HomeMy WebLinkAboutOrdinance - 9224-1988 - Levying A Tax Upon All Property Subject To Taxation For The Year 1988 - 09/25/1988I!
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First Reading
August 25, 1988
Item #20
Second Reading
September 8, 1988
Item #8
ORDINANCE NO. 9224
AN ORDINANCE SETTING THE TAX RATE AND LEVYING A TAX UPON ALL PROPERTY
SUBJECT TO TAXATION WITHIN THE CITY OF LUBBOCK. TEXAS FOR THE YEAR 1988,
APPORTIONING SAID LEVY AMONG THE VARIOUS FUNDS AND ITEMS FOR WHICH REVENUE
MUST BE RAISED; FIXING THE TIME IN WHICH SAID TAXES BE PAID AND ASSESSING
PENALTY AND INTEREST FOR NONPAYMENT OF SUCH TAXES WITHIN THE TIME PROVIDED.
WHEREAS, the City Council, after all notices have been given and hear-
ings held as provided by law, has determined the tax rate necessary to pro-
duce the revenue necessary to operate the affairs of the City of Lubbock for
the next fiscal year; NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT there shall be levied and assessed upon all property
1 subject to taxation within the City of Lubbock, Texas, for the year of 1988,
II the sum of $. 64 per One Hundred Do 11 a rs ( $100.00) va 1 uati on thereof, and the
j1 same shall be applied to the various funds in the following manner:
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$.2729 per $100 valuation to the Interest and Sinking Fund, allocated
among the existing Interest and Sinking Funds as shown on the attached
schedule;
$.3171 per $100 valuation to the General Fund;
$.0500 per $100 valuation to the Board of City Development.
SECTION 2. THAT all ad valorem taxes shall be paid before the first
day of February, 1989 and taxes not paid by that time shall be increased by
such penalty and interest as provided by Chapter 26 of the Code of Ordi-
nances of the City of Lubbock.
AND IT IS SO ORDERED.
Passed by City Council on first reading this
1988.
25th
Passed by City Council on second reading this
1 1988.
!?th
day of August
day of Septerm~r
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B. C. McMinn, MAYOR ATTEST:
ti?a&cJ UILU~ Ranette Boyd, City Secretary
APPROVED AS TO CONTENT:
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CITY DF' LUBBOCK, TEXAS
FISCAL YEAR 1988-89 PROPOSED SCHEDULE OF ESTIMATED REVENUES
NET ASSESSED VALUATION:
Estimated Assessed Valuation
. Less: Exemptions
GENERAL PROPERTY TAXES
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. $4,712,298,095
(146,701,615)
I ESTIMATED PROPERTY TAX COLLECTIONS:
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-----------------------------------Net Assessed Valuation Proposed Tax Rate Per $100 Valuation
Estimated Tax Levy
Estimated Percent of Collection (97%)
TAX COLLECTIONS DISTRIBUTION SCHEDULE:
--------------------------------------
Genera 1 Fund Revenue -·. Interest and Sinking Fund Board·of City Development
Totals
DISTRIBUTION OF ESTIMATED TAX REVENUE:
--------------------------------------
Genera 1 Fund Revenue .. . ~ , . · Interest and Sinking Fund . . · · ·· ·
Board of City Development -Operations Board of City Development -Debt Service
Total Estimated Tax Revenue
,' .,..-.~-"':: .. _ .......... ··,.
TAX RATE DISTRIBUTION ------------------0.3171 0.2729 0.0500
0.6400
~=========c~======
· 100% COLLECTION
$14,478,671 12,458,348 • '1,369,679 913,119
$29,219,817 . -=-==:====-===========.
'; ,.
; _; .... 21
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$4,565,596,480
0.6400
$29,219,817
0.9700
$28, 343_, 223
-=============··===
PERCENT OF TOTAL TAX RATE
------------------49.5509
42.6366 . · .. 7.8125
.· 100.0000
=======zz=========
97% COLLECTION
$14,044,311 ·,: .· •·. 12,084,598
.· .. 1,328,589 . 885,726
--~---------------. . .' $28,343,223 .
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CITY OF LUBBOCK
DEBT SERVICE FOR RHICH TAX IS LEVIED
FISCAL YEAR 1q88-8q
1 q88-8q Calculated
Debt At q7% Pro-rated
Series Purpose of' Issue Principal Interest Service Collection of . 272q
---------------·-------------------------------------------------------------
H83 General Obligation q25,000 1,088,300 2,013,300 2,075,5b7 0.040245
1q85 Refunding Bonds 5,520,000 3,221,10b 8, 741, 1 Ob q,011,450 0. 174732
1q8b Certificates of Ob. 850,000 137,125 q87,125 1' 017, b55 o.o1q732
1q87 General Obligation 300,000 450,000 750,000 773,1qb 0.014qq2
1q88 General Obligation 325,000 b21,527 q4b,527 q75, 801 0.018q21
1q88 Certificates of Obi. 15,000 71,5bb 8b,5bb 8q,243 0.001730
--------------------------------------------------------
TOTAL GENE.RAL OBLIGATION BONDS 7,q35,000 5,58q,o23 13,524,b23 13, q42, q11 0.270352
Collection costs for Debt Service 127,450 131,3q2 0.002548
----------------------------------TOTAL DEBT SERVICE REQUIREMENTS 13,b52,073 14,074,303 o.272qoo
=========== -----------============ -----------
THE STATE OF TEXAS
COUNTY OF LUBBOCK
Before me France& Hernandez a Notary Public in and for Lubbock County. Texas on this day
personally appeared t.J. aaflll• Account Manal!er of the Southwestern Newspa-
pers Corporation. publishers of the Lubbock Avalanche-Journal -Morning, Evening and Sunday, who
being by me duly sworn did depose and say that said newspaper has been published continuously for more
than fifty-two weeks prior to the first insertion of this __ .L.,.t...,lf._.I._.I..._NlUUIIIo'-"t._.1..,C-.:I.._ ________ _
------....,---..,..---::....,--No.I26T22 at Lubbock County, Texas and the attached print-
ed copy of the Lel!ll not1ce is a true copy of the original and was printed in the Lubbock
Avalanche-Journal on the following dates:
LUBBOCK AVALANCHE-JOURNAL
Southwestern Newspapers Corporation
Subscribed and sworn to before me this ---2.1.-day of Seotember . 19 88
FORMill-10
QRDIIIANCIIII t:m T
AN ORDINANCE AMEND· !
' ~ ~~~~~e0:~~7t.'~~~ ~0,; .
OF THE CITY OF LUBBOCK
MAKING THE .FOLLOWING
CHANGES: ZONE CASE NO. 2620;
A ZONING CHANGE FROM M·2
TO M·2 SPECIFIC USE PERMIT
FRANCES HERNANDEZ
l<o•ar'l Pucilc, State of Te~as
My Comm••s•on E•p•res 7·6·91
------------------------------1 ~~~R b'iN~Ry~~0io~A~~~E~ f--.-----------;__ __ _
WRECKING YARDS ON A POR·
.TION OF LOT I, LOOP INDUS·
T.RIAL ADDITION, LUBBOCK,
TEXAS: SVIIJECT TO CONDI·
TIONS; fiROVIDING A PENAL•
TYr PROVIDING A SAVING$
I CLAUSE AND PROVIDING FOR
PUBLICATION.
ORDINANCE lJ 9223 ,
AN ORDINANCE ALTERING ·,1
THE PRIMA FACIE SPEED LIM· 'l
ITS Ott CERTAIN PORTIONS OF· 19TH STREET tS;H. 114) FROM lOLA AVENUE TO MILWAUKEE AVENUE, AS HEREINAFTER . MORE PARTICULARLY DE· ]
SC.!!IBED. IN THE BODY OF THIS I' ORDINANCE; DIRECTING PLACEMENT OF SIGNS WITH
RESPECT THERET01 REPEAL· •
lNG CONFLICTING ORDI· NANCES TO THE EXTENT OF SUCH CONFLICT; APPLICATION ~~ ~~~~ ~;DJ':f~c~'i.~~l ~~ •
NAMED HEREIN; PROVIDING THIS ORDINANCE SHALL BE CUMULATIVE; PROVIDING A PENALTY: PROVIDING A SAV· 'INGS CLAUSE: AND PROVID!ttG FOR PUBLICATION.
ORDINANCE • 9224
. AN ORDINANCE SETTING
THE TAX RATE AND LEVYING
A 'tAX UPON ALL PROPERTY
SUBJECT TO TAXATION WITHIN
THE CITY OF LUBBOCK, TEXAS
FOR THE. YEAR 1988, APPOR•
TION!NG SAID LEVY AMONG
THE VARIOUS FUNDS "'NO ITEMS FOR WHICH REVENUE
MUST BE RAISED: FIXING THE
TIME IN WHICI'I SAIDT ... XES BE
PAID AND ASSESSING PENAL·
TY AND INTEREST FOR NON·
PAYMENT OF SUCH TAXES WITMt.M THE TIME PROVIDED. 111-310 .