HomeMy WebLinkAbout027847 ORD - 09/09/2008AN ORDINANCE
SETTING A TAX RATE OF $0.563846 PER $100 VALUATION;
PRESCRIBING THE TAXES TO BE LEVIED, ASSESSED AND
COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX
YEAR 2008 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 the City of Corpus Christi does hereby levy and adopt
the tax rate on $100 valuation for this city for tax year 2008 as follows:
$0.364671 for the purpose of maintenance and operation
0.199175 for payment of principal and interest on debt
$0.563846 Total Tax Rate
THIS TAX RATE WILL RAISE MORE TAXES FOR
MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX
RATE.
THE TAX RATE WILL RAISE TAXES FOR MAINTENANCE AND
OPERATIONS ON A $100,000 HOME BY APPROXIMATELY
$13.77.
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 2008 and for each succeeding year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.364671 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 2008 and for each succeeding year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.199175 on each One Hundred Dollar value
on all property, real, personal, and mixed, and franchises described in Section 2 of this
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027847
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:
ANNUAL DEBT SERVICE DUE
FY 2008-2009
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Principal
Interest & Fees
Total
1996 Certificates of Obligation
$250,000
$25,500
$275,500
2000 Certificates of Obligation
$650,000
$97,203
$747,203
2001 General Obligation
$405,000
$1,107,856
$1,512,856
2001A General Obligation
$120,000
$25,000
$145,000
2002 Certificates of Obligation
$1,240,000
$1,248,596
$2,488,596
2002 State Infrastructure
Notes
$2,000,000
$146,250
$2,146,250
2003 General Obligation
$2,775,000
$254,625
$3,029,625
2004 Certificates of Obligation
$265,000
$263,434
$528,434
2004 General Obligation
$1,505,000
$244,750
$1,749,750
2005 General Obligation
$3,325,000
$4,074,825
$7,399,825
2005 Certificates of Obligation
$260,000
$646,604
$906,604
2006 Certificates of Obligation
$350,000
$854,974
$1,204,974
2007 Certificates of Obligation-
$100,873
$100,873
2007 General Obligation-
$159,938
$159,938
2007A General Obligation
$1,100,000
$1,352,513
$2,452,513
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2008 Tax Notes
$16,000,000
$537,604
$16,537,604
$30,245,000
$11,140,545
$41,385,545
In addition to the ad valorem tax levy totaling $71,526,682, 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 2008 hereby levied shall be due on receipt of
the tax bill and shall be delinquent if not paid before February 1, 2009, 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
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 9th day of September 2008.
Armando Chapa
City Secretary
Approved: August 25, 2008
Lisa Aguilar
Assistant City Attorney
for City Attorney
TH r ITY OF CORPUS CHRISTI
swSeLLs/
Henry Gar
Mayor
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Corpus Christi, Texas
Day of _ y0k k , 2008
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: 1/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,
1s %IA. i Lin A
ry Garr
Mayor
Council Members
The above ordinance was passed by the following vote:
Henry Garrett
Melody Cooper
Larry Elizondo, Sr.
Mike Hummell
Bill Kelly
Priscilla G. Leal /t%D
John E. Marez
Nelda Martinez
Michael McCutchon
027847