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SECTION 2. The property tax rate approved by the City Council is levied for the tax year <br /> 2016 upon all property not exempt from taxation situated within the corporate limits of the City. <br /> The tax rate consists of two components, each of which are approved by the City Council, and <br /> shall be apportioned as follows: <br /> a) For the payment of current expenses to be deposited in the general fund for the purposes <br /> of paying maintenance and operation expenditures of the City for the coming year-31.85¢ <br /> on each$100 of the taxable value of the property; and <br /> b) To provide for a sinking fund for the payment of the principal and interest and the <br /> retirement of the bonded debt of the City as it becomes due - 21.17¢ on each $100 of the <br /> taxable value of the property. <br /> SECTION 3. The Tax Assessor-Collector is authorized to assess and collect the property <br /> taxes owed to the City by employing the tax rate approved by the City Council. <br /> SECTION 4. The City Director of Finance shall keep accurate and complete records of <br /> all funds assessed,collected and provided to the City pursuant to this Ordinance and keep accurate <br /> and complete records of all expenditures. <br /> SECTION 5. Funds collected pursuant to this Ordinance shall be expended as set forth in <br /> the City of San Marcos 2016-2017 Budget. <br /> SECTION 6. All funds collected by the City which are not specifically appropriated shall <br /> be deposited in the General Fund. <br /> SECTION 7. This ordinance shall become effective upon approval on second reading. <br /> PASSED AND APPROVED ON FIRST READING on September 6, 2016. <br /> PASSED,APPROVED AND ADOPTED on September 20,2016. <br /> Daniel Guerrero <br /> Mayor <br /> Attest: Approv-d: <br /> * • <br /> trL- <br /> Jami .ee '- ijo Micha•: Cosentino <br /> City CI-rk City Attorney <br />