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Home My WebLink About031871 ORD - 09/17/2019 Ordinance setting a property tax rate of $0.646264 per $100 valuation which is effectively a 6.55% increase over the effective tax rate; and declaring an emergency. WHEREAS,this tax levy is in accordance with the Fiscal Year 2020 operating budget adopted on September 17, 2019; 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 ad valorem tax rate on $100 valuation for this city for tax year 2019 as follows: $0.426806 for the purpose of maintenance and operation 0.219458 for payment of principal and interest on debt $0.646264 Total Tax Rate THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX RATE. THE TAX RATE WILL EFFECTIVELY BE RAISED BY 8.37 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $32.96. SECTION 2. 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 tax year 2019 and for each succeeding tax year thereafter, until otherwise provided and ordained, an annual ad valorem tax of$0.426806 on each one hundred dollar value on all property, real, personal, and mixed, located within the 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 of the City of Corpus Christi. Said tax shall be assessed upon 100 percent of the market value of property subject thereto. Four cents shall be dedicated for residential street reconstruction in accordance with Article VIII, Section 1(c) of the City Charter and shall be transferred from the General Fund to a dedicated fund on a monthly basis. If the tax rate is reduced by the results of an election to repeal the tax increase to the rollback tax rate, then the reduction shall first reduce the aforementioned residential street reconstruction portion of the tax rate and dedicated fund. SECTION 3. 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 tax year 2019 and for each succeeding tax year thereafter, until otherwise provided and ordained, an annual ad valorem tax of$0.219458 on each one hundred dollar 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: Page 1 of 4 0 318 71 SCANNED ANNUAL DEBT SERVICE DUE FY 2019-2020 Principal Interest& Fees Total 2010 General Obligation $640,000 $335,913 $975,913 2010 Certificates of Obligation $140,000 $78,476 $218,476 2010 Combination Tax & Surplus $260,000 $216,525 $476,525 Airport Certificates of Obligation 2012 General Obligation $2,150,000 $1,544,944 $3,694,944 2012 Public Property Contractual $635,000 $64,612 $699,612 Obligation 2012 Combination Tax & Surplus Airport Certificates of Obligation $205,000 $188,750 $393,750 (AMT) 2012A General Improvement $860,000 $79,419 $939,419 (Airport)AMT 2012B General Improvement $50,000 $310,388 $360,388 (Airport) Non-AMT 2012C General Obligation $3,315,000 $423,850 $3,738,850 2012D General Obligation $9,415,000 $1,982,114 $11,397,114 2013 General Obligation $3,440,000 $3,172,200 $6,612,200 2014 Public Property Contractual $730,000 $127,368 $857,368 Obligation 2014 Tax Notes $1,190,000 $27,874 $1,217,874 2015 General Improvement Refunding Bonds (2007A and $1,405,000 $2,949,800 $4,354,800 2009) 2015 General Obligation $3,415,000 $3,528,575 $6,943,575 2015 Certificates of Obligation $405,000 $307,864 $712,864 (Taxable) 2016 Certificates of Obligation $85,000 $59,663 $144,663 Page 2 of 4 Principal Interest& Fees Total 2016A General Improvement $4,640,000 $225,800 $4,865,800 Refunding Bonds 2016A General Improvement $715,000 $106,859 $821,859 Refunding Bonds -TMPC 2016A Certificates of Obligation - $630,000 $552,650 $1,182,650 Streets 2017 Certificates of Obligation $230,000 $59,031 $289,031 (Taxable) — Landfill 2018 General Improvement Bonds $0 $817,750 $817,750 2018A Certificates of Obligation $0 $683,400 $683,400 2018A Certificates of Obligation $270,000 $299,173 $569,173 (Taxable) Total required for FY 2020 debt $34.825,000 $18,142,998 $52,967,998 service Less: Transfers for self- ($10,547,091) supporting debt Total to be paid from taxes in FY $41420.907 2020 In addition to the ad valorem tax levy for debt service totaling $42,420,907, 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. All taxes for the tax year 2019 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2020, 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 the 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 of this ordinance be given full force and effect for its purpose. SECTION 6. Upon the written request of the Mayor or five Council members, copy attached, the City Council: (1) finds and declares an emergency due to the need for immediate action necessary for the efficient and effective administration of City affairs and Page 3 of 4 (2) suspends the Charter rule that requires consideration of and voting upon ordinances at two regular meetings so that this ordinance is passed and takes effect upon first reading as an emergency measure this 17th day of September 2019. ATTEST: CITY OF CORPUS CHRISTI kiLen/(7/-\ klA LA-101- Rebecca Huerta Jo: Comb City Secretary M. • 7 day of 5 yv► , 2019 TO THE MEMBERS OF THE CITY COUNCIL Corpus Christi, Texas For the reasons set forth in the emergency clause of the foregoing ordinance, an emergency exists requiring suspension of the Charter rule as to consideration and voting upon ordinances at two regular meetings: I/we, therefore, request that you suspend said Charter rule and pass this ordinance finally on the date it is introduced, or at the present meeting of the City Council. Respectfully, Respectfully, Joe Comb Ma 'or Council Members The above ordinance was passed by the following vote: /� / Joe McComb -2. Michael Hunter No Roland Barrera r- Ben Molina k- Rudy Garza- Greg Smith Paulette Guajardo ew Everett Roy Gil Hernandez 031871 Page4of4