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Home My WebLink About024581 ORD - 09/11/2001AN ORDINANCE PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX YEAR 2001 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 2001 as follows: $.4575227 for purpose of maintenance and operation $. 1866518 for payment of principal and interest on debt $.6441745 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 2001, and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.4575227 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 2001 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $. 1866518 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\FINANC[\IJRB'000501(dk,,) 02 4, 5 ~ 1 1 GENERAL OBLIGATION BONDS AND INTEREST MATURING AUGUST 1, 2001 - JULY 31, 2002 Principal Interest & Fees Total 1987 General Obligation $ 3,205,950 $ 6,429,050 $ 9,635,000 1992 Certificates of Obligation 150,000 49,258 199,258 1992 General Obligation 0 328,869 328,869 1992A Certificates of Obligation 25,000 1,575 26,575 1993 Certificates of Obligation 80,000 37,950 117,950 1993 General Obligation 1,530,000 745,398 2,275,398 1994A Certificates of Obligation 100,000 35,250 135,250 1994B Certificates of Obligation 150~000 41,725 191,725 1995 Certificates of Obligation 500,000 364,931 864,931 1995 General Obligation 1,110,000 1,556,645 2,666,645 1995A General Obligation 10,000 44,330 54,330 1995B General Obligation 375,000 316,520 691,520 1996 Certificates of Obligation 175,000 91,725 266,725 1998 Certificates of Obligation 1,075,000 408,400 1,483,400 2000 Certificates of Obligation 150,000 1,053,885 1,203,885 2001 General Obligation 0 1,931,971 1,931,971 2001A General Obligation 0 137,025 137,025 $ 8.635.950 $13.574.507 $ 22.210.457 In addition to the ad valorem tax levy totaling $51,722,865, 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 2001 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2002, 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 H:\I EG-DIR\JIM MY\W PDOC S\FINANC E\ 1JRB 1000 501 (dkw) section, paragraph, subdivision, clause, phrase, word or provision hereof be given full force and effect for its purpose. SECTION 6. Upon 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 (2) suspends the City 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 on this ~ Itkday of September, 2001. ATTEST: THE CITY OF CORPUS CHRISTI Armando Chapa City Secretary LEGAL FORM APPROVED ATTORNEY By: ~..O;'a~- ~ Lisa Aguilar~' Assistant City Attorney , 2001, JAMES R. BRAY, JR., CITY H \1 EG-DIR\JIMMY~W PI)OCS\FINANCE\ I JRB 1000 501 (dk~) TO THE MEMERS 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 of a 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, City of Corpus Christi Council Members The above ordinance was passed by the following vote: Samuel L. Neal, Jr. ~ Rex A. Kinnison ~ Henry Garrett % John Longoria Brent Chesney ~ Jesse Noyola ~ Javier D. Colmenero ~ Mark Scott ~ BillKelly ~ l/ day°f~~~:~'2001' PASSED AND APPROVED this the '~