The URL can be used to link to this page

Home My WebLink About031258 ORD - 09/28/2017 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. WHEREAS, this tax levy is in accordance with the Fiscal Year 2018 operating budget adopted on September 26, 2017; 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: Page 1 of 4 031258 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 Page 2 of 4 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 FY 2018 $41.438.542 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. Page 3 of 4 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 28th day of September, 2017. ATTEST: CITY OF CORPUS CHRISTI 1RLICLe 4kAevr lam& V-4,19.101/ Rebecca Huerta Joe Comb City Secretary Mayo i day of & k20 17 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, •e McComb a •r Council Members The above ordinance was passed by the following vote: Joe McComb Ben Molina Rudy Garza Lucy Rubio Paulette Guajardo Greg Smith t Ig, Michael Hunter Carolyn Vaughn Debbie Lindsey-Opel Page4of4 2`-)