorized by the Town electorate at the November 2, 2004 special election, shall be dedicated and used exclusively to support the operation and maintenance of the Telluride Historical Museum, including staffing, preserving artifacts, managing exhibits, marketing and maintaining the historic miners’ hospital building.
(b) Subject to annual appropriation, such unencumbered tax revenues shall be remitted upon receipt by the Town to the Telluride Historical Museum, Inc., provided that:
(1) The bylaws of the Telluride Historical Museum, Inc., provide for an elected representative of the Town to sit on the Board of Directors of the Telluride Historical Museum, Inc.;
(2) The Board of Directors report annually to the Town on its budget and operations no later than March 1 of each year for the previous year; and
(3) The financial information of the Telluride Historical Museum, Inc., be made available for public inspection upon reasonable request.
(c) If at any time the Town Council determines that the Telluride Historical Museum is no longer functioning as an historical museum or that the Telluride Historical Museum, Inc., has lost its not-for-profit status or has failed to use the funds so remitted for the purposes described herein and fails to remedy these conditions, the Town Council may, by ordinance, rescind the 0.33 mill levy.
(d) For purposes of this Section, unencumbered tax revenues means those tax revenues not already pledged or dedicated to debt service or obligations created or in effect prior to the collection of said tax revenues.
(e) It is hereby declared that the property tax mill levy described in this Article, as approved by the Town electorate, is not for “municipal purposes” and that Section 12.1 of the Town Charter is therefore inapplicable thereto. If for any reason a court of competent jurisdiction shall hold otherwise, any unencumbered tax revenues in excess of the limits imposed by Section 12.1 of the Town Charter that have been remitted to the Telluride Historical Museum, Inc., shall be refunded to the Town or, if not so refunded, shall be credited against the obligation of the Town to remit future unencumbered tax revenues to the Telluride Historical Museum, Inc. (Prior code 3.30.020; Ord. 1288 §1, 2008)