The URL can be used to link to this page

Home My WebLink About025471 ORD - 09/09/2003AN ORDINANCE PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND COLLECTED BY THE C~TY OF CORPUS CHRISTI, TEXAS, FOR TAX YEAR 2003 AND FOR E/~CH SUCCEEDING YEAR THEREAFTER UNTIL OTHERWISE PROVlDEDIAND ORDAINED AND SUCH OTHER YEARS AS THE SAME MAY BE APP~LICABLE; 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 2003 as follows: $.466554 for purpose of maintenance and operation $.177621 fol' payment of principal and interest on debt $.644175 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 2003 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.466554 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 2003 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.177621 on each One Hundred Dollars value on all property, real, personal1 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 maturil~ies 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: }I:\LEG-DIR\Lisa\ORD3\tax year 2003.wpd(dkw) 025471_ ANNIUAL DEBT SERVICE DUE FY 2003-04 Principal Interest & Fees Total 1987 General Obligation $ 2,723,310.20 $ 7,166,689.80 $ 9,890,000.00 1993 Certificates of Obligation 90,000.00 29,150.00 119,150.00 1995 Certificates of Obligation 555,000.00 295,743.74 850,743.74 1995 General Obligation 1,225,000.00 1,481,535.00 2,676,535.00 1995A General Obligation 80,000.00 39,875.00 119,875.00 1995B General Obligation 425,000.00 50,062.50 475,062.50 1996 Certificates of Obligation 175,000.00 74,312.50 249,312.50 2000 Certificates of Obligation 520,000.00 674,190.00 1,194,190.00 2001 General Obligation 0 2,010,143.76 2,010,143.76 2001-A General Obligation 0 567,000.00 567,000.00 2002 Certificates of Obligations 1,070,000.00 1,417,871.26 2,487,871.26 2003 General Obligation 4,280,000.00 829,193.74 5,109,193.74 $11,143,310.20 $14,605,767.30 $ 25,749,077.50 In addition to the ad valorem tax levy totaling $57,640,112, 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 2003 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2004, 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. SECTION 6. That 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 It:\LEG-DIR\Lisa\ORD3\tax year 2003 wpd(dkw) 2 and (2) suspends the Charter rul~ 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 this the 9~h day of September, 2003. ATTEST: Armando~ City Secretary THE CITY OF CORPUS CHRISTI Mayor Approved: September 5, 2003 Lisa Aguilar Assistant City Attorney for City Attorney H:\LEG-DIR\Lisa\ORD3\tax year 2003.wpd(dkw) 3 Corpus Christi, Texas ~ day of,~~; 2003 TO THE MEMBERS OF THE CIYY 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, "~'~muel L.4fl~l, Jr. ' Mayor Council Members The above ordinance was passed by the following vote: Samuel L. Neal, Jr. Brent Chesney Melody Cooper Javier D. Colmenero Henry Garrett Bill Kelly Rex A. Kinnison Jesse Noyola Mark Scott