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HomeMy WebLinkAbout3943 Ordinance ORDINANCE NO.39 AN ORDINANCE PROVIDING FOR THE 2010 AD VALOREM TAX LEVY, A LEVY FOR THE 1999 UNLIMITED TAX GENERAL OBLIGATION BONDS AND A LEVY FOR THE 2002 UNLIMITED GENERAL OBLIGATION REFUNDING BONDS IN THE CITY OF PASCO IN ACCORDANCE WITH STATE LAW. THE CITY COUNCIL OF THE CITY OF PASCO, WASHINGTON DO ORDAIN AS FOLLOWS: §1. The City Council of the City of Pasco has met and considered its budget for the calendar year 2010; §2. The City Council of the City of Pasco after public hearing and after duly considering all relevant evidence and testimony presented, determined that the City of Pasco requires a regular levy in the amount of $5,865,332, which retains the 2009 regular levy and includes amounts resulting from the addition of new construction and improvements to property and any increases in the value of State-assessed utility property, and amounts authorized by law as a result of anv annexations that have occurred and refunds made, in order to discharge the expected expenses and obligations of the City. RCW 84.55.120 requires a specific statement regarding the amount of any increase in regular property tax from the previous year. The actual regular levy amount from the previous year (2009) was $5,738,336. The City Council of the City of Pasco hereby authorizes no increase in the regular property tax levy to be collected in the 2010 tax year. The dollar amount of the change from the actual regular levy amount from the previous year (2009) shall be $0 (zero) taking into account the loss resulting from the IPD being negative and keeping the 2009 levy unchanged and thereby utilizing $48,661 of banked levy capacity. This is exclusive of additional revenue resulting from the addition of new construction and improvements to property and any increase in the value of State-assessed utility property, and any additional amounts resulting from any annexations that have occurred and refunds made. The property tax from new construction to be included in the actual levy is calculated to be $117,378. This number is the result of the amount of new construction and improvements to property of$58,565,500, provided by the Franklin County Assessor's Office, multiplied by the 2009 levy rate of$2.00422 per $1,000 of that value. Property tax from new annexations values in 2009 totals $9,618 which is the new assessed value of$4,798,800 multiplied by the 2009 levy rate of $2.00422 per $1,000 of that value. There was a no additional increase in the value of State-assessed utility property. §3. A tax for the following sums of money which includes new construction and annexations to defray the expense and liabilities of the City of Pasco be and the same is hereby levied for the purposes specified against all taxable properly in the City for the fiscal year 2010: General Expense including Councilmanic Bond Debt Service $5,865,332 1999 Unlimited Tax General Obligation Bond/Library Remodel 68,051 1999 Unlimited Tax General Obligation Bond/Fire Station 86,199 2002 Unlimited Tax General Obligation Refunding Bonds 380,000 $6,399,582 §4. This Ordinance shall take effect five (5) days after passage and publication. Adopted by the City Council of the City of Pasco, on this 16th day of November, 2009. City of sco: Joy O1 n,Mayor Att t: 0. Appro To Form: Debra Clark, City Clerk Leland B. Ken; City Attorney