HomeMy WebLinkAboutOrdinance - 7921-1979 - Setting Tax Rate Upon All Property Subject To Taxation $1.12 Per A$100.00 - 09/13/1979~-
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JCR:hw ORDINANCE N0. __ 7_9_21 __ _
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 1979;
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 NON-PAYMENT OF SUCH TAXES WITHIN THE TIME PROVIDED.
WHEREAS, the City Council, after all notices have been given and hearings
held as provided by law, 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 1979,
the sum of $1.12 per One Hundred Dollars ($100.00) valuation thereof, and the
same shall be applied to the various funds in the following manner:
$.39 per $100 valuation to the Interest and Sinking Fund, allocated
among the existing Interest and Sinking Funds as shown on the
attached schedule;
$.68 per $100 valuation to the General Fund
$.05 per $100 valuation to the Board of City Development Fund
SECTION 2. THAT all ad valorem taxes shall be paid before the first
day of February, 1980, and taxes not paid by that time shall be increased by
such penalty and interest as provided by Chapter 30 of the Code of Ordinances
of the City of Lubbock.
AND IT IS SO ORDERED.
Passed by the City Council on first reading this 13th day of September, 1979.
Passed by the City Council on second reading this 27thday of September , 1979.
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ATTEST:
Attorney
APPROVED AS TO CONTENT:
of Finance
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CITY CF' LUBBOCK, TEXAS
GENERAL OBLIGATION BOND
DEBT SERVICE FOR WHICH TAX IS LEVIED
TAX RATE
PER $100
PURPOSE OF ISSUE SERIES DEBT SERVICE VALUATION
Storm Sewer 1951 $ 28,042.30 $.001800
Park 1951 14,566.20 .000935
Fire Station 1951 9,347.85 .000600
Street Lighting 1951 s,218.35 .000335
Storage & Garage Building 1951 8,309.20 .000533
Water, Sewer, & Electric* 1951 114,657.48 .007360
Street Improvements 1956 104,125.00 .006684
General Obligation 1960 210,262.50 .013497
General Obligation 1961 121,037.50 .007769
General Obligation 1962 102,600.00 .006586
Park 1962 16,200.00 .001040
General Obligation 1964 165,445.00 .010620
Park 1964 5,705.00 .000366
'General Obligation 1965 82,935.00 .005324
Park 1965 16,812.50 ' • 001079·
General Obligation 1966 187,425.00 ~012031 General Ob 1 i gat ion 1967 158,843.75 .010196
General Obligation 1968 262,485.00 .016849
General Obligation 1969 244,842.50 .015716
General Ob 1 igat ion 1970. 244,950.00 .015723 General Obligation ** 1971 420,375.00 .026984
General Obligation** 1972 749,800.00 .048130
General Obligation 1973 519,907.50 .033373 General Ob 1 igat Ion 1974 836,500.00 .053695
General Obligation 1975 127,556.25 .008188
General Ob 1 igat ion 1976 139,520.00 .008956
General Ob 1 I gat ion 1978 238,165.00 .015288
General Obl igatlon 1979 9392356.25 .060343
TOTAL $620742990.13 $.390000
* Adjusted to reflect transfer from Electric Revenue Fund for Debt Service.
** Adjusted to reflect Hotel-Motel Tax application.
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CITY DF" LUBBOCK, TEXAS
GENERAL OBLIGATION BONO
DEBT SERVICE FOR WHICH TAX IS LEVIED
TAX RATE
PER $100
PURPOSE OF ISSUE SERIES DEBT SERVICE VALUATION
Storm Sewer 1951 $ 28,042.30 $.001823
Park 1951 14,566.20 .000947 Fi re Stat I on 1951 9,347.85 .000608
Street Lighting 1951 5,218.35 .000339 Storage & Garage Building 1951 8,309.20 .000540 Water, Sewer & Electric* 1951 114,657.48 .007455 Street Improvements 1956 104,125.00 .006770
General Obligation 1960 210,262.50 .013671 General Obligation 1961 121,037.50 .007870 General Obligation 1962 102,600.00 .006671 Park 1962 16,200.00 .001053 General Ob 1 igat ion 1964 165,445.00 .010757 Park 1964 5,705.00 .000371 General Obligation 1965 82,935.00 .005392 Park 1965 16,812.50 .001093 General Obligation 1966 187,425.00 .012186 Genera 1 Obl igatlon 1967 158,843.75 .010328 General Obligation 1968 262,485.00 .017067 General Obligation 1969 244,842.50 .015920 General Obligation 1970 244,950.00 .015927 General Obligation ** 1971 420,375.00 .027333 General Obligation** 1972 672,555.00 .043730 General Ob 1 i gat ion 1973 519,907.50 .033804 General Obligation 1974 836,500.00 .054389 General Obligation 1975 127,556.25 .008294 General Obligation 1976 139,520.00 .009072 General Ob 1 i gation 1978 238,165.00 .015485 General Ob 1 igation 1979 939,356.25 .061105
TOTAL ~52997 z 745.13 $.390000
* Adjusted to reflect transfer from Electric Revenue Fund for Debt Service.
** Adjusted to reflect Hotel-Motel Tax application.