Ord 2022-076/setting the Tax Rate for the 2022 Tax Year at 60.30 cents on each $100 of taxable value of real property that is not exempt from taxation

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SECTION 2. The property tax rate approved by the City Council is levied for the tax year 2022 upon all property not exempt from taxation situated within the corporate limits of the City. The tax rate consists of two components, each of which are approved by the City Council, and shall be apportioned as follows: a) For the payment of current expenses to be deposited in the general fund for the purposes of paying maintenance and operation expenditures of the City for the coming year 42.560 on each $100 of the taxable value of the property; and b) To provide for a sinking fund for the payment of the principal and interest and the retirement of the bonded debt of the City as it becomes due 17.740 on each $100 of the taxable value of the property. SECTION 3. The Tax Assessor-Collector is authorized to assess and collect the property taxes owed to the City by employing the tax rate approved by the City Council. SECTION 4. The City Director of Finance shall keep accurate and complete records of all funds assessed,collected and provided to the City pursuant to this Ordinance and keep accurate and complete records of all expenditures. SECTION 5. Funds collected pursuant to this Ordinance shall be expended as set forth in the City of San Marcos 2022-2023 Budget. SECTION 6. All funds collected by the City which are not specifically appropriated shall be deposited in the General Fund. SECTION 7. This ordinance shall become effective upon approval on second reading. PASSED AND APPROVED ON FIRST READING on September 6, 2022. PASSED,APPROVED AND ADOPTED on September 20, 2022. It )Jane Hughsortl Mayor Attest: Approved: I icha , .-Cosentino City Clerk City torney