HomeMy WebLinkAbout029606 ORD - 08/28/2012Ordinance
setting a property tax rate of $0.570557 per $100 valuation which is
effectively a 1.40% increase over the effective tax rate; 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 2012 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.
THE TAX RATE WILL EFFECTIVELY BE RAISED BY 2.39 PERCENT
AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS
ON A $100,000 HOME BY APPROXIMATELY $8.88.
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 2012 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, 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 2012 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
for, and including the interest, agent fees, and maturities of the following City of Corpus
Christi bonds:
029606
INDEXED
ANNUAL DEBT SERVICE DUE
FY 2012-2013
Principal
Interest & Fees
Total
2001 General Obligation
$1,015,000
$553,365
$1,568,365
2002 Certificates of Obligation
$1,435,000
$1,055,302
$2,490,302
2003 General Obligation
$725,000
$87,344
$812,344
2004 Certificates of Obligation
$305,000
$224,026
$529,026
2005 General Obligation
$5,780,000
$3,608,239
$9,388,239
2005 Certificates of Obligation
$300,000
$608,419
$908,419
2006 Certificates of Obligation
$410,000
$795,842
$1,205,842
2007 Certificates of Obligation
$108,940
$90,664
$199,604
2007 General Obligation
$170,000
$143,745
$313,745
2007A General Obligation
$1,300,000
$1,154,843
$2,454,843
2008 Tax Notes
$1,060,000
$115,280
$1,175,280
2008 Certificates of Obligation
$240,000
$568,266
$808,266
2009 General Obligation
$3,270,000
$3,552,738
$6,822,738
2009 Certificates of Obligation
$290,000
$317,371
$607,371
2010 General Obligation
$500,000
$486,258
$986,258
2010 Certificates of Obligation
$105,000
$112,904
$217,904
2012 General Obligation
$500,000
$2,184,542
$2,684,542
2012 Public Property
Contractual Obligation
$550,000
$163,927
$713,927
2012A General Obligation
$0
$211,188
$211,188
Total required for 2012 debt
service
$18,063,940
$16,034,263
$34,098,203
Less: Amount paid from
unencumbered fund balance
- $2,544 505
Less: Transfers for self-
supporting debt
-$7,219,406
Total to be paid from taxes in
2012
$24,334,292
In addition to the ad valorem tax levy for debt service totaling $24,830,910, 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 2012 hereby levied shall be due on receipt of
the tax bill and shall be delinquent if not paid before February 1, 2013, 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 ord' ance is passed and takes effect upon first reading as
an emergency measure this 9gay of August, 2012.
ATTEST: THE CITY OF CORPUS CHRISTI
ige-Y1'114626--
Armando Chapa
City Secretary
Joe Name
Mayor
Corpus C risti, Texas
Day of alt , 2012
TO THE MEMBERS OF E 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,
Joe Ad e
Mayor
Council Members
The above ordinance was passed by the following vote:
Joe Adame
Chris N. Adler
1l
Kelley Allen �.
Larry Elizondo, Sr. 0,106-edifj
Priscilla G. Leal 110
David Loeb -a*
John E. Marez
Nelda Martinez
Mark Scott
029606