HomeMy WebLinkAbout3449 Ordinance i
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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