HomeMy WebLinkAboutResolution - 3763 - Express Intent Relative To Sales Tax Election - 11_21_1991Resolution #3763
November 21, 1991
Item #12
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RESOLUTION
WHEREAS, the City Council of the City of Lubbock has called an
election for January 18, 1992, wherein the voters of this city will have
an opportunity to approve an increase in the local sales tax of 1/2 cent
per dollar; and
WHEREAS, 3/8 cent of said tax, if approved, will be used for
economic development as provided by Article 5190.6, Section 4A, V.A.T.S.,
and 1/8 cent will be allocated to reduce the ad valorem property tax rate
within the city; and
WHEREAS, the City Council deems it appropriate to set forth this
intention as to such property tax reduction; NOW THEREFORE:
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT the City Council is committed, in the event of voter approval
of the sales tax increase at the January 18, 1992 election, to reduce the
ad valorem tax rate within the city by an equivalent amount of revenue
generated by the 1/8 cent increase in the city sales tax and to further
reduce the ad valorem tax rate by an additional three (3) cents, which
three (3) cents is currently being used to fund city economic development
programs, which total tax reduction in the city ad valorem tax rate shall
equal seven (7) cents per $100 valuation.
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
THAT it is the intent of the City Council to maintain the above tax
rate reduction for the fiscal years 1992-93, 1993-94 and 1994-95, unless
one of the conditions listed below occurs.
1. The citizens vote for the issuance of debt that requires an
increase in tax revenues;
2. The city suffers a natural disaster or unforeseen emergency
requiring an increase in city tax revenues; or
3. An increase in the tax revenue is required to protect the
city credit rating.
PASSED AND APPROVED this day of 4 1991.
ATTEST:
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APPROVED AS TO CONTENT:
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BobCass, Deputy City Manager
APPROVED AS TO FORM:
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B. C. Mc I N, MAYOR
Uol is u. Vandiver, trhst ASSlstan
City Attorney
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