Laserfiche WebLink
SECTION 2. The property tax rate approved by the City Council is levied for the tax year <br />2020 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 - 41.94¢ <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 - 17.36¢ 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 2020-2021 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 1, 2020. <br />PASSED, APPROVED AND ADOPTED on September 15, 2020. <br />Attj'am1my <br />K. Qq <br />City Clerk <br />1je Hughson <br />Mayor <br />Approved: <br />eichha:Cosentino <br />trney <br />