HomeMy WebLinkAbout028758 ORD - 08/31/20101
AN ORDINANCE
SETTING A PROPERTY TAX RATE OF $0.582269 PER $100 VALUATION;
PRESCRIBING THE PROPERTY TAXES TO BE LEVIED, ASSESSED AND
COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX
YEAR 2010 AND FOR EACH SUCCEEDING YEAR THEREAFTER UNTIL
OTHERWISE PROVIDED AND ORDAINED AND SUCH OTHER YEARS 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 2010 as follows:
$0.385131 for the purpose of maintenance and operation
0.197138 for payment of principal and interest on debt
$0.582269 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 1.93 PERCENT
AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS
ON A $100,000 HOME BY APPROXIMATELY $7.29.
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 2010 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.385131 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 2010 and for each succeeding tax year thereafter, until otherwise provided and
H:ILEG-DIRILisa12010 OrdinancelOrd-Ad Valorem Tax Rate 2010 part a_August 31, 2010.DOC
028"758
INDEXED
2
ordained, an annual ad valorem tax of $0.197138 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 2010-2011
H:1LEG-DIR\Lisa12010 OrdinancelOrd-Ad Valorem Tax Rate 2010 part a_August 31, 2010.DOC
Principal
interest & Fees
Total
2000 Certificates of Obligation
$715,000
$35,533
$750,533
2001 General Obligation
$3,690,000
$933,542
$4,623,542
2001A General Obligation
$125,000
$13,149
$138,149
2002 Certificates of Obligation
$1,330,000
$1,162,270
$2,492,270
2003 General Obligation
$0
$86,463
$86,463
2004 Certificates of Obligation
$285,000
$245,537
$530,537
2004 General Obligation
$1,660,000
$93,234
$1,753,234
2005 General Obligation
$2,410,000
$3,888,094
$6,298,094
2005 Certificates of Obligation
$280,000
$628,689
$908,689
2006 Certificates of Obligation
$380,000
$826,798
$1,206,798
2007 Certificates of Obligation
$100,294
$98,987
$199,281
2007 General Obligation
$160,000
$156,929
$316,929
H:1LEG-DIR\Lisa12010 OrdinancelOrd-Ad Valorem Tax Rate 2010 part a_August 31, 2010.DOC
3
2007A General Obligation
$1,200,000
$1,252,698
$2,452,698
2008 Tax Notes
$995,000
$186,384
$1,181,384
2008 Certificates of Obligation
$225,000
$582,469
$807,469
2009 General Obligation
$3,115,000
$3,710,037
$6,825,037
2009 Certificates of Obligation
$280,000
$331,479
$611,479
2010 General Obligation
$635,000
$354,392
$989,392
2010 Certificates of Obligation
$140,000
$81,985
$221,985
2010A Certificates of
Obligation
$0
$204,850
$204,850
Total required for 2011 debt
service
$17,725,294
$14,873,519
$32,598,813
Less: Amount paid from
unencumbered fund balance
500,000
Less: Transfers for self-
supporting debt
8,043,927
Total to be paid from taxes in
2011
$25,054,886
In addition to the ad valorem tax levy totaling $74,668,734, 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 2010 hereby levied shall be due on receipt of
the tax bill and shall be delinquent if not paid before February 1, 2011, 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.
H:1LEG-DIR\Lisa12010 OrdinancelOrd-Ad Valorem Tax Rate 2010 part a_August 31, 2010.DOC
4
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 31st day of August, 2010.
ATTEST:
Armando Chapa
City Secretary
Approved: August 26, 2010
Lisa A• r, Assistant City Attorney
for City Attorney
THE CITY OF CORPUS CHRISTI
H:\LEG-DIR1Lisa12010 OrdinancelOrd-Ad Valorem Tax Rate 2010 part a_August 31, 2010.DOC
Corpus Christi, Texas
Day ofAlL0p---1-- , 2010
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,
Joe Ad e
Mayor
Council Members
The above ordinance was passed by the following vote:
Joe Adame
t1
Chris N. Adler
Brent Chesney
Larry Elizondo, Sr. Alb
Kevin Kieschnick NO
Priscilla G. Leal M
John E. Marez
Nelda Martinez/411(--
Mark Scott
a-dot/a
028758