HomeMy WebLinkAbout031243 ORD - 09/12/2017 Ordinance setting a property tax rate of$0.606264 per $100 valuation
which is effectively a 3.11% 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 2017 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 4.69 PERCENT
AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS
ON A $100,000 HOME BY APPROXIMATELY $16.87.
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
2017 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
2017 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:
0312.43 Page 1of4
INDEXED
ANNUAL DEBT SERVICE DUE
FY 2017-2018
Principal Interest & Fees Total
2008 Certificates of Obligation $285,000 $5,700 $290,700
2009 General Obligation $3,915,000 $78,300 $3,993,300
2009 Certificates of Obligation $365,000 $28,125 $393,125
2010 General Obligation $600,000 $380,163 $980,163
2010 Certificates of Obligation $130,000 $89,626 $219,626
2010 Combination Tax&
Surplus Airport Certificates of $235,000 $241,400 $476,400
Obligation
2012 General Obligation $1,990,000 $1,710,544 $3,700,544
2012 Combination Tax&
Surplus Airport Certificates of $190,000 $205,600 $395,600
Obligation (AMT)
2012 Public Property $610,000 $91,574 $701,574
Contractual Obligation
2012A General Improvement $810,000 $129,519 $939,519
(Airport)AMT
2012B General Improvement $50,000 $312,481 $362,481
(Airport) Non-AMT
2012C General Obligation $3,005,000 $3,677,850 $6,682,850
2012D General Obligation $8,720,000 $2,324,168 $11,044,168
2013 General Obligation $3,180,000 $3,436,800 $6,616,800
2014 Public Property $695,000 $162,077 $857,077
Contractual Obligation
2014 Tax Notes $1,140,000 $63,756 $1,203,756
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Principal Interest& Fees Total
2015 General Obligation $3,200,000 $3,743,850 $6,943,850
2015 Certificates of Obligation $80,000 $62,863 $142,863
2015 Certificates of Obligation $390,000 $322,599 712,599
(Taxable)
2015 General Improvement
Refunding Bonds (2007A and $0 $2,977,900 $2,977,900
2009)
2016A Tax and Limited Pledge $600,000 $583,450 $1,183,450
Certificates of Obligation
2016 General Improvement $1,620,000 $572,700 $2,192,700
Refunding Bonds
2016A General Improvement $599,918 $138,303 $738,221
Refunding Bonds
Total required for FY 2018 $32.409.918 $21,339.348 $53,749,266
debt service
Less: Amount paid from
unencumbered fund balance ($6,915,400)
Less: Transfers for self-
supporting debt ($5,395,324)
Total to be paid from taxes in
$41,438.542
FY 2018
In addition to the ad valorem tax levy for debt service totaling $41,438,542, 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 2017 hereby levied shall be due on receipt of the tax
bill and shall be delinquent if not paid before February 1, 2018, 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.
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.
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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 12th day of September, 2017.
ATTEST: CITY OF CORPUS CHRISTI
Rebecca Huerta Joe Comb
City Secretary Mayr
12 n
day ofSQ414,Ary\.-- , 2017
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,
Joe i Comb
Ma
Council Members
The above ordinance was passed by the following vote:
Joe McComb Ben Molina
Rudy Garza I Lucy RubioALL
Paulette Guajardo C Greg Smith
Michael Hunter Carolyn Vaughn ,D
Debbie Lindsey-Opel
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