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~ 9".- l73 78 ORDINANCE 1988-66 AN ORDINANCE OF 'fHE CITY' COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, SETTING THE TAX RATE FOR SAID CITY' FOR THE 1988 TAX YEAR, LEVY'ING TAXES FOR THE USE AND SUPPORT OF THE MUNICIPAL GOVERNMENT OF SAID CITY FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 1988, AND ENDING SEPTEt,mER 30, 1989, PROVIDI NG A S INKI NG FUND FOR THE RETIREMENT OF THE BONDED DEBT OF SAID CITY', AND DECLARING AN EMERGENCY. WHEREAS, the Chief Appraiser of the Hays County Appraisal District has prepared and certified the appraisal roll for the Ci ty of San Marcos, Texas, sa id roll being that portion of the approved appraisal roll of the Hays County Appraisal District which 1 ists property taxable by the Ci ty of San Marcos, Texas; and, WHEREAS, on receipt of said appraisal roll, the Tax Assessor for the Ci ty of San Marcos, Texas, has per formed the statutory calculations required by Section 26.04 of the Texas Property Tax Code, and has publicized the effective tax rate, the rollback tax rate, an explanation of how they were calculated, and has ful fi lIed all other requi rements for publ ica tion as conta ined in Section 26.04 (e) of the Texas Property Tax Code, in a manner designed to corne to the attention of all residents of said City and has submitted said rates to the City Council of said City at the meeting of September 7,1988; and, WHEREAS, the Ci ty Counc i 1 has compl ied wi th all app¡ icable requirements of the Texas Property Tax Code prior to the setting of the tax rate for said City for 1988; now, therefore, BE IT ORDAINED BY THE CITY' COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. That the tax rate for the City of San Marcos, Texas, for the tax year 1988 be, and is hereby, set at fifty-eight and two-tenths cents ($.582) on each one hundred dollars ($lØ0) of the taxable val ue of real and personal property not exempt from taxation by the constitution and laws of this state situated within the corporate limits of said City. SECTION 2. That there is hereby levied for the tax year 1988 upon all real and personal property not exempt from taxation by the consti tution and laws of this state si tuated wi thin the corporate limits of said City, and there shall be collected for the use and support of the municipal government of said City of San Marcos, Texas to provide a sinking fund for the retirement of the bonded debt of said City and to provide for permanent improvemen ts in sa id Ci ty, sa id tax; and sa id tax, so lev ied and collected, shall be apportioned to the specific purposes hereinafter set forth; to-wit: A. For the payment of current expenses and to be deposited in the general fund (for the purposes of maintenance and operation) forty-four and thirty-four one-hundredths cents ($.4434) on each one hundred dollars ($lØ0) of the taxable value of such property; and, B. To prov ide for a sinking fund for the payment of the principal and interest and the retirement of the bonded debt, as the same shall become due thirteen and eighty-six one-hundredths cents ($.1386) on each one hundred dollars ($lØØ) 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. SECTION 3. That the Tax Assessor is hereby authorized to assess and collect the taxes of said City employing the above tax rate.