HomeMy WebLinkAbout023035 ORD - 08/19/1997AN ORDINANCE
PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND
COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR THE
YEAR 1997 AND FOR EACH SUCCEEDING YEAR THEREAFTER UNTIL
OTHERWISE PROVIDED AND ORDAINED AND SUCH OTHER YEARS
AS THE SAME MAY BE APPLICABLE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CORPUS
CHRISTI, TEXAS:
SECTION 1. The City Council of the City of Corpus Christi does hereby levy and adopt
the tax rate on $100 valuation for this city for tax year 1997 as follows:
$.444536 for purpose of maintenance and operation
$.179190 for payment of principal and interest on debt
$.623726 Total Tax Rate
SECTION 2. That there is hereby levied, to be assessed and collected in current money of
the United States of America, for the use of the City of Corpus Christi, Texas, for the year 1997, and
for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax
of $.444536 on each One Hundred Dollar value thereof, on all property, real, personal and mixed,
located within the said City of Corpus Christi, upon which a tax is authorized to be levied by law,
and upon all franchises of all individuals, partners and corporations holding franchises in the City
for defrayment of current expenses of the government, including but not limited to street
improvement of said City. Said tax shall be assessed upon 100 percent of the market value of
property subject thereto.
SECTION 3. That there is hereby levied, to be assessed and collected in current money of
the United States of America, for the use of the City of Corpus Christi, Texas. for the year 1997 and
for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax
of $.179190 on each One Hundred Dollars value on all property, real, personal, and mixed. and
franchises described in Section 2 of this ordinance and assessed upon 100 percent of the market
value of property subject thereto, said taxes to be appropriated for the purpose of creating a sinking
fund to pay the interest and principal maturities on all outstanding City of Corpus Christi bonds not
otherwise provided for, and including the interest, agent fees, and maturities of the following City
of Corpus Christi bonds:
7.IRB1000501
niulUIILMED
GENERAL OBLIGATION BONDS AND INTEREST
MATURING AUGUST 1, 1997 - JULY 31, 1998
I985A General Obligation & Refunding
1987 General Obligation & Refunding
1989 Certificates of Obligation
1990 General Obligation
1990A General Obligation
1990A Certificates of Obligation
1992 General Obligation
1992 Certificates of Obligation
1992A Certificates of Obligation
1993 General Obligation
1993 Certificates of Obligation
1994A Certificates of Obligation
1994B Certificates of Obligation
1995 General Obligation
1995 Certificates of Obligation
1995A General Obligation
1995B General Obligation
1996 Certificates of Obligation
Principal
Interest & Fees
Total
$2,587,277
$4,886,123
$7,473,400
3,100,000
588,085
3,688,085
65,000
20,465
85,465
0
41,663
41,663
100,000
103,625
203,625
125,000
44,125
169,125
0
657,737
657,737
100,000
118,015
218,015
20,000
7,015
27,015
160,000
894,408
1,054,408
60,000
53,925
113,925
80,000
184,325
264,325
125,000
114,314
239,314
280,000
1,610,205
1,890,205
400,000
589,375
989,375
10,000
45,730
55,730
300,000
503,245
803,245
125,000
222,287
347,287
$7,637,277
$10,684,667
$18,321,944
In addition to the ad valorem tax levy totaling $43,448,123, the balance of this debt, if any,
incurred by the City of Corpus Christi shall be funded from sources other than ad valorem taxes.
SECTION 4. That all taxes for the year 1997 hereby levied shall be due on receipt
of the tax bill and shall be delinquent if not paid before February 1, 1998, except as otherwise
provided in the Texas Property Tax Code; and penalty and interest shall be due on any delinquent
taxes as provided by Chapter 33 of said Property Tax Code. No discount shall be allowed for early
payment of taxes. The Texas Constitution. Property Tax Code, and other applicable laws shall
govern all matters related to the taxes levied herein. and the City shall have all authority thereunder.
SECTION 5. If for any reason any section, paragraph, subdivision, clause, phrase,
word or provision of this ordinance shall be held invalid or unconstitutional by final judgment of a
court of competent jurisdiction, it shall not affect any other section, paragraph, subdivision. clause,
phrase, word or provision of this ordinance, for it is the definite intent of this City Council that every
section, paragraph, subdivision, clause, phrase, word or provision hereof be given full force and
effect for its purpose.
7112131000 501
That the foregoing ordinance was read for the first time and passed to its second reading on
this the %iii day of d',L(,(i}f 19 t/'7 , by the following vote:
Betty Jean Longoria
John Longoria �—
Edward A. Martin h i -
Dr. David McNichols
Loyd Neal
Jaime Capelo
Melody Cooper
Alex L. Garcia, Jr.
Arnold Gonzales
Th he fore o' g ordinancea read for the second time and passed finally on this the day
of , 1'f , by the following vote:6404-
Loyd Neal
Jaime Capelo
Melody Cooper
Alex L. Garcia, Jr.
Arnold Gonzales
PASSED AND APPROVED, this the ig day of
ATTEST:
Armando Chapa, Cilr Secretary
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
, 1997.
MYOA R`!
THE CITY OF CORPUS
APPROVED THIS 6TH DAY OF AUGUST, 1997:
JAMES R. BRAY, JR., CITY ATTORNEY
BY: 1ACAAA5NA-
Alison Gallaway, Assistant City Attor y
7112111000.50 I
RISTI