HomeMy WebLinkAbout024992 ORD - 08/27/2002AN ORDINANCE
PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND
COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX
YEAR 2002 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 and adopt the
tax rate on $100 valuation for this city for tax year 2002 as follows:
$.4600308 for purpose of maintenance and operation
$. 1841437 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 2002, and
for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax
of $.4600308 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 2002 and
for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax
of $.1841437 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:
GENERAL OBLIGATION BONDS AND INTEREST
MATURING AUGUST 1, 2002 - JULY 31, 2003
Principal Interest & Fees Total
1987 General Obligation $ 2,991,927.20 $ 6,883,072.80 $ 9,875,000.00
1993 Certificates of Obligation 80,000.00 33,550.00 113,550.00
1993 General Obligation 1,405,000.00 663,543.00 2,068,543.00
1994A Certificates of Obligation 125,000.00 27,837.50 152,837.50
1994B Certificates of Obligation 175,000.00 32,212.50 207,212.50
1995 Certificates of Obligation 525,000.00 331,181.24 856,181.24
1995 General Obligation 1,150,000.00 1,505,585.00 2,655,585.00
1995A General Obligation 85,000.00 43,870.00 128,870.00
1995B General Obligation 400,000.00 291,207.50 691,207.50
1996 Certificates of Obligation 175,000.00 82,100.00 257,100.00
1998 Certificates of Obligation I, 125,000.00 341,212.50 1,466,212.50
2000 Certificates of Obligation 500,000.00 696,065.00 1,196,065.00
2001 General Obligation 0 2,010,143.76 2,010,143.76
200lA General Obligation 0 567,000.00 567,000.00
$ 8.736.927.20 $ 13.508.580.80 $ 22.245.508.00
In addition to the ad valorem tax levy totaling $54,282,374, 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 2002 hereby levied shall be due on receipt
of the tax bill and shall be delinquent if not paid before February 1, 2003, 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.
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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Thq foregoing_0rdinance was read for the first time and passed to its second reading on this the
o~C~ay%'ra~a' of ~002, by the following vote:
Samuel L. heal, Jr. Rex A. Kinnison
Brent Chesney John Longoria
Javier D. Colmenero _.. Jesse Noyola
Henry Garrett l~/[J.J~~ Mark Scott
Bill Kelly
Thatpq~e. foregoin~ ordinance was read for the second time and passed finally on this the -O~ daY
of I, 3-kX..0/1A, Oq2002, by the following vote:
Samuel L. heal, Jr. {~X-.k,,~..~ Rex A. Kinnison
Brent Chesney {'~_{J John Longoria
avier D. Colmenero ,esse Noyola
~:ir;e~ayrrett ~ /r} , ,~,.Mark Scott
PASSED AND APPROVED this the day of L~,J2002.
ATTEST:
THE CITY OF CORPUS CHRISTI
City Secretary
LEGAL FORM APPROVED
ATTORNEY
Lisa Aguilar O
Assistant City Attorney
,2002, JAMES R. BRAY, JR., CITY
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