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<br />r- ~ <br />0-' e:::;: <br />ð"' ~ 78 <br />- LU <br />~ 5~ <br />N w~ <br />~ Cl)1:i <br /> ORDINANCE 1998- 1 <br /> <br /> AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN <br /> MARCOS, TEXAS, AMENDING ORDINANCE 1996-64 TO CORRECT THE <br /> ALLOCATION OF THE TAX RATE FOR THE 1996 TAX YEAR BE1WEEN <br /> MAINTENANCE AND OPERATION AND DEBT SERVICE; AND <br /> DECLARING AN EMERGENCY. <br /> RECITALS: <br /> 1. Section 2 of the Ordinance 1996-64 contained an incorrect allocation of the <br /> 1996 tax rate between maintenance and operations and debt service. <br /> 2. The City Council wishes to amend Ordinance 1996-64 to correct these <br /> allocations. <br /> BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: <br /> SECTION 1. Section 2 of Ordinance 1996-64 is amended to read as follows: <br /> SECTION 2. This tax is levied for the tax year 1996 upon all real <br /> and personal property not exempt from taxation by the constitution and <br /> laws of this state situated within the corporate limits of the City, and shall <br /> be collected for the use and support of the municipal government of the <br /> City of San Marcos, Texas, to provide a sinking fund for the retirement of the <br /> bonded debt of the City and to provide for permanent improvements <br /> in the City; and this tax shall be apportioned to the following specific <br /> purposes: <br /> A. For the payment of current expenses and to be deposited <br /> in the general fund(for the purposes of maintenance and <br /> operation) sixteen and twenty-three hundredths cents (16.23í) <br /> on each one hundred dollars ($100) of the taxable value of <br /> such property, and, <br /> B. To provide for a sinking fund for the payment of the <br /> principal and interest and the retirement of the bonded debt, as <br /> the same shall become due twenty-seven and seventy-seven <br /> hundredths cents (27.77í) on each one hundred dollars <br /> ($100) of the taxable value of such property, or so much <br /> thereof, or so much more, if any, as shall be necessary to <br /> pay the principal and interest of the current year. <br /> SECTION 2. The importance of this Ordinance creates an emergency and an <br /> imperative public necessity, and the provisions of the Charter requiring that ordinances be <br /> presented at three separate meetings, and that ordinances do not take effect until ten (10) <br /> days after the date of final passage are suspended, and this Ordinance will take effect <br /> upon publication of notice of its adoption in a newspaper of general circulation in the City. <br /> PASSED, APPROVED AND ADOPTED this 12th day of January, 1998. <br /> {~~q. ~ <br /> Billy G. Moore <br /> Mayor <br /> Attest: 00 <br /> fÞOf1j A~ <br /> j nis K. Womack <br /> City Secretary <br />