HomeMy WebLinkAbout030952 ORD - 09/13/2016 Ordinance setting a property tax rate of$0.606264 per $100 valuation
which is effectively a 4.01% 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 2016 as follows:
$0.376806 for the purpose of maintenance and operation
0.229458 for payment of principal and interest on debt
$0.606264 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 .88 PERCENT
AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS
ON A $100,000 HOME BY APPROXIMATELY $6.95.
SECTION 2. 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
2016 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 on all property,
real, personal, and mixed, located within the 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 improvements of the City of Corpus Christi.
Said tax shall be assessed upon 100 percent of the market value of property subject
thereto.
SECTION 3. 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
2016 and for each succeeding tax year thereafter, until otherwise provided and ordained,
an annual ad valorem tax of$0.229458 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:
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+ 3095^
INDEXED
ANNUAL DEBT SERVICE DUE
FY 2016-2017
Principal Interest & Fees Total
2007 Certificates of Obligation $0 $43,969 $43,969
2007 General Obligation $0 $96,875 $96,875
2007A General Obligation $1,520,000 $30,400 $1,550,400
2008 Certificates of Obligation $275,000 $16,900 $291,900
2009 General Obligation $3,760,000 $231,800 $3,991,800
2009 Certificates of Obligation $345,000 $45,875 $390,875
2010 General Obligation $580,000 $398,613 $978,613
2010 Certificates of Obligation $125,000 $94,101 $219,101
2010 Combination Tax&
Surplus Airport Certificates of $225,000 $252,900 $477,900
Obligation
2012 General Obligation $1,915,000 $1,788,644 $3,703,644
2012 Combination Tax &
Surplus Airport Certificates of $180,000 $214,850 $394,850
Obligation (AMT)
2012 Public Property $595,000 $104,648 $699,648
Contractual Obligation
2012A General Improvement $795,000 $149,619 $944,619
(Airport)AMT
2012B General Improvement $50,000 $313,481 $363,481
(Airport) Non-AMT
2012C General Obligation $2,890,000 $795,750 $3,685,750
2012D General Obligation $8,625,000 $2,443,597 $11,068,597
2013 General Obligation $3,055,000 $3,561,500 $6,616,500
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Principal Interest& Fees Total
2014 Public Property $685,000 $178,913 $863,913
Contractual Obligation
2014 Tax Notes $1,120,000 $81,158 $1,201,158
2015 Tax Notes $595,000 $164,448 $759,448
2015 General Obligation $3,075,000 $3,869,350 $6,944,350
2015 Certificates of Obligation $80,000 $64,463 $144,463
2015 Certificates of Obligation $385,000 $327,643 712,643
(Taxable)
2015 General Improvement $0 $741,724 $741,724
Refunding Bonds (2007A)
2015 General Improvement $0 $2,236,176 $2,236,176
Refunding Bonds (2009)
2016A Tax and Limited Pledge $585,000 $595,300 $1,180,300
Certificates of Obligation
2016A General Improvement $45,000 $597,450 $642,450
Refunding Bonds
Total required for 2016 debt $31,505,000 $19,440,147 $50,945,147
service
Less: Amount paid from
($5,816,429)
unencumbered fund balance
Less: Transfers for self- ($5,873,006)
supporting debt
Total to be paid from taxes in $39,255,712
FY 2017
In addition to the ad valorem tax levy for debt service totaling $39,255,712, 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. All taxes for the tax year 2016 hereby levied shall be due on receipt of the tax
bill and shall be delinquent if not paid before February 1, 2017, 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 the 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.
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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 of this
ordinance be given full force and effect for its purpose.
SECTION 6. Upon the 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 13th day of September, 2016.
ATTEST: CITY OF CORPUS CHRISTI
Rebecca Huerta Ne a artine
City Secretary Mayor
1 -3-4 day of6KJ, 2016
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
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The above ordinance waspassed by the following vote:
Nelda Martinez at Brian Rosas
Rudy Garza Lucy Rubio LIZ
�r 0 1l
Michael Hunter I v V Mark Scott
Chad Magill
1 1 Carolyn Vaughn I\ L ,
Colleen McIntyre
,�Ol,.^ )� Page 5 of 5
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