Ordinance 2256-97 - Laserfiche WebLink

• WHEREAS, the City of Everett will be required to pay the sum of$711,172 during the year 1998 upon its General Obligation 1988 Senior Housing/Center Bonds (Fund 210/229 $310,300 and Fund 210/239 $400,872) for payment of principal and interest, NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: That there be, and hereby is, levied upon real and personal property in the City of Everett, subject to taxation thereon, a general property tax for municipal purposes for the ensuing year commencing on January 1, 1998 as follows: Regular Property Tax Levy (including Library Levy Lid Lift) - Based on the finding of substantial need by the Everett City Council, the 1997 property tax levy for collection in 1998 is set at $ 24,861,861.21, which includes an increase of$ 1,407,275.16, which is an increase of six percent, plus any additional dollar amount calculated by multiplying the increase in assessed value resulting from new construction, improvements to property and any increase in the assessed value of state-assessed property by the regular property tax levy rate of the preceding year of$3.60 per thousand dollars of assessed valuation. The limit factor for the regular levy for the calendar year 1998 shall be a percentage above the rate of inflation up to 106 per cent of the highest amount of regular property taxes that could have been lawfully levied in this taxing district in any year since 1985. The effect of the $3.60 limitation recited above will be to reduce potential property taxes to about $23,454,586 plus new construction and other adjustments as allowed by law. Emergency Medical Services - Based on the finding of substantial need by the Everett City Council, the 1997 property tax levy for collection in 1998 is set at $ 2,969,611.20, which includes an increase of$168,091.20, which is an increase of six percent, plus any additional dollar amount calculated by multiplying the increase in assessed value resulting from new construction, improvements to property and any increase in the assessed value of state- assessed property by the regular property tax levy rate of the preceding year of $.43 per thousand dollars of assessed valuation. The limit factor for the emergency services levy for the calendar year 1998 shall be a percentage above the rate of inflation up to 106 per cent of the highest amount of property taxes that could have been lawfully levied in this taxing district in any year since 1985. The effect of the $0.43 per thousand dollars of assessed value limitation will be to reduce potential property taxes to about $2,801,520 plus new construction and other adjustments as allowed by law. General Obligation 1982 Housing Authority Bond Principal and Interest - 1998 Payment $ 107,204 General Obligation 1988 Senior Housing/Center Bonds, Principal and Interest - 1998 Payment $ 711,172