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HomeMy WebLinkAbout3449 Ordinance i J� ORDINANCE NO. 3449 AN ORDINANCE preserving property tax levy capacity in the City of Pasco, Washington, for fiscal years after 2001 in accordance with state law. WHEREAS, to provide the property tax revenues required by the operating budget of the City for fiscal year 2001, City Council of the City of Pasco levied property taxes on all taxable property in the City for collection in fiscal year 2001 in the total amount of $3,140,485, which dollar amount is the sum of (a) $2,998,768, which is the amount of property taxes levied by the City in fiscal year 2000 multiplied by a factor of 2.61%, the Implicit Price Deflator (IPD) percentage calculation allowed by current law without a supermajority vote of the Council, plus (b) $141,717, which is the amount of additional taxes at the 2000 levy rate of 3.071 cents per $1,000 of assessed value resulting from the addition of new construction and improvements to property in the City, property annexed into the City during fiscal year 2000, and any increase in value of state-assessed property in the City; and WHEREAS, the City Council of the City desires to preserve in accordance with state law (including but not limited to Chapter 84.55 RCW) the capacity of the City to levy property taxes in future fiscal years after 2001 calculated as if the City in fiscal year 2001 had levied the full amount allowed by state law upon a finding of substantial need therefor; and WHEREAS, upon a finding of substantial need and based upon limit factors of 106% of previous year as provided by RCW 84.55.0101 and $3.60 per $1,000 of assessed value by RCW 84.52.043 and 41.16.060, the City would be permitted to levy property taxes for fiscal year 2001 in a total amount of $3,651,514 (the "full amount allowed by law"), which dollar amount is the sum of (a) $3,509,797 (the lesser of the amount calculated by multiplying the allowable 2000 property tax levy of $3,319,865 times a limit factor of 106% or the $3.60 per $1,000 statutory limitation), plus (b) $141,717, which is the amount of additional taxes at the 2000 levy rate of 3.071 cents per $1,000 of assessed value resulting from the addition of new construction and improvements to property in the City, property annexed into the City during fiscal year 2000, and any increase in value of state-assessed property in the City; and WHEREAS, the full amount allowed by law for fiscal year 2001 of $3,651,514 is $511,029 greater than the actual property tax levy of the City for fiscal year 2001 of $3,140,485 and such excess of $511,029 represents the unused 2001 property tax levy capacity that the City desires to preserve for future fiscal years after 2 00 1; NOW, THEREFORE, 0300866.01 THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. The City Council of the City finds and determines that there is substantial need for the City to preserve for future fiscal years after 2001 the capacity to levy property taxes on all taxable property in the City in the amount of $511,029, which is equal to the unused levy capacity of the City for fiscal year 2001. This substantial need includes, without limitation, the anticipated future requirements for additional property tax revenues that will be needed to pay debt service on councilmanic bonds expected to be issued to refinance the 1999 Bond Anticipation Note used to construct the City softball complex, and complete the Civic Center Third Floor remodel project; the construction and/or maintenance of roads, streets, bridges and other transportation facilities of the City; to satisfy anticipated and unanticipated new regulatory requirements applicable to the City; to provide for potential excess costs of capital facilities; and generally to meet other substantial future financial requirements of the City. Section 2. This ordinance shall take effect and be in force from and after its passage and five days following its publication as required by law. PASSED by the City Council by the affirmative vote of a majority plus one vote of the members thereof and APPROVED by the Mayor of Pasco, Washington, at a regular open public meeting thereof, this 4" day of December, 2000. � r ichael L. ar 'son, Mayor ATTEST: APPROVED AS TO FORM: Catherine D. Seaman, Deputy City Clerk Leland B. Kerr, City Attorney 0300866.01