HomeMy WebLinkAboutR86-143RESOLUTION NO. R86-143
A RESOLUTION OF THE CITY COUNCIL OF ~ CITY OF
PLAINVIEW, TEXAS EXPRESSING AN INTENT TO LEAVE
THE CITY OF PLAINVIEW CURRENT TAX LEVY AT .62¢
AND ESTABLISHING A DATE, TIME AND PLACE FOR
A PUBLIC HEARING ON THE PROPOSED TAX LEVY.
~EREAS, the present tax rate for the City of Plainviewis .62¢ per
$100.00 value; and
~EREAS, the City of Plainview recently retired, general obligation
bonds ~nich had an annual debt service requirement of approximately
$107,000 per year; and
WHEREAS, because of the retirement of this debt the effective tax
rate for the City of Plainview is 58.48¢ per $100.00 value; and
WHEREAS, the Plainview City Council wishes to express its intent to
leave the tax levy at its present rate of .62¢ per $100.00 value; and
WHEREAS, the present levy is 3.52¢ higher than the effective tax
rate or 6% higher than the effective tax rate; and
WHEREAS, the "Truth in Taxation Statutes" require the City, if it
increase taxes more than 3% above the effective tax rate, even though
the tax levy is the same as last year, to advertise such as a tax
increase; and
WHEREAS, the "Truth in Taxation Statutes" require the City to
conduct additional public hearings on the proposed establishment of said
tax rate:
NOW, THEREFORE BE IT RESOLVED. by the Mayor and City Council that
the City of Plainview expresses its intent to leave the tax levy at its
present rate of .62¢ which is 3.52¢ higher than the effective tax rate
which translates into a 6% increase of said effective tax rate.
BE IT FURTHER RESOLVED by the Mayor and City Council that the City
Council will conduct a public hearing on the proposed tax increase over
the effective tax rate, on Tuesday, September 16, 1986, at 7:30 p.m. in
the Council Chambers of Plainvi~ City Ha!l.
BE IT ~ 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
September 5, 1986.
PASSED AND APP~/V~D this the 12th day of August, 1986.
ATTEST:
~ ' City Secretary