HomeMy WebLinkAbout030287 ORD - 09/16/2014 Ordinance
Setting a property tax rate of $0.585264 per $100 valuation which is
effectively a 7.71% 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 2014 as follows:
$0.376806 for the purpose of maintenance and operation
0.208458 for payment of principal and interest on debt
$0.585264 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 7.88 PERCENT
AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS
ON A $100,000 HOME BY APPROXIMATELY $27.53.
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 2014 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.376806 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 2014 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of$0.208458 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:
030287 INDEXED
ANNUAL DEBT SERVICE DUE
FY 2014-2015
Principal Interest& Fees Total
2005 General Obligation $6,515,000 $168,683 $6,683,683
2005 Certificates of Obligation $335,000 $13,699 $348,699
2006 Certificates of Obligation $445,000 $29,616 $474,616
2007 Certificates of Obligation $122,773 $78,969 $201,742
2007 General Obligation $195,000 $125,249 $320,249
2007A General Obligation $1,405,000 $1,020,216 $2,425,216
2008 Tax Notes $1,125,000 $19,800 $1,144,800
2008 Certificates of Obligation $255,000 $37,027 $292,027
2009 General Obligation $3,470,000 $3,265,907 $6,735,907
2009 Certificates of Obligation $315,000 $287,175 $602,175
2010 General Obligation $545,000 $434,236 $979,236
2010 Certificates of Obligation $115,000 $101,979 $216,979
2012 General Obligation $500,000 $1,847,390 $2,347,390
2012 Public Property $575,000 $130,037 $705,037
Contractual Obligation
2012C General Obligation $3,455,000 $912,205 $4,367,205
2012D General Obligation $2,185,000 $2,574,641 $4,759,641
2013 General Obligation $1,500,000 $3,735,538 $5,235,538
Principal Interest& Fees Total
2014 Public Property $655,000 $211,609 $866,609
Contractual Obligation
2014 Tax Notes $1,075,000 $114,923 $1,189,923
Total required for 2015 debt $24,787,773 $15,108,899 $39,896,672
service
Less: Amount paid from
unencumbered fund balance ($3,820,848)
Less: Transfers for self-
supporting debt ($6,638,116)
Total to be paid from taxes in
2015 $29,437,708
In addition to the ad valorem tax levy for debt service totaling$29,437,708, 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 2014 hereby levied shall be due on receipt of
the tax bill and shall be delinquent if not paid before February 1, 2015, 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 rdinance is passed and takes effect upon first reading as
an emergency measure this (0 ay of September, 2014.
ATTEST: THE CITY OF COR CHRISTI
jxszr, Ltxt,,
ebecca Huerta el a Martinez
City Secretary Mayor
Corpus Chrigti, Texas
U Day of ,f4,41\--UAC , 2014
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: 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,
Nelda Martinez
Mayor
Council Members
The above ordinance was passed by the followivote:
Y
Kelle Allen (
Rudy Garza Jr.
Priscilla G. Leal t i/iAJ
David Loeb
Chad Magill t. ,!
Nelda Martinez A
Colleen McIntyre �.
Lillian Riojas A../.
I
Mark Scott a
030287