HomeMy WebLinkAboutOrdinance - 2002-O0096 - Setting A Tax Rate And Levying A Tax Upon All Taxable Income - 08/29/2002First Reading
August 29, 2002
Item No. 83
Second Reading
September 26 , 2002
Item No. 33
ORDINANCE NO. 2002-o0096
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 2002; APPORTIONING SAID LEVY AMONG THE
V ARlO US FUNDS AND ITEMS FOR WHICH REVENUE MUST BE RAISED;
FIXING THE TIMES IN WHICH SAID TAXES SHALL BE PAID AND ASSESSING
PENALTY AND INTEREST FOR NONPAYMENT OF SUCH TAXES WITHIN THE
TIME PROVIDED.
WHEREAS, after all notices have been given and hearings held as provided by
law, the City Council has determined the tax rate necessary to produce 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 subject to
taxation within the City of Lubbock, Texas, for the year of 2002 the sum of $.57 per One
Hundred and No/lOOs Dollars ($100.00) valuation thereof and the same shall be applied
to the various funds in the following manner:
$.10796
$.43204
$.03000
per $100 valuation to the Interest and Sinking Funds, allocated
among the existing Interest and Sinking Funds as shown on the
attached schedule:
per $100 valuation to the General Fund; and
per $1 00 valuation to the Economic Development Fund.
SECTION 2. THAT all ad valorem taxes shall be paid before the first day of
February, 2003, and taxes not paid by that time shall be increased by such penalty and
interest as is provided by Chapter 26 of the Code of Ordinances of the City of Lubbock.
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 29th day of August
Passed by the City Council on second reading this 26th day of Sept --=---v---n
ATTEST:
APPROVED AS TO CONTENT:
1
Deputy City Manager
I ~PPROVED AS TO FQRM:
, . ............._ . .
DdordffaxRate0rd02-03
August 20, 2002