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04-088 - O TOWN OF PROSPER, TEXAS ORDINANCE NO. 04-88 AN ORDINANCE OF THE TOWN OF PROSPER, TEXAS LEVYING TAXES FOR THE 2004 TAX YEAR AT THE RATE OF $0.4797 PER ONE HUNDRED DOLLARS ($100.00) ASSESSED VALUE ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE TOWN OF PROSPER, TEXAS; PROVIDING FOR A DATE ON WHICH SUCH TAXES BECOME DUE AND DELINQUENT TOGETHER WITH PENALTIES AND INTEREST THEREON; PROVIDING FOR REPEALING, SAVINGS AND SEVERABILITY CLAUSES; PROVIDING FOR AN EFFECTIVE DATE OF THIS ORDINANCE; AND PROVIDING FOR THE PUBLICATION OF THE CAPTION HEREOF. WHEREAS, the Town Council of the Town of Prosper, Texas (hereinafter referred to as the `Town") hereby finds that the tax for the fiscal year beginning October 1, 2004, and ending September 30, 2005, hereinafter levied for current expenditures of the Town and the general improvements of the Town and its property must be levied to provide the revenue requirements of the budget for the ensuing year; and WHEREAS, the Town Council has approved, by a separate ordinance to be adopted on the 31st day of August, 2004, the budget for the fiscal year beginning October 1, 2004, and ending September 30, 2005; and WHEREAS, all statutory and constitutional requirements concerning the levying and assessing of ad valorem taxes have been complied with. NOW THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS: SECTION 1: Findings Incorporated. The findings set forth above are incorporated into the body of this Ordinance as if fully set forth herein. SECTION 2: Tax Levied. There is hereby levied and ordered to be assessed and collected for the fiscal year beginning October 1, 2004, and ending September 30, 2005, and for each fiscal year thereafter until it be otherwise provided by and ordained on all taxable property, real, personal and mixed, situated within the corporate limits of the Town of Prosper, Texas, and not exempt from taxation by the Constitution of the State and valid State laws, an ad valorem tax for the general operations of the Town at a rate of $0.4797 on each One Hundred Dollars ($100.00) assessed value of taxable property, and shall be apportioned and distributed as follows: a. For the purpose of defraying the current expenses of the municipal government of the Town, a tax of $0.18844 on each One Hundred Dollars ($100.00) assessed value of all taxable property. b. For the purpose of creating an interest and sinking fund to pay the interest and principal on all outstanding debt, capital lease payments, and related fees of the Town, not otherwise provided for, a tax of $0.29126 on each One Hundred Dollars ($100.00) assessed value of all taxable property, within the Town which shall be applied to the payment of such interest and maturities of all outstanding debt. 04-88,2004 Tax Rate Ordinance.doc Page 1 of 3 Total tax rate of $0.4797 is based on one hundred percent (100%) market value on each One Hundred Dollars ($100.00) of all taxable property within said Town. SECTION 3: Due Date of Taxes. The taxes assessed and levied hereby are payable anytime after the approval and publication of this Ordinance and not later than January 31 of the year following the year in which the taxes are assessed. The penalties and interest provided for herein shall accrue after January 31 of the year following the year in which the taxes are assessed. However, if the entire taxes due as provided herein are paid in full by January 31of the year following the year in which the taxes are assessed, no penalty or interest shall be due. SECTION 4: Penalties and Interest. A delinquent tax shall incur the maximum penalty and interest authorized by Section 33.01, Texas Property Tax Code, to-wit: a penalty of six percent (6%) of the amount of the tax for the first calendar month it is delinquent, plus one percent (1%) for each additional month or portion of a month the tax remains unpaid prior to July 1st of the year in which it becomes delinquent. Provided, however, a tax that is delinquent on July 1st of the year in which it becomes delinquent shall incur a total penalty of twelve percent (12%) of the amount of the delinquent tax without regard to the number of months the tax has been delinquent. A delinquent tax shall also accrue interest at a rate of one percent (1%) for each month or portion of a month the tax remains unpaid. Taxes that remain delinquent on July 1 of the year in which they become delinquent shall incur an additional penalty of twenty percent (20%) of the amount of taxes, penalty and interest due; such additional penalty is to defray the costs of collection as authorized by Section 6.30, Texas Property Tax Code. SECTION 5: Place of Payment/Collection. Taxes are payable at the office of the Collin County Tax Assessor/Collector. The Town shall have available all rights and remedies provided by law for the enforcement of the collection of taxes levied under this Ordinance. SECTION 6: Tax Roll. The tax roll, as presented to the Town Council, together with any supplement thereto, is hereby accepted. SECTION 7: Rollback Taxes: All rollback taxes collected during the 2004 fiscal year shall be deposited only in the General Fund of the Town of Prosper, Texas and said funds shall not be allocated, in whole or in part, to the Debt Service fund of the Town. SECTION 8: Savings/Repealing Clause. All provisions of any ordinance in conflict with this Ordinance are hereby repealed; but such repeal shall not abate any pending prosecution for violation of the repealed Ordinance, nor shall the repeal prevent prosecution from being commenced for any violation if occurring prior to the repeal of the Ordinance. Any remaining portions of conflicting ordinances shall remain in full force and effect. SECTION 9: Severability. Should any section, subsection, sentence, clause or phrase of this Ordinance be declared unconstitutional or invalid by a court of competent jurisdiction, it is expressly provided that any and all remaining portions of this Ordinance shall remain in full force and effect. Town hereby declares that it would have passed this Ordinance, and each section, subsection, sentence, clause, or phrase thereof irrespective of the fact that any one or more sections, subsections, sentences, clauses, or phrases be declared unconstitutional or invalid. SECTION 10: Effective Date: This Ordinance shall become effective from and after its adoption and publication as required by law. 04-88,2004 Tax Rate Ordinance.doc Page 2 of 3 DULY PASSED AND APPROVED BY THE TOWN COUNCIL OF THE TOWN OF PROSPER, TEXAS, on this 31st day of August, 2004. C LES NI , MAYOR ATTE T TO: SHANAE JEN GS, Town ecretary Date of Publication: KO 91. , Dallas Morning News—Collin County Edition 04-88,2004 Tax Rate Ordinance.doc Page 3 of 3 AFFIDAVIT OF PUBLICATION STATE OF TEXAS COUNTY OF DALLAS Before me, a Notary Public in and for Dallas County, this day persJnail" :•speared bill I:utlelge, Telephone Sales Representative for the DALLAS MORNING 'NEWS being duly sworn by oath, states the attached advertisement of: TOWN OF PROSPER-Ordinances 04-87, 88, 89 & 90 as published in THE COLLIN COUNTY MORNING NEWS on: SEPTEMBER 9 & 10, 2004 (Bill Rutledge) Sworn to and subscribed before me this SEPTEMBER 10, 2004 A.D. VL ` (Lisa Battenfie ) TOWN OF v, PROSPER, TEXA>e ORDINANCE NO. 04-88 AN ORDINANCE OF THE TOWN OF PROS- PER, TEXAS LEVYING • TAXES FOR THE 2004 TAX YEAR AT'THE RATE OF $0.4797 PER ONE HUNDRED DOL- LARS ($100.00) AS- SESSED VALUE ON ALL TAXABLE PROPERTY WITHIN THE CORPO- RATE LIMITS OF THE TOWN OF PROSPER, TEXAS; PROVIDING FOR A DATE O N WHICH SUCH TAXES BECOME DUE AND DE- LINQUENT TOGETHER WITH PENALTIES AND INTEREST THEREON; PROVIDING FOR RE- PEALING, SAVINGS AND SEVERABILITY CLAUSES; PROVIDING FOR AN EFFECTIVE DATE OF THIS ORDI- NANCE; AND PROVID- ING FOR THE PUBLI- CATION OF THE CAP- TION HEREOF. AFFIDAVIT OF PUBLICATION STATE OF TEXAS COUNTY OF DALLAS Before me, a Notary Public in and for Dallas County,this day personally appeared Lynda Black,Legal Advertising Representative for the DALLAS MORNING NEWS being duly sworn by oath, states the attached advertisement of: Town Of Prosper as published in THE DALLAS MORNING NEWS —COLLIN COUNTY EDITION on: August 13, 2004 (Lynda Black) Sworn to and subscribed before me this August 13,2004,A.D ,pz(T�!!�F '% J (LisaBattenfi d) Q;o�paY PUg4/0\0 : A as,- ZUU4 Property lax sates in Town of Prosper Schedule A - Unencumbered Fund Balances This notice concerns 2004 property tax rates for Town of Prosper. It presents The following estimated balances will be left in the unit's property tax information about three tax rates. Last year's tax rate is the actual rate the taxing accounts at the end of the fiscal year.These balances are not encumbered by unit used to determine property taxes last year. This year's effective tax rate a corresponding debt obligation. would impose the same total taxes as last year if you compare properties taxed in both years. This year's rollback tax rate is the highest tax rate the taxing unit Type of Property Tax Fund Balance Maintenance&Operations $343,708 can set before taxpayers can start tax rollback procedures. In each case these Interest &Sinking $60,836 rates are found by dividing the total amount of taxes by the tax base (the total value of taxable property) with adjustments as required by state law. The rates Schedule B - 2004 Debt Service are given per$100 of property value. The unit plans to pay the following amounts for long-term debts that are Last year's tax rate: secured by property taxes. These amounts will be paid from property tax Last year's operating taxes $570,781 revenues (or additional sales tax revenues, if applicable). Last year's debt taxes $276,089 Principal or Interest to be Last year's total taxes $846,870 Contract Payment Paid from Other Last year's tax base $261,298,982 Last year's total tax rate 0.324100/$100 Description to be Paid from Property Amounts Total of Debt Property Taxes Taxes to be Paid Payment This year's effective tax rate: Series 1996 $35,000 $36,900 $0 $71,900 Last year's adjusted taxes $846,230 Certificates of (after subtracting taxes on lost property) Obligation +This year's adjusted tax base $277,781,048 Series 1998 $35,000 $28,210 $0 $63,210 (after subtracting value of new property) Certificates =This year's effective tax rate 0.304639/$100 Obligation x1.03 = maximum rate unless unit 0.313778/$100 Series 2001 $63,333 $71,852 $0 $135,185 publishes notices and holds hearing Certificates of Obligation This year's rollback tax rate: 2002 Tax Notes $43,140 $7,517 $0 $50,657 Last year's adjusted operating taxes(after $570,350 2003 Tax Notes $61,758 $13,309 $0 $75,067 subtracting taxes on lost property and adjusting Series 2004 $0 $514,460 $0 $514,460 for any transferred function,tax increment Certificates of financing, and/or enhanced indigent health care Obligation expenditures) Total Required for 2004 Debt Service $910,479 +This year's adjusted tax base $277,781,048 -Amount (if any) paid from funds listed in Schedule A ' $0 -Amount (if any) paid from other resources $0 =This year's effective operating rate 0.205324/$100 =Excess collections last year $0 x1.08=this year's maximum.operating rate 0.221749/$100 =Total to be paid from taxes in 2004 $910,479 +This year's debt rate 0.291259/$100 =This year's rollback rate 0.513008/$100 +Amount added in anticipation that the unit will $0 collect only 100.00% of its taxes in 2004 Statement of Increase/Decrease =Total Debt Levy $910,479 If Town of Prosper adopts a 2004 tax rate equal to the effective tax rate of $0.304639 per$10C of value, taxes would increase compared to 2003 taxes This notice contains a summary of actual effective and rollback tax rates' $0$105,432. calculations. You can inspect a copy of the full calculations at 1800 North byGraves, Suite 170, McKinney, Texas 75069. Schedule A - Unencumbered Fund Balances Name of person preparing this notice: Kenneth L. Maun The following estimated balances will be left in the unit's property tax Title: Collin County Tax Assessor Collector accounts at the end of the fiscal year.These balances are not encumbered by Date Prepared: July 27, 2004 a corresponding debt obligation. Type of Property Tax Fund Balance CC Friday, August 13,2004 Page 1- Maintenance&Operations $343,708 Interest&Sinking $60,836 Schedule B - 2004 Debt Service The unit plans to pay the following amounts for long-term debts that are