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Home My WebLink About023434 ORD - 09/08/1998AN ORDINANCE PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX YEAR 1998 AND FOR EACH SUCCEEDING YEAR THEREAFTER UNTIL OTHERWISE PROVIDED AND ORDAINED AND SUCH OTHER YEARS AS THE SAME MAY BE APPLICABLE, AND DECLARING AN EMERGENCY. 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 1998 as follows: $.449336 for purpose of maintenance and operation $.174390 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 1998, and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.449336 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 1998 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.174390 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: H:\LEG-DIR\JIMMY\WPDOCS\FINANCE\ 81RBI000.501(dkw) % 2 3 4 3 4 1 GENERAL OBLIGATION BONDS AND INTEREST MATURING AUGUST 1, 1998 - JULY 31,1999 In addition to the ad valorem tax levy totaling $45,070,727, 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 1998 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 1999, 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. H:ALEG-DIRVJIMMY\ W PDOCS\FINANCE\8JRD 1000.501(dkw) 2 Principal Interest & Fees Total 1985A General Obligation & Refunding $2,541,080 $5,575,745 $8,116,825 1987 General Obligation & Refunding 2,695,000 368,964 3,063,964 1989 Certificates of Obligation 70,000 16,006 86,006 1990 General Obligation 0 41,663 41,663 1990A General Obligation 100,000 95,340 195,340 1990A Certificates of Obligation 125,000 33,482 158,482 1992 General Obligation 0 657,738 657,738 1992 Certificates of Obligation 125,000 112,397 237,397 1992A Certificates of Obligation 20,000 5,308 25,308 1993 General Obligation 170,000 886,639 1,056,639 1993 Certificates of Obligation 60,000 50,604 110,604 1994A Certificates of Obligation 100,000 177,416 277,416 1994B Certificates of Obligation 140,000 105,287 245,287 1995 General Obligation 300,000 1,598,441 1,898,441 1995 Certificates of Obligation 400,000 562,236 962,236 1995A General Obligation 0 45,210 45,210 1995B General Obligation 325,000 483,007 808,007 1996 Certificates of Obligation 150,000 215,510 365,510 1998 Certificates of Obligation 200,000 484,331 684,331 $7,521,080 $11,515,324 $19,036,404 In addition to the ad valorem tax levy totaling $45,070,727, 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 1998 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 1999, 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. H:ALEG-DIRVJIMMY\ W PDOCS\FINANCE\8JRD 1000.501(dkw) 2 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. SECTION 6. That upon written request of the Mayor or five Council members, copy attached, do find and declare an emergency due to the need for immediate action necessary for the efficient and effective administration of City affairs, such finding of an emergency is made and declared requiring suspension of the Charter rule as to consideration and voting upon ordinances at two regular meetings so that s ordinance is passedya�nndd shall�take effect upon first reading as an emergency measure this theh day of'��(�� 98. ATTEST: mando Chapa, City Secretary THE CITY OF CORPUS CHRISTI Samuel L. Nea , Jr., Mayor LEGAL FORM APPROVED S`pt . 3 , 1998, JAMES R. BRAY, JR., CITY ATTORNEY By: ,,moi• A t City Attorney H:\LEG-DIR\JIMMY\ W PDOCS\FINANCE\SJRB 1000.501(dkw) 3 Corpus Christi, Texas SA day of LX 6.`n,il(A.) , 1998. 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, ‘t4t2'^i ICI 7210/9 Samuel L. Neal, Jr., Mayor THE CITY OF CORPUS CHRISTI Council Members The above ordinance was passed by the following vote: Samuel L. Neal, Jr. Javier D. Colmenero Melody Cooper Alex L. Garcia, Jr. Dr. Arnold Gonzales Betty Jean Longoria John Longoria Edward A. Martin Dr. David McNichols H:\LEG-DIR\JIMMY\W PDOCS\FlNANCE\8JRB 1000E501(dkw) 4 023434 Nueces County Courthouse 901 Leopard, Suite 301 Carpus Christi, Texas 784 01-3 684 1�gmira Vrtnie" Canal -es Assessor and Collector of Taxes voice: (512) 888-0307 fax: (512) 888-0218 CERTIFICATION OF TAX LEVY FOR THE TAX YEAR 1998 CITY OF CORPUS CHRISTI Total Appraised Value @ 100% of Market Value Less: Partial Exemptions Ag -Use account value loss and abatements Total Net Appraised Value Assessment Ratio Total Taxable Value 1998 Adopted Tax Rate 1998 Ad Valorem Tax Levy $8,477,723,058 ($1,251,677,194) $7,226,045,864 100% $7,226,045,864 .623726 /$100 $45,070,727 Submission of the Tax Levy for 1998 for approval by the Ci of Cus Christi 1u*L i cil in accordance with Section 26.09(e) of the Texas Property Tax Co THE STATE OF TEXAS COUNTY OF NUECES Ramiro R. Canales, RTA Nueces Coun Tax Assessor- ollector before me at Corpus Christi, Texas this 2nd tiau Notary Public, State f Texas The Tax Levy is hereby approved by the City of Corpus Christi City Council on this 8th day of September, A.D., 1998. ATTEST: Armando Chapa, City Secretary City of Corpus Christi Samuel L Neal, Jr., Mayor City of Corpus Christi