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SECTION 2. The property tax rate approved by the City Council is levied for the tax year <br /> 2017 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—35.85 <br /> cents 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—25.54 cents on each$100 of <br /> the 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 2017-2018 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 5, 2017. <br /> PASSED,APPROVED AND ADOPTED on September 19, 2017. <br /> John Thomaides <br /> Mayor <br /> Attest: Approved: <br /> OPP <br /> X11/ fit. <br /> Jam - Lee Case Michae . osentino <br /> Clerk City A orney <br />