HomeMy WebLinkAbout022335 ORD - 08/29/1995AN ORDINANCE
PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND COLLECTED
BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR THE YEAR 1995 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 or
adopt the tax rate on $100 valuation for this city for tax year 1995 as follows:
$0.439636 for purpose of maintenance and operation
$0.173090 for payment of principal and interest on debt
$0.612726 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
1995, and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad
valorem tax of $0.439636 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
1995 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad
valorem tax of $0.173090 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:
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GENERAL OBLIGATION BONDS AND INTEREST
MATURING AUGUST 1, 1995 - JULY 31, 1996
In addition to the ad valorem tax levy totaling $39,611,069, the balance of this debt 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 1995 hereby levied shall be due on receipt
of the tax bill and shall be delinquent if not paid before February 1, 1996, 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
govem 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.
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Principal
Interest & Fees
Total
1985A General Obligation
$ 8,890,000
$ 438,130
$ 9,328,130
1987 General Obligation
510,000
931,391
1,441,391
1989 Certificates of Obligation
55,000
29,737
84,737
1990 General Obligation
--
41,763
41,763
1990A General Obligation
425,000
176,612
601,612
1990A Certificates of Obligation
100,000
63,050
163,050
1992 General Obligation
--
659,138
659,138
1992A Certificates of Obligation
15,000
9,465
24,465
1992 Certificates of Obligation
100,000
128,765
228,765
1993 General Obligation
140,000
909,275
1,049,275
1993 Certificates of Obligation
60,000
60,525
120,525
1994A Certificates of Obligation
--
282,923
282,923
1994B Certificates of Obligation
350,000
214,650
564,650
1995 General Obligation
210,000
1,216,611
1,426,611
1995A General Obligation
20.000
34.993
54.993
$ 10,875,000
$ 5,197,028
$16,072,028
In addition to the ad valorem tax levy totaling $39,611,069, the balance of this debt 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 1995 hereby levied shall be due on receipt
of the tax bill and shall be delinquent if not paid before February 1, 1996, 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
govem 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.
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That the foregoin ordinance was read for the first time and passed to its second reading on this the
7 2, day of (2A,�QXt A4t , 19 015 , by the following vote:
Mary Rhodes
Dr.Jack Best
Betty Black
Melody Cooper
Tony Heldenfels
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
That the foregoing ordinance was e d for the second time and passed finally on this the 21 day
of aft, , 19 5 , by the following vote:
Mary Rhodes C
Dr.Jack Best (111,)C_
Betty Black
Melody Cooper
Tony Heldenfels
PASSED AND APPROVED, this the 2 day of
ATTEST:
City Secretary MAY
Betty Jean Longoria
John Longoria
Edward A. Martin
Dr. David McNichols
,1985.
THE CITY OF CORPUS CHRISTI
APPROVED: 11 DAY OF Aultvii, , 19qS :
JAMES R. BRAY, JR., CITY ATTORNEY
Byt4LA-A setetQJaztt 2-t f
Assistant Cit Attorney
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