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Home My WebLink About029186 ORD - 08/30/20111 AN ORDINANCE SETTING A PROPERTY TAX RATE OF $0.570557 PER $100 VALUATION; PRESCRIBING THE PROPERTY TAXES TO BE LEVIED, ASSESSED AND COLLECTED BY THE CITY OF CORPUS CHRISTI, TEXAS, FOR TAX YEAR 2011 AND FOR EACH SUCCEEDING YEAR THEREAFTER UNTIL OTHERWISE PROVIDED AND ORDAINED AND SUCH OTHER YEARS AS THE SAME MAY BE APPLICABLE. 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 2011 as follows: $0.380339 for the purpose of maintenance and operation 0.190218 for payment of principal and interest on debt $0.570557 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 tax year 2011 and for each succeeding tax year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $0.380339 on each One Hundred Dollar value thereof, an ail 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 2011 and for each succeeding tax year thereafter, until otherwise provided and ordained, an annual ad valorem tax of $0.190218 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 J:ILISA12011 OrdinancelOrd-Ad Valorem Tax Rate 2011_August 23, 2011.DOC 029186 INDEXED 2 for, and including the interest, agent fees, and maturities of the following City of Corpus Christi bonds: ANNUAL DEBT SERVICE DUE FY 2011-2012 J,ILISA12011 OrdinancelOrd-Ad Valorem Tax Rate 2011 August 23, 2011.DOC Principal Interest & Fees Other Amounts to be Paid Total 2001 General Obligation $ 3,850,000 $ 744,631 $ 4,935 $ 4,599,566 2001A General Obligation 135,000 6,750 173 141,923 2002 Certificates of Obligation 1,380,000 1,109,140 1,769 2,490,909 2003 General Obligation 0— 86,463 0 86,463 2004 Certificates of Obligation 295,000 234,865 378 530,243 2004 General Obligation 165,000 8,250 211 173,461 2005 General Obligation 3,270,000 3,764,713 4,191 7,038,904 2005 Certificates of Obligation 290,000 618,379 372 908,751 2006 Certificates of Obligation 395,000 811,144 506 1,206,650 2007 Certificates of Obligation 103,752 94,786 133 198,671 2007 General Obligation 165,000 150,238 211 315,449 2007A General Obligation 1,250,000 1,203,263 1,602 2,454,865 2008 Tax Notes 1,025,000 151,360 0 1,176, 360 J,ILISA12011 OrdinancelOrd-Ad Valorem Tax Rate 2011 August 23, 2011.DOC 3 In addition to the ad valorem tax levy totaling $75,637,178, 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 2011 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2012, 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. J:\LISA12011 OrdlnancelOrd-Ad Valorem Tax Rate 2011 August 23, 2011.DOC Principal Interest & pees Other Amounts to be Paid Total 2008 Certificates of Obligation $230,000 $575,450 $295 $805,745 2009 General Obligation 3,205,000 3,612,863 4,108 6,821,971 2009 Certificates of Obligation 285,000 324,144 365 609,509 2010 General Obligation 485,000 505,050 622 990,672 2010 Certificates of Obligation 100,000 116,776 129 216,905 2011 General Obligation 0 1,163,750 0 1,163,750 Total required for 2011 debt service $16,628,752 $15,282,015 $20,000 $31,930,767 Less: Amount paid from unencumbered fund balance 950,000 Less: Transfers for self- supporting debt 7,010,707 Total to be paid from taxes in 2011 $23,970,060 In addition to the ad valorem tax levy totaling $75,637,178, 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 2011 hereby levied shall be due on receipt of the tax bill and shall be delinquent if not paid before February 1, 2012, 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. J:\LISA12011 OrdlnancelOrd-Ad Valorem Tax Rate 2011 August 23, 2011.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. J:1L]SA12011 OrdinancelOrd-Ad Valorem Tax Rate 2011 August 23, 2011.DOC 5 That the foregoing ordina,pe was read f r the first time and passed to its second reading on this the — day of , 2011, by the following vote: Joe Adame Chris N. Adler Larry Elizondo Kevin Kieschnick Priscilla G. Leal David Loeb John E. Marez Nelda Martinez Mark Scott That the foregoing orq'inance was read for the second time and passed finally on this the 3( day of Joe Adame Chris N. Adler Larry Elizondo Kevin Kieschnick Priscilla G. Leal 2011, by the following vote: David Loeb John E. Marez Nelda Martinez Mark Scott 1149L__ PASSED AND APPROVED, this the 5D day of , 2011. Armando Chapa u Joe me City Secretary Mayor APPROVED as to form: ,ik D')11 By: Lisa Aguilar, Assistant City Attorney for the City Attorney J:ILISA12011 OrdinancelOrd-Ad Valorem Tax Rate 2011_August 23, 2011.DOC 029186