HomeMy WebLinkAboutResolution - 5709A - Reduction Of The Property Tax Rate - 11_20_1997RESOLUTION NO. A-5709
Item #14
November 20, 1997
RESOLUTION
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LUBBOCK,
COMMITTING THE CITY COUNCIL TO REDUCE THE PROPERTY TAX RATE BY
THREE CENTS IN THE EVENT OF PASSAGE OF A 3/8 OF A CENT SALES TAX FOR
THE PROMOTION AND DEVELOPMENT OF NEW AND EXPANDED BUSINESS
ENTERPRISES WITHIN THE CITY OF LUBBOCK.
WHEREAS, there has been presented to the City Council of the City of Lubbock a
petition to call an election to impose a 3/8 of a cent sales tax for the promotion and development
of new and expanded business enterprises within the City of Lubbock; and
WHEREAS, pursuant to said petition the City of Lubbock has called an election for
presentation of the question to the voters; and
WHEREAS, the City of Lubbock currently dedicates three cents of its property tax rate to
economic development; and
WHEREAS, in the event of the passage of the proposed tax, the funds will no longer be
required for economic development purposes; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT in the event of the passage of the proposed tax for promotion and development
of new and expanded business enterprises within the City of Lubbock, the City Council will act
to reduce the effective property tax rate of the City of Lubbock by three cents for the budget
year 1998-1999 and will not thereafter impose such a tax for economic development.
Passed by the City Council this 20th day of November _, 1997.
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ATTEST:
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KaytDarnell, City Secretary
da/ccdocs/proptax.res
November 12, 1997