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<br />MUNICIPAL SALES TAX
<br />
<br />The City has adopted the provisions of Article 1066C, Vernon1s Texas Civil Statutes,
<br />as amended, which grants the City the power to impose and levy a 1% Local Sales and Use
<br />Tax within the City, the proceeds being credited to the General Fund. Collections and
<br />enforcements are effected through the offices of the Comptroller of Public Accounts,
<br />State of Texas, who remits the proceeds of the tax, after deductin of a 2% service fee,
<br />to the City monthly. Revenue from this source has been:
<br />
<br />Fiscal
<br />Year % of Equivalent of
<br />Ending Total Ad Valorem Ad Valorem
<br />9/30 Collected Tax Levy Tax Rate
<br />1976 $ 423,956 33.41% $0.434
<br />1977 474,481 36.31% 0.472
<br />1978 545,467 39.90% 0.519
<br />1979 633,594 44.61% 0.580
<br />1980 804,033 54.46% 0.708
<br />1981 878,369 51.24% 0.728
<br />1982 1,123,309 56.54% 0.582
<br />1983 1,305,517 54.59% 0.355
<br />1984 1,535,273 57.00% 0.388
<br />1985 1,646,704 47.61% 0.332
<br />
<br />
<br />
<br />TOP TEN TAXPAYERS
<br />
<br />1984 % of 1984 Net
<br />Taxable Taxable
<br />Assessed Assessed
<br />Name of Taxpayer Nature of Property Valuation Valuation
<br />Kroger Company Grocery, Warehouse Terminal $9,904,400 2.18%
<br />Wide-Lite Corporation Illumination Manufacturer 9,237,855 2.03%
<br />Butler Manufacturing Company Metal Building Manufacturer 7,265,015 1.60%
<br />H. Y. Price Enterprises Telephone Utility 6,885,090 1.51%
<br />San Marcos Ltd. Apartments 5,810,110 1.28%
<br />Springtown Center Commerical Properties 5,526,895 1.22%
<br />John J. Stokes Construction Co.Commerical 5,013,940 1.10%
<br />Brown Schools Boarding & Special Schools 3,842,890 0.84%
<br />Quinn-L Corporation Apartments 3,644,730 0.80%
<br />Shalamar Apartments Apratments 3,600,900 0.79%
<br />
<br />$60,731,825 13.35%
<br />----------- ------
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<br />
<br />TAX ADEQUACY
<br />
<br />1985 Net Taxable Assessed Valuation at 100% $ 495,653,868
<br />Average Annual Debt Service Requirements, 1986-2004 $ 1,120,441
<br />
<br />A Tax Rate of $0.238 per $100 of 1985 Net Taxable Assessed Valuation,
<br />Assuming a 95% Collection $ 1,120,673
<br />
<br />Maximum Annual Debt Service Requirements $ 1,548,057
<br />
<br />A Tax Rate of$O.329per $100 of 1985 Assessed Valuation,
<br />Assuming a 95% Collection $ 1,549,166
<br />
<br />INTEREST AND SINKING FUND MANAGEMENT INDEX
<br />General Obligation Debt Service Requirements, Fiscal Year Ending 9-30-86 - - $713,196
<br />General Obligation, Interest and Sinking Fund, 9-30-85 --------$428,570
<br />1985 Interest and Sinking Fund Tax Levy @ 95% Collection -------565,045 993.615
<br />Estimated Surplus --------------------------------------------------------- $280,419
<br />
<br />AUTHORIZED BUT UNISSUED GENERAL OBLIGATION BONDS
<br />None
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