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district or authority thereof may invest in the bonds or other securities of the Town or any fund, district or authority thereof. 9 -10: Taxes. (A) All taxes of the Town shall be enacted by an ordinance. (B) (1) The following limitations of this Subsection "B" shall apply only in the event that the limitations on taxes, tax increases, mill levies and property tax revenues in Article 10, Section XX of the Colorado Constitution should become inapplicable to the Town. (2) No new tax shall be enacted unless approved by a vote of the Town's electors. (3) The rate of any existing tax, not including the property tax mill levy, shall not be increased without a vote of the Town's electors. This shall not restrict increases in revenues due to taxes at existing rates. (4) (a) The property tax mill levy shall be limited each year to avoid producing revenue, when applied to the assessed valuation of the Town, greater than an amount of revenue equal to that levied in the preceding year plus inflation; except to provide for the payment of bonds and interest thereon, or the payment of any contractual obligation, which have been approved by the voters. (b) In computing this limit, the following shall be excluded: (i) increased valuation for assessment attributable to annexation or inclusion of additional land, the improvements thereon and personal property connected therewith for the preceding year; (ii) the increased valuation for assessment attributable to new construction and personal property connected therewith for the preceding year; (iii) the increased valuation for assessment attributable to increased volume and production for the preceding year by a producing mine; (iv) the increased valuation for assessment attributable to previously legally exempt property which becomes taxable; (c) "Inflation ", as used above, shall be equal to the percentage change in the United States Bureau of Labor Statistics, Consumer Price Index for Denver - Boulder, all items, all urban consumers, or its successor index, for the most recent four quarters for which the index is available when the mill levy is set. The Charter of the Town of Ridgway 21