HomeMy WebLinkAboutOrdinance - 4805-1965 - Setting Tax Rate & Levying Tax Upon All Property Subject To Taxation - 09/21/1965ItFOS:bw
ORDINANCE NO. 4805 amended by
ORDINANCE NO. 6530
ORDINANCE NO* 4805
C)q ---;, I - I aCv IS
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 1965; APPORTIONING SAID LEVY AMONG THE VAR IOUS FUNDS AND ITEMS FOR WHICH REVENUE MUST BE RAISED; FIXING THE
TIME IN WHICH SAID TAXES BE PAID; AND ASSESSING PENALTY AND INTERES'
FOR NON-PAYMENT OF SUCH TAXES WITHIN THE TIME PROVIDED; AND DE-
C GLARING AN E MERGE NC Y.'
WHEREAS.' the necessity of setting the tax rate and levying a tax on all
property subject to taxation within the City for the year 1965 is urgently necessary
prior to October 1, 1965, the beginning of the fiscal year of the City of Lubbock
which effect the usual daily operation of the Municipal Departments and thereby
creates an emergency, NOW THEREFORE:
SECTION 1. THAT there shall be levied and assessed upon all, property
subject to taxation within the City of Lubbock, Texas, for the year 1965, the sum
of $1. 18 per one Hundred ($100. 00) Dollars valuation thereof, and the same shall
be applied to the various funds in the following manner:
$0. 48'per $100 valuation to the Interest and Sinkin, Fund
0. 65 Viper $100 valuation to -the General Fund
0. 05 per $100 valuation eR to the Board of City Development Fund
SECTION 2. THAT from and after the sum of $2, 367, 003. 00 has been
collected andlapplied to the interest and Sinking Fund of the City of Lubbock, the
Tax Assesso� and Collector shall and is hereby authorized and directed to apply
the residue of taxes collected which may be due and payable for the current tax
year of 1965 to the General Fund of the City of Lubbock.
SECTION 3. THAT all ad valorem taxes shall be paid before the first day
-of February, 1966, and taxes not paid by that time shall have added to said taxes
such penalty and interest as provided in Ordinance No. 1329. 1
SECTION 4. The fact that public necessity and convenience requires that
this Ordinance be passed: as an emergency measure for reasons set forth in the
preamble hereof, the rule requiring that no Ordinance shall be finally passed on
the day of its introduction be suspended, and this Ordinance is declared to be an
emergency measure to take effect from and after its passage.
AND IT IS SO ORDERED
Passed by the Council on this 21st day of September 1965•
MAX TIDMORE,, Mayor
,ATTEST:
Lavdhia Lowe, C" y Secretary -Treasurer
.APPROVED:
red 0 Senter, Jr., Cit ttorney
City of Lubbock, Texas
Estimated Ad Valorem Tax Revenue and
Proposed Distribution of Collections
October 1965 through September 1966
ax Estimate:
Estimated Total Assessed Valuation
Proposed Tax Rate per $100 Valuation
Estimated � Tax Levy
Estimated Percent of Collections (,Current Rolls)
Estimated Current Collections
Plus Estimated Delinquent Taxes
Estimated Funds Available from All Collections
$ 5o4,000000
1.18
5,947)200
. 94�
$ 5,590)368
200,000
$ 5.79oa-68
Proposed Distribution Ratio:
% of
Tax Rate
Total
ker $100
General 54.88
.65
Interest & Sinking Fund 40.88
;.48
Board of City Development 4.24
.05-
Total 102.00t
1.18
Proposed Distribution of Estimated Tax
Rolls:
Tax
Current
Delinquent
All
Collections
Collections
Collections
General Fund $3,263,823
$3,067,994
$10%760
$3,177,754
Interest & Sinking Fund 21431,215
2.,285.,343
81.,660
2,367.,003
Board of City Development 252,162
237.,031
8)�80
245,611
$5,947,200
$5.5go.368
',200.0001
$5.790.368
CITY OF LUBBOCK
History of Distribution of Tax Collections
September 21, 1965
1260.&1 19§1-62 1962-§3 1963-64 12§4=§5 120-0
Distribution Ratio: % % % % % %
General Fund 51.4312 51.2569 52.0098 57.7192 54.7708 54.88
Interest & Sinking Fund 45.2355 45.4098 44.6569 38.9475 41.8959 40.88
B.C.D. 3,3333 3,3333 3,3333 3,3333 3,3333 4.24
Total 100,0000 100,0000 100,0000 jOQ.0000 100,0900 199.QQ
General Fund:
Budget
Collections
Excess (Deficit)
Interest & Sinking Pun
Budget
Collections
Excess (Deficit)
B.C.D.
Budget
Collections
Excess (Deficit')
Combined Totals
Budget
Collections
Excess (Deficit)
* 11 months collections
I
$2,165,255 $2,269,817 $2,467,865 $3,006,044 $3,032,656
2,185,519. -2,359,736, -2,565,256 -3,03-8-4439 3 QQ7,5JA*
20,264 89,919, . . .... . 98,091 —32,395 ............. (25.,142)
1,904,413 2,013,484 2,118,970 2,028,406 2,319,777
1,915,036 2,083,5441-2.200,921 -2i065,875 2..29-8.763*
10,623 70,060, 82,021 37,469 (21,014)
140,332 147,699 158,165 173,600 184,567
141,394 -.....1155,228 164,378 176,010,
1,062 50522, 6,213 2,4101- (1,594)
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