1985-08-28 Special Called Meeting

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• • Future Registration The Bonds may be transferred, registered and assigned only on the registration books of the Registrar, and such registration and transfer shall be without expense oz service charge to the owner, except for any tax or other governmental charges required to be paid with respect to such registration and transfer. A Bond may be assigned by the execution of an assignment form on the Bonds or by other instrument of transfer and assignment acceptable to the Registrar. A new Bond or Bonds will be delivered by the Registrar in lieu of the Bond being transferred or exchanged at the principal office of the Registrar. To the extent possible, new Bonds issued in an exchange or transfer pf Bonds will be delivered to the registered owner or assignee of the owner in not more than three (3) business days after the receipt of the Bonds to be cancelled in the exchange or transfer and the written instrument of transfer or request for exchange duly executed by the owner or his duly authorized agent, in form satisfactory to the Registrar. New Bonds registered and delivered in an exchange or transfer shall be in denominations of 55,000 or any integral multiple thereof for any one maturity and for a like aggregate principal amount as the Bond or Bonds surrendered for exchange or transfer. Limitation on Transfer or Exchange of Bonds Neither the City nor the Paying 'Agent/Registrar shall be required to transfer or exchange any Bond during the period of fifteen (15) days next preceding any interest payment date or to transfer or exchange any Bond during the thirty (30) day period prior to the date fixed for the redemption of such Bond or Bonds. Record Date The record date ("Record Date") for the interest payable on any interest payment date is defined as the last business day of the month next preceding such interest payment date. PROPERTY TAXES Property Subject to Taxation by the Cit Except for certain exemptions provided by Texas law, all real and certain tangible personal property in the City is subject to taxation by the City. Principal categories of exempt property include: property owned by the State of Texas or its political subdivisions if the property is used for public purposes; property exempt from ad valorem taxation by federal law; certain household goods, family supplies, and personal effects; farm products owned by the producer; certain property owned by charitable organizations, youth development associations, religious organizations, and qualified schools; designated historic sites; solar and wind-powered energy devices; and most individually owned automobiles. In addition, the City, either by action of the City Council or through a process of petition and referendum initiated by its residents, may grant exemptions for residential homesteads of persons 65 years or older and of certain disabled persons. If requested, the City must grant exemptions to disabled veterans or certain surviving dependents of disabled veterans in an amount not to exceed $3,000 of taxable value. An amendment to the Texas Constitution also authorizes the City to exempt up to 408 of the market value of residential homesteads from ad valorem taxation for the years 1982 through 1984, 308 for the years 1985 through 1987, and 208 in 1988 and thereafter. The City Council of the City of La Porte has voted to grant an exemption of 208• of the market value of a residence homestead from ad valorem taxation for the 1984 tax year. Both the Constitutional amendment and the Property Tax Code (the "Code") provide that if ad valorem taxes have been pledged for the payment of debt prior to the adoption of the exemption, taxes may be assessed and collected against the exempt value of the homesteads if the cessation of the levy against such exempt value would impair the obligation of the contract by which the debt was created. Valuation of Property for Taxation The Code requires property to be appraised at 1008 of market value as of January 1 of each year. Beginning in 1984, the appraisal of taxable property for the City (except railroad rolling stock, which is appraised by the State) and all other taxing entities in the City became the responsibility of the Harris County Appraisal District (the "Appraisal District"), a county-wide agency created under the Code for that purpose. The Appraisal District is governed by a five member board whose members are appointed by vote of the governing bodies of the various governmental units within the County under a voting system weighted in direct proportion to the amount of taxes imposed by the voting entities. /~