HomeMy WebLinkAboutR87-284104
RESOLUTION NO. R87-284
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PLAINVIEW, TEXAS EXPRESSING AN INTENT TO LOWER
THE CITY OF PLAINVIEW TAX LEVY FROM $.62 TO $.59
AND INCREASE THE EFFECTIVE TAX RATE FROM $.5478
TO $.59 AND ESTABLISHING A DATE, TIME AND
PLACE FOR A PUBLIC HEARING ON THE PROPOSED TAX
LEVY.
WHEREAS, the present tax levy for the City of Plainview is
$.62 per $100.00 value; and
WHEREAS, the City of Plainview has adequate reserves in the
General Obligation Bond Debt Fund to retire the last three years
General Obligation Bonds Debt; and
WHEREAS, the 1988 debt service in the General Fund would
require an approximate $.03 tax levy; and
WHEREAS, the Wal-Mart Distribution Center personal property
and inventory assessment is $16,393,920.00; and
WHEREAS, the Wal-Mart Distribution Center personal property
and inventory assessment in the calculation of the effective tax
rate is not classified as "new improvements"; and
WHEREAS, a reevaluation of a portion of the City properties
has been completed; and
WHEREAS, the reevaluation of City property; the General
Obligation Debt Service; and the Wal-Mart Distribution properties
has resulted in an effective tax rate of $.5478 per $100.00
valuation; and
WHEREAS, the City is proposing a tax rate of $.59 which is
$.0422 cents higher than the effective tax rate or 7.7%; and
WHEREAS, the "truth in taxation statutes" require the City
to conduct additional public hearings on the proposed
establishment 'of said tax levy.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the
City of Plainview, Texas that the City of Plainview expresses
its intent to establish a tax rate of $.59 for the 1987-1988
Fiscal Year which is $.0422 higher than the effective tax rate
which translates into a 7.7% increase of said effective tax rate.
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BE IT FURTHER RESOLVED by the City Council that the City
Council will conduct a public hearing on the proposed tax
increase over the effective tax rate, on Tuesday, September 15,
1987, at 7:30 p.m. in the Council Chambers of Plainview City
Hall.
BE IT FURTHER RESOLVED that a legal notice shall be
published in the Plainview Daily Herald, in accordance with the
"truth in taxation statutes" entitled, "Notice of Public Hearing
on Tax Increase" on August 28, 1987.
I, Sheryl Owen, City Secretary for the City of Plainview,
hereby certify that the above Resolution was adopted by the
Plainview City Council on this the 25th day of August, 1987.
ATTEST:
YL~OWEN, City Secretary
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