HomeMy WebLinkAbout032541 ORD - 09/07/2021Ordinance setting a property tax rate of $0.646264 per $100 valuation
which is effectively a 4.84% increase over the no -new -revenue tax rate.
WHEREAS, this tax levy is in accordance with the Fiscal Year 2022 operating budget
adopted on September 7, 2021;
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 2021 as follows:
$0.426806 for the purpose of maintenance and operation
0.219458 for payment of principal and interest on debt
$0.646264 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 4.05%
PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND
OPERATIONS ON A $100,000 HOME BY APPROXIMATELY
$16.60.
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
2021 and for each succeeding tax year thereafter, until otherwise provided and ordained,
an annual ad valorem tax of $0.426806 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 of the City of Corpus Christi. Said tax shall be assessed upon 100 percent of
the market value of property subject thereto. Four cents shall be dedicated for residential
street reconstruction in accordance with Article VIII, Section 1(c) of the City Charter and
shall be transferred from the General Fund to a dedicated fund on a monthly basis. If the
tax rate is reduced by the results of an election to repeal the tax increase to the rollback tax
rate, then the reduction shall first reduce the aforementioned residential street
reconstruction portion of the tax rate and dedicated fund.
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
2021 and for each succeeding tax year thereafter, until otherwise provided and ordained,
an annual ad valorem tax of $0.219458 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 in-
cluding the interest, agent fees, and maturities of the following City of Corpus Christi bonds:
032541
Page 1 of 4
SCANNED
ANNUAL DEBT SERVICE DUE
FY 2021-2022
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Principal
Interest & Fees
Total
2010 CO's - Convention Center
$155,000
$65,089
$220,089
2012 Public Property Contractual
Obligations
$660,000
$36,565
$696,565
2012 Combination Tax & Surplus
Airport CO's (AMT)
$225,000
$72,988
$297,988
2012A General Improvement
(Airport) AMT
$915,000
$25,672
$940,672
2012B General Improvement
(Airport) Non -AMT
$55,000
$307,594
$362,594
2012C General Obligation
$2,145,000
$166,125
$2,311,125
2012D General Obligation
$6,470,000
$813,197
$7,283,197
2013 General Obligation
$3,755,000
$943,625
$4,698,625
2014 Public Property Financial
Obligation
$775,000
$90,707
$865,707
2015 GO Refunding 2007A & 2009
$6,150,000
$2,532,750
$8,682,750
2015 GO's (Funding Bond 2014)
$3,735,000
$3,207,025
$6,942,025
2015 Taxable CO's - Landfill
$430,000
$287,633
$717,633
2016 CO's (Facilities)
$90,000
$56,263
$146,263
2016A GO's Refunding - Streets
$420,000
$114,550
$534,550
2016A GO's Refunding - TMPC
$745,000
$80,718
$825,718
2016 Tax & Limited Pledge CO's -
Streets
$670,000
$510,500
$1,180,500
2017 Tax & Limited Pledge CO's -
Landfill
$245,000
$44,539
$289,539
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In addition to the ad valorem tax levy for debt service totaling $47,775,157 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 2021 hereby levied shall be due on receipt of the tax
bill and shall be delinquent if not paid before February 1, 2022, 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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Principal
Interest & Fees
Total
2018 General Obligation
$620,000
$802,250
$1,422,250
2018A Combination Tax & Limited
Pledge CO's
$550,000
$669,650
$1,219,650
2018B Combination Tax & Limited
Pledge CO's - Taxable
$285,000
$282,786
$567,786
2019A General Obligation - Parks
$820,000
$150,842
$970,842
2019B Combination Tax & Surplus
Airport CO's
$385,000
$91,840
$476,840
2020A General Obligation
$2,590,000
$3,440,750
$6,030,750
2020B GO Refunding - Streets
$2,300,000
$1,272,250
$3,572,250
2020C General Obligation
Refunding Bonds, Taxable
$700,000
$1,278,933
$1,978,933
2021A Comb Tax & Limited Pledge
Revenue CO's
$330,000
$405,400
$735,400
2021B Comb Tax & Limited Pledge
Revenue CO's - Landfill
$180,000
$219,550
$399,550
Total required for FY 2021 debt
service
$36,400,000
$17.969,791
$54,369,791
Less: Transfers for self-
supporting debt
($5,232,178)
Less: Amount to be paid from
unencumbered fund balance
($1,362,456)
Total to be paid from taxes in FY
2021
$47,775,157
In addition to the ad valorem tax levy for debt service totaling $47,775,157 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 2021 hereby levied shall be due on receipt of the tax
bill and shall be delinquent if not paid before February 1, 2022, 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.
The forecg,Qing ordinance was read for the first time and passed to its second reading on
this the ,1S day ofN1 1/4AS t , 2021, by the following vote:
A -k Paulette M. Guajardo John Martinez
Roland Barrera
Gil Hernandez
Michael Hunter
Billy Lerma
Ben Molina
Mike Pusley
Greg Smith
The foregoing ordinance was read for the second time and passed finally on this the
1 t \ day of _,rv\/ � 2021, by the following vote:
Paulette M Guajardo AL)L John Martinez A -CI
Roland Barrera A\ -)X Ben Molina f 1yA_
Gil Hernandez N 0Mike Pusley //4Q
Michael Hunter N 0 Greg Smith
Billy Lerma v
PASSED AND APPROVED on this the '1 1'day of
ATTEST:
?,X1t6eA VP.Afrren-
Rebecca Huerta
City Secretary
W N\\,) , 2021.
TY ! CORPHS CHRISTI
Jo
aulette M. Guajardo
Mayor
X32
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