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Home My WebLink About033452 ORD - 09/10/2024 Ordinance setting a property tax rate of$0.599774 per $100 valuation which is effectively a 6.03% increase over the no-new-revenue tax rate and approving the tax roll as calculated. WHEREAS, this tax levy is in accordance with the City's fiscal year 2024-2025 operating budget adopted on September 10, 2024; 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 2024 as follows: $0.378825 for the purpose of maintenance and operation 0.220949 for payment of principal and interest on debt $0.599774 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 2.1 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $7.95. 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 2024 and for each succeeding tax year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $0.378825 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 VI II, 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 voter-approval 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 2024 and for each succeeding tax year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $0.220949 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 5 033452 SCANNED j ANNUAL DEBT SERVICE DUE FY 2024-2025 i Annual Debt Service 2024-2025 Principal Interest&Fees Total i 2015 Taxable CO's-Landfill $ 470,000 $ 246,714 $ 716,714 2016 CO's-Facilities 95,000 50,637 145,638 2016A Tax&Limited Pledge CO's-Streets 745,000 435,900 1,180,900 2017 Tax and Limited Pledge-Landfill 270,000 21,093 291,093 2018A Comb Tax&Limited Pledge 640,000 580,400 1,220,400 Revenue CO 2018B Comb Tax&Limited Pledge 315,000 251,899 566,900 Revenue CO,Taxable 2021A Comb Tax&Limited Pledge 310,000 280,650 590,650 Revenue CO 2021 B Comb Tax&Limited Pledge 395,000 162,425 557,426 Revenue CO-Landfill 2022A Comb Tax&LimitedPledge Rev CO 340,000 461,500 801,500 2022B Tax Lt Rev CO Taxabl Ldf 320,000 403,602 723,602 2023A Comb Tax&Limited Pledge 185,000 265,625 450,625 Revenue CO 2023E Comb Tax&Limited Pledge 33,773 63,135 96,909 Revenue CO-Golf 2023B Comb Tax&Limited Pledge 211,2264 394,862 606,089 Revenue CO-Landfill 2024A Comb Tax&Limited Pledge 4,585,000 2,096,532 6,681,533 Revenue CO-mix 2024B Comb Tax&Limited Pledge 165,000 713,470 878,470 Revenue CO,Taxable-Landfill 2015 General Improvement Refunding- 7,140,000 1,538,750 8,678,750 GG Actvs 2015 General Improvement-GG Actvs 4,340,000 2,602,400 6,942,400 2016 General Improvement Refunding- 450,000 79,950 529,950 GG Actvs 2016A General Improvement Refunding 785,000 36,347 821,347 2018 General Improvement-Streets 730,000 701,000 1,431,000 2019A General Improvement Refunding- 870,000 100,296 970,296 Parks Page 2 of 5 i 2019B General Improvement Refunding Tax-Airport 410,000 61,440 471,440 I 2020A General Improvement 3,010,000 3,021,250 6,031,250 I 2020B GO Refunding-Streets 1,300,000 1,116,000 2,416,000 2020C.1 General Improvement Refunding Taxable-Airport - 48,143 48,143 2020C.2 General Improvement Refunding - 115,030 115,030 Taxable-Landfill 2020C.3 General Improvement Refunding T - 167,825 167,825 Taxable-Landfill 2020C.4 General Improvement Refunding - 145,829 145,829 Taxable-Landfill 2020C.5 General Improvement Refunding - 799,705 799,705 Taxable 2021 CA General Improvement Refunding 6,605,000 93,296 6,698,296 Taxable 2021 C.2 General Improvement Refunding 4,380,000 67,049 4,447,049 Taxable 2021 D.1 General Improvement Refunding 985,000 308,125 1,293,125 - Airport 2021 E General Improvement Refunding 240,000 41,700 281,700 Airport AMT 2022C General Improvement Bonds 1,035,000 1,432,325 2,467,325 2023 General Improvement Bonds 1,045,000 1,514,225 2,559,225 2024 General Improvement Bonds 5,825,000 2,659,707 8,484,707 2023 Ltd Tax Notes 430,000 135,750 565,750 2014 Public Property Financial Oblig 845,000 31,537 876,537 Total required for FY2025 debt service $ 49,505,000 $ 23,246,128 $ 72,751,128 Less:Amount to be paid from $ 10,710,483 unencumbered balance Less:Self-supporting $ 2,180,321 Excess Collections from Prior Year 3,671,438 Total to be paid from taxes in FY2025 $ 56,188,886 Amount added in anticipation that the City will collect only 96.22%of its taxes in $ 2,207,378 FY 2025 Page 3 of 5 Total Debt Levy $ 58,396,264 In addition to the ad valorem tax levy for debt service totaling $58,396,264 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 2024 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2025, 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. City staff, acting through the City Manager, are directed to notify the tax assessor ("Assessor") of the tax rate for the tax year 2024 adopted pursuant to this ordinance, which rate the Assessor shall use in calculating the tax imposed on each parcel of property included on the City's appraisal roll, which tax amounts the Assessor shall enter in the appraisal roll and submit to the City for approval, all in accordance with Section 26.09 of the Texas Property Tax Code. Pursuant to this clause, the appraisal roll with amounts so calculated, entered, and submitted to the City is hereby approved and constitutes the City's tax roll. SECTION 6. 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. The foregoin ordinance was read for the first time and passed to its second reading on this the _a r day of p w , 2024, by the following vote: Paulette Guajardo kii Jim Klein Roland Barrera Mike Pusley Sylvia Campos Everett Roy Gil Hernandez Dan Suckley Michael HunterU Page 4 of 5 Thg foregoing ordinance was read for the second time and passed finally on this the ��(�►N, day of (,` ,nn�?.Q� , 2024, by the following vote: Paulette Guajardo Jim Klein Roland Barrera A Mike Pusley /441 Sylvia Campos Everett Roy Av, Gil Hernandez b Dan Suckley Michael Hunter W PASSED AND APPROVED on this the day of 2024. ATTEST: C< Paulette Guajardo Rebecca Huerta Mayor City Secretary 033452 Page 5 of 5