Ord 2013-055/Setting the tax rate for the 2013 tax year

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ORDINANCE NO. 2013 -55 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, SETTING THE TAX RATE FOR THE 2013 TAX YEAR AT 53.02¢ ON EACH $100 OF TAXABLE VALUE OF REAL AND PERSONAL PROPERTY THAT IS NOT EXEMPT FROM TAXATION; LEVYING TAXES FOR THE USE AND SUPPORT OF THE MUNICIPAL GOVERNMENT OF THE CITY FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2013, AND ENDING SEPTEMBER 301 2014; PROVIDING A SINKING FUND FOR THE RETIREMENT OF THE BONDED DEBT OF THE CITY; INCLUDING PROCEDURAL PROVISIONS; AND PROVIDING AN EFFECTIVE DATE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. The tax rate for the City of San Marcos, Texas, for the tax year 2013 is set at fifty -three and two hundredths cents (53.02¢) on each one hundred dollars ($100) of the taxable value of real and personal property not exempt from taxation by the constitution and laws of this state situated within the corporate limits of the City. THIS TAX RATE WILL RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS THAN LAST YEAR'S TAX RATE. THE TAX RATE WILL BE EFFECTIVELY RAISED BY 3.2 PERCENT AND WILL RAISE TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000 HOME BY APPROXIMATELY $16.40. SECTION 2. The tax rate in Section 1 above is levied for the tax year 2013 upon all real and personal property not exempt from taxation by the constitution and laws of this State situated within the corporate limits of the City, and shall be collected for the use and support of the municipal government of the City of San Marcos, Texas, to provide a sinking fund for the retirement of the bonded debt of the City, and to provide for permanent improvements in the City; and this tax shall be apportioned to the following specific purposes: A. For the payment of current expenses and to be deposited in the general fund (for the purposes of maintenance and operation) twenty -six and forty -two hundredths cents (26.42¢) on each one hundred dollars ($100) of the taxable value of such property; and B. To provide for a sinking fund for the payment of the principal and interest and the retirement of the bonded debt as it becomes due, twenty -six and sixty hundredths cents (26.60¢) on each one hundred dollars ($100) of the taxable value of such property, or so much thereof, or so much more, if any, as shall be necessary to pay the principal and interest of the current year.