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<br /> T.'"X R/\TE LI!1ITATION
<br /> All taxable orooerty within the City is subject to the assessment, levy and collection by the
<br /> ity of a continuing, direct annual ad valorem tax sufficient to provide for the payment of
<br /> orincioal of and interest on the Bonds within the limits prescribed by law. Article XI, Sec-
<br /> tion 5, of the Texas Constitution is applicable to the City, and limits the maximum ad valorem
<br /> tax (ate to 52.50 oer 5100 Assessed Valuation for all City purposes. The Charter of the City
<br /> a 1 so imits its tax rate to 52.50 per 5100 f\ssessed Valuation ... for all City purposes,
<br /> Under rules promulgated by the Office of the Attorney General of Texas, such Office will not
<br /> approve tax bonds of the City unless the City can demonstrate its ability to pay debt service
<br /> requirements on all outstanding City tax bonds, including the issue to be approved, from a
<br /> tax levy of Sl.50 oer SlOO of valuation, based on 90% collection of the tax.
<br /> TAX D,I\TA
<br /> (Year Ending 9-30)
<br /> Di stri bution
<br /> Tax Tax General Interest and Current Total
<br /> Year Rate Fund Sinking Fund Tax Levy Coll ections Collections
<br /> 1975176 $1,30 51,12 $0.18 $1,268,859 88.27% 99.35%
<br /> 1976/77 1. 30 1. 12 0.18 1,306,582 88.33% 102.20%
<br /> 1977 178 1. 30 1. 12 0,18 1,366,968 90.21 102.69;£
<br /> 1978179 1. 30 1.18 0,12 1 , 41 8 , 969 89.30% 97, 68;b
<br /> 1979/80 1. 30 1. 18 0.12 1,476,444 90.10% 99.22%
<br /> 1980/81 1. 42 1.25 0.17 1,714,311 90.14;b 99. 92;b
<br /> 1981/82 1. 03 0.89 0.14 1,986,801 89. 23;~ 101,08%
<br /> 1 982/83 0.65 0,59 0.06 2,293,649 93.08;; 102.32;;
<br /> 1983/84 0.68 0.62 0.06 2,579,170 (In process of Collections)
<br /> Current collections are calculated up to the delinquent date only.
<br /> Property within the City is assessed as of January 1 of each year; taxes become due October
<br /> 1 of the same year, and become delinquent on February 1 of the following year. Split payments
<br /> are not permitted. Discounts are not allowed.
<br /> Charges for penalty and interest are made as follows:
<br /> ~1onth Penalty Interest Total
<br /> February 6;; 1% 77;
<br /> March n 25; 95~
<br /> Apri 1 8% 3;; 11
<br /> t1ay 9% 4;~ 13%
<br /> June 10% 5;£ 1 5;~
<br /> July 12% 6% 18%
<br /> MUNICIPAL SALES TAX
<br /> -he City has adopted the provisions of Article 1066c, Vernon's Texas Civil Statutes, as
<br /> amended, whi ch grants the Ci ty the power to impose and 1 evy a 1 Local Sales and Use Tax
<br /> within the City, the proceeds being credited to the General Fund. Collections and enforce-
<br /> ments are effected through the offices of the Comptroller of Public Accounts, State of
<br /> Texas, who remits the proceeds of the tax, after deduction of a 2'. service fee, to the
<br /> City monthly, Revenue from this source has been:
<br /> Fi sca 1
<br /> Year of Equivalent of
<br /> Endinq Total Ad Valorem Ad Valorem
<br /> 9-30 Collected Tax Levy Tax Rate
<br /> 1976 ' 423,956 33.41 $0.434
<br /> 1977 ':74,481 36.31 0.472
<br /> 1978 E;45.467 39.9œ 0.519
<br /> 1979 633,534 44.65;£ 0.580
<br /> 1980 804,033 54.46% 0.708
<br /> 1981 ì378,369 51.24% 0.728
<br /> 1982 1 ,123,309 56. 54;b 0.582
<br /> 1983 1,305,517 56, 92'~ 0.365
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