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Home My WebLink About026463 ORD - 09/13/2005 AN ORDINANCE PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX YEAR 2005 AND FOR EACH SUCCEEDING YEAR THEREAFTER UNTIL OTHERWISE PROVIDED AND ORDAINED AND SUCH OTHER YEAR 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 he City of Corpus Christi does hereby levy and adopt the tax rate on $100 valuation for this city for tax year 2005 as follows: $.426624 for the purpose of maintenance and operation "199175 for payment of principal and interest on debt $"625799 Total Tax Rate THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR'S 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 2005 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.426624 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 2005 and for each succeeding year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $.199175 on each One Hundred Dollar 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: li2G4td ANNUAL DEBT SERVICE DUE FY 2005-2006 r:::: ~~::: i 1995 1995 Principal Interest & Fees Total i General Obligations $669,446 $2,240,555 $2,910,001 Certificates of Obligation $50,000 - $50,000 . Certificates of Obligation $525,000 $25,200 $550,200 General Obligation - $1,392,735 $2,697,735 A General Obligation ~ - $36,035 $126,035 B General Obligation - $21,375 $471,375 Certificates of Obligation $200,000 $57,050 $257,050 -_. Certificates of Obligation $570,000 $178,445 $748,445 --- 1 General Obligation I I - - - _. 1 A General Obligation I $3,205,000 $561,750 $3,766,750 i I I I ! 1 B General Obligation Certificates of Obligation $1,115,000 $1,375,418 $2,490,418 General Obligation $2,585,000 $702,775 $3,287,775 Certificates of Obligation $240,000 $284,584 $524,584 I I i I I I ! I I $10,474,693 $15,586,675 $26,061,368 ~20~ I 200 I ~20~ I 2002 1_._ ~2003 I 2004 I I L__ In addition to the ad valorem tax levy totaling $65,574,532, 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 2005 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2006, 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 T ax 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 and (2) suspends the 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 this 13th day of September 2005" ATTEST: THE CITY OF CORPUS CHRISTI J.~/kMN'{ Mayor ~~ Armando Chapa City Secretary Approved September 20, 2005 j-L VL- ~L- c--L/----.. Lisa Aguilar ../ Assistant City Attorney for City Attorney Corpus Christi, Texas I ' r :~ ..\.-- Day of ~{A.t'h-.1,-~ , 2005 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, b~ Henry Garre Mayor City of Corpus Christi Council Members The above ordinance was passed by the following vote: Bill Kelly Ct)X ~...... ~ (~l lLc-y / Cll{~'f- ".-. " ~4'lL- CL<;yC U~~jl GW-iJ /I f/ Henry Garrett Brent Chesney Melody Cooper Jerry Garcia Rex Kinnison John E. Marez Jesse Noyola Mark Scott LV:/_ G2G463