HomeMy WebLinkAbout032857 ORD - 09/06/2022Ordinance setting a property tax rate of $0.620261 per $100 valuation
which is effectively a 7.2% increase over the no -new -revenue tax rate.
WHEREAS, this tax levy is in accordance with the Fiscal Year 2023 operating budget
adopted on September 6, 2022;
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 2022 as follows:
$0.399312 for the purpose of maintenance and operation
0.220949 for payment of principal and interest on debt
$0.620261 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 3.5% PERCENT AND
WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A
$100,000 HOME BY APPROXIMATELY $13.50.
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 2022 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.399312 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 2022 and for each succeeding tax year thereafter, until otherwise provided and
ordained, an annual ad valorem tax of $0.220949 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:
032857
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SCANNED
ANNUAL DEBT SERVICE DUE
FY 2022-2023
Principal
Interest &
Fees
Total
2010 CO's - Convention Center
$160,000
$58,001
$218,001
2012 Public Property Contractual Obligations
$670,000
$22,134
$692,134
2012A - General Improvement - Airport
$350,000
$5,688
$355,688
2013 General Obligation Bonds
$3,945,000
$98,625
$4,043,625
2014 Public Property Financial Obligations
$795,000
$71,553
$866,553
2015 GO Refunding 2007A & 2009
$6,455,000
$2,217,625
$8,672,625
2015 General Obligation - Bond 2014
$3,925,000
$3,015,525
$6,940,525
2015 Taxable CO's - Landfill
$440,000
$275,256
$715,256
2016 CO's - Facilities
$90,000
$54,463
$144,463
2016A GO's Refunding - Streets
$425,000
$104,000
$529,000
2016A GO's Refunding -TMPC
$755,000
$67,159
$822,159
2016A Tax & Limited Pledge CO's - Streets
$695,000
$490,025
$1,185,025
2017 Tax & Limited Pledge CO's - Landfill
$255,000
$36,951
$291,951
2018 General Improvement Bonds
$660,000
$770,250
$1,430,250
2018A Comb Tax & Ltd Pledge Revenue CO's
$580,000
$641,400
$1,221,400
2018B Comb Tax & Ltd Pledge Revenue CO's
$295,000
$273,360
$568,360
2019A General Obligation Bonds - Parks
$840,000
$134,325
$974,325
2019B Comb Tax & Surplus GO's -Airport
$390,000
$81,920
$471,920
2020A General Obligation Improvement
$2,725,000
$3,307,875
$6,032,875
2020B GO Refunding - Streets
$0
$1,214,750
$1,214,750
2020C General Obligation Refunding Bonds
Taxable
$0
$1,276,532
$1,276,532
2021A Comb Tax & Ltd Pledge Revenue CO's
$280,000
$310,150
$590,150
2021B Comb Tax & Ltd Pledge CO's - Landfill
$390,000
$167,611
$557,611
2021C Taxable GO's Refunding - Landfill/Mix
$7,370,000
$292,874
$7,662,874
2021D GO's Refunding -Airport/Mix
$2,675,000
$446,375
$3,121,375
2021E GO's Refunding - Airport
$235,000
$56,025
$291,025
2022A Tax Supported CO's - New Debt
$260,000
$539,628
$799,628
2022B Taxable CO's - Self-supporting - New
Debt
$260,000
$465,061
$725,061
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Principal
Interest &
Fees
Total
2022C Tax Supported GO's — New Debt
$5,975,000
$1,827,411
$7,802,411
2023 General Fund Lease Payments
$3,682,584
$230,955
$3,913,539
Total required for FY 2023 debt service
$45,577,584
$18,553,507
$64,131,091
Less: Amount to be paid from
unencumbered balance
($271,911)
Less: Self-supporting debt
($5,050,801)
Excess Collections last year
($4,083,200)
Total to be paid from taxes in FY 2023
$54,725,179
Amount added in anticipation that the City
will collect only 98.61% of its taxes in FY 2023
$771,402
Total Debt Levy
$55,496,581
In addition to the ad valorem tax levy for debt service totaling $55,496,581 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 2022 hereby levied shall be due on receipt of the
tax bill and shall be delinquent if not paid before February 1, 2023, 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
Cit :hall 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.
The foregoing ordinance w s read for the first time and passed to its second reading on
this the ,nL "` day of ,VS , 2022 by the following vote:
Paulette Guajardo
Billy Lerma
Mike Pusley
Roland Barrera
Gil Hernandez
Michael Hunter
John Martinez
Ben Molina
Greg Smith
No
No
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The foregoing ordinance was read for the second time and passed finally on this the
�;at.��1 day of\` , 2022 by the following vote:
Paulette Guajardo AIL Michael Hunter �O
Billy Lerma Ab`aerrk John Martinez
Mike Pusley Ben Molina
Roland Barrera Greg Smith
Gil Hernandez
PASSED AND APPROVED on this the &'r day of r 'e , 2022.
ATTEST:
ebecca Huerta Paulette Guajardo
City Secretary
Mayor
032 857 .4
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