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88-T-17 Leving & Assessing Tax ORDINANCE NO. 'ttf--r:-/7 AN ORDINANCE LEVYING AND ASSESSING ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY OF SCHERTZ, TEXAS, FOR THE YEAR 1988; PROVIDING THE BASIS OF ASSESSMENT OF HHl% APPRAISED VALUE AND PROVIDING' FOR THE COLLECTION THEREOF AT THE RATE OF $ 0 .2576 ON THE ONE HUNDRED DOLLAR ($100. (0) ASSESSED VALUATION AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SCHERTZ, TEXAS: SECTION 1. THAT there is hereby levied and assessed against all taxable property, both real and personal, within the corporate limits of the City of Schertz, Texas, and there shall be collected by such City a tax of $0.2576 on the one-hundred ($100.00) assessed valuation for the year 1988. SECTION 2. THAT such tax is hereby levied and assessed in accordance with the applicable Statutes of the State of Texas, such levy and assessment is made for the following purposes, to wit: (A) For current expense and operation of the General Fund and its various departments $0.2153 (B) For requirements of the Tax Bond Interest and Sinking Fund to meet the outstanding tax supported indebtedness of the City for fiscal year 1988-1989 TOTAL TAX RATE $0.0423 $0.2576 The City Treasurer has certified to the availability of funds to pay principal and interest on the following indebtedness during the Fiscal Year 1988-1989. . ' DATE OF ISSUE 1962 City of Schertz, Sewer System Bonds Principal $ 9,000.00 Interest $ 2,663.64 Total $11,663.64 1972 City of Schertz, Street Improvement Bonds Principal $10,000.00 Interest $ 2,387.00 Total $12,387.00 1975 City of Schertz, Park Improvement, Street & Drainage Bonds Principal $ 5,000.00 Interest $12,750.00 Total $17,750.00 1981 City of Schertz, Combination Tax and Jr. Lien Certificate of Obligation Principal $ 5,000.00 Interest $11,575.00 Total $16,575.00 1987 City of Schertz, General Obligation Bonds Principal $15,000.00 Interest $31,905.00 Total $46,905.00 SECTION 3. THAT the Tax Assessor and Collector for the City of Schertz, Texas, is hereby directed to assess and collect taxes of the City of Schertz, Texas, on the basis of one hundred percent (100%) of appraised values for the year 1988, such basis of assessment being required to meet the proposed expenditures of the General Fund for the Fiscal Year 1988-1989 and collection of taxes thereof at the rate of $0.2576 assessed valuation as herein provided. SECTION 4. THAT the public importance of this measure constitutes and creates an urgent public necessity requiring that this ordinance be passed and take effect as an emergency measure, and shall take effect and be in force immediately upon and after its passage. PASSED, APPROVED AND ADOPTED this the 1988. ATTEST: ~~0:J - City Secretary, City of s&hertz~ (SEAL OF CITY)