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Home My WebLink About028304 ORD - 09/08/2009AN ORDINANCE SETTING A PROPERTY TAX RATE OF $0.563846 PER $100 VALUATION; PRESCRIBING THE PROPERTY TAXES TO BE LEVIED, ASSESSED AND COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX YEAR 2009 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 ad valorem tax rate on $100 valuation for this city for tax year 2009 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 EFFECTIVELY BE RAISED BY 2.92 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $10.35. 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 tax year 2009 and for each succeeding tax 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 tax year 2009 and for each succeeding tax year thereafter, until otherwise H:ILEG-DIRILisa12009 ordinancelord-Ad Valorem Tax Rate 2009v3.doc 028304 INDEXED 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 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 2009-2010 H:1LEG-DIRILisa\2009 ordinancelord-Ad Valorem Tax Rate 2009v3.doc Principal Interest & Fees Total 1996 Certificates of Obligation $250,000 $13,432 $263,432 2000 Certificates of Obligation $680,000 $67,753 $747,753 2001 General obligation $3,210,000 $1,089,631 $4,299,631 2001A General Obligation $120,000 $19,398 $139,398 2002 Certificates of Obligation $1,285,000 $1,207,873 $2,492,873 2002 State Infrastructure Notes $1,250,000$56,250$ 1 306 250 , 2003 General Obligation $905,000 $116,675 $1,021,675 2004 Certificates of Obligation $275,000 $256,171 $531,171 2004 General Obligation $1,565,000 $170,250 $1,735,250 2005 General Obligation $2,330,000 $3,967,513 $6,297,513 2005 Certificates of Obligation r $270,000 $639,429 $909,429 2006 Certificates of Obligation $365,000 $842,394 $1,207,394 2007 Certificates of Obligation - $101,732 $101,732 2007 General Obligation - $162,445 $162,445 H:1LEG-DIRILisa\2009 ordinancelord-Ad Valorem Tax Rate 2009v3.doc 2007A General Obligation $1,150,000 $1,303,763 $2,453,763 2008 Tax Notes $965,000 $220,728 $1,185,728 2008 Certificates of Obligation 220,000 589,176 809,176 2009 General Obligation 3,910,000 3,356,658 7,266,658 2009 Certificates of obligation 735,000 217,489 952,489 Total required for 2009 debt service $19,485,000 $14,398,760 $33,883,760 Less: Amount paid from unencumbered fund balance 398,335 Less: Transfers for self- supporting debt 8,302,455 Total to be paid from taxes in 2009 $25,182,970 In addition to the ad valorem tax levy totaling $74,31 8,208, 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 tax year 2009 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2010, 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 H:\LEG-DIR\Lisa\2009 Ordinance\Ord-Ad Valorem Tax Rate 2009v3.doc ordinances at two regular meetings so that this ordinance is passed and takes effect upon first reading as an emergency measure this 8th day of September 2009. ATTEST: THE CITY OF CORPUS CHRISTI a26-1 didid-1 Armando Chapa Joe ame City Secretary Mayor Approved: September 2, 2009 oe.,,, - -,- \ Lisa Agu Ass i sta n ity Attorney for City Attorney H:ILEG-DI R\Lisa12009 OrdinancelOrd-Ad Valorem Tax Rate 2009v3.doc Corpus Christi, Texas ��--- Day of ei14,19i2u , 2009 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: Ilwe, 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, Council Members Joe Adie, Mayor City of Corpus Christi The above ordinance was passed by the following vote: Joe Adame Chris N. Adler Brent Chesney Larry Elizondo, Sr. Kevin Kiesch n ick Priscilla C. Leal John E. Marez Nelda Martinez Mark Scott A1%14t)-- 028304