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5 ORDINANCE 1992- 62 AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS, SETTING THE TAX RATE FOR THE 1992 TAX YEAR¡ LEVYING TAXES FOR THE USE AND SUPPORT OF THE MUNICIPAL GOVERNMENT OF THE CITY FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 1992, AND ENDING SEPTEMBER 3Ø, 1993, PROVIDING A SINKING FUND FOR THE RETIREMENT OF THE BONDED DEBT OF THE CITY, AND DECLARING AN EMERGENCY. WHEREAS, the Chief Appraiser of the Hays County Appraisal District has prepared and certified the appraisal roll for the Ci ty of San Marcos, Texas, being that portion of the approved appraisal roll of the Hays County Appraisal District which lists property taxable by the City of San Marcos, Texas¡ and, \iHEREAS, on receipt of this appraisal roll, the Finance Director for the City of San Marcos, Texas, has performed the statutory calculations required by Section 26.Ø4 of the Texas Tax Code, and has publicized the effective tax rate, the rollback tax rate, an explanation of how they were calculated, and has fulfilled all other requirements for publication as contained in Section 26.Ø4(e) of the Tax Code, in a manner designed to come to the attention of all residents of the City and has submitted these rates to the City Council at the meeting of Julv 13. 1992 ¡ and, \vHEREAS, the City Council has complied with all applicable requirements of the Texas Tax Code prior to the setting of the tax rate for the City for 1992¡ now, therefore, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SAN MARCOS, TEXAS: SECTION 1. That the tax rate for the City of San Marcos, Texas, for the tax year 1992 is hereby set at fifty-nine and sevent$'-two one hundredths cents (59.72 Ç:) on each one hundred dollars ( lØØ) of the taxable value of real and personal property not exempt from taxation by the constitution and laws of this state situated within the corporate limits of the City. SECTION 2. Tha t there is hereby levied for the tax year 1992 upon all real and personal property not exempt fxom taxation by the constitution and laws of this state situated within the corporate limits of the Ci ty, and there shall be collected for the use and support of the municipal government of the Ci ty of San Marcos, Texas to provide a sinking fund for the retirement of the bonded debt of the City and to provide for permanent improvements in the City, this taxi and this tax, so levied and collected, shall be apportioned to the specific purposes hereinafter set forth¡ to-wit: A. For the payment of current expenses and to be deposited in the general fund (for the purposes of maintenance and operation) twent -ei ht and ninet -four one hundredths cents ( 2894 Ç:) on each one hundred dollars $lØØ of the taxable value of such property¡ and, B. To provide for a sinking fund for the payment of the principal and interest and the retirement of the bonded debt, as the same shall become due thirty and seventy-eight one hundredths cents ( 30.78 Ç:) on each one hundred dollars ($lØØ) of the taxable value of such property, or so much thereof, or so much more, if any, as shall be necessary to pay the principal and interest of the current year. SECTION 3. That the Tax Assessor is hereby authorized to assess and collect the taxes of the City employing the above tax rate.