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<br />The Code requires the Appraisal District to implement a plan for periodic reappraisal
<br />of all taxable property in the County, and reappraisal must be effected at least once
<br />every four years.
<br />Taxable values determined by the Chief Appraiser of the Appraisal District are
<br />submitted for review and equalization to an Appraisal Review Board appointed by the
<br />Appraisal District. Appraisals may be contested before the Appraisal Review Board by
<br />taxpayers, and the Appraisal Review Board's orders are appealable to a state district
<br />court.
<br />Tax Rate
<br />The City Council establishes the tax rate for the City by September 1 of each year, or
<br />as soon thereafter as practicable, based on the values as of January 1, as shown on
<br />the appraisal roll approved by the Appraisal Review Board. The Code provides for
<br />certain calculations to be made and procedures to be followed before tax increases can
<br />be implemented. The effect of such provisions is (a) to require a public hearing if a
<br />proposed tax increase, other than for taxes levied to pay debt service on bonds,
<br />exceeds 38 and (b) if such increase exceeds 88 per annum, upon petition of 108 of the
<br />qualified voters in the City, to require an election to limit the increase to 88.
<br />Collection, Penalty, and Interest
<br />Tax statements are mailed by October 1 or as soon thereafter as practicable, and taxes
<br />become delinquent on February 1 of the following year. If tax statements are mailed
<br />after January 10, the delinquency date is postponed to the first day of the next month
<br />that will provide a period of at least 21 days between the date the statement is
<br />mailed and the date taxes become delinquent. Delinquent taxes incur a penalty of 78
<br />of the amount of the tax for the first calendar month of delinquency plus 28 for each
<br />additional month or portion of a month of delinquency thereafter, until July 1, when
<br />the penalty becomes 188. Interest on delinquent taxes accrues at the rate of 18 per
<br />month until the tax is paid.
<br />Tax Liens
<br />On January 1 of each year, a tax lien attaches to property to secure the payment of
<br />all taxes, penalties, and interest ultimately imposed for the year on the property.
<br />The lien exists in favor of each taxing unit, including the City, having power to tax
<br />the property. The tax lien on real property has priority over the claim of most
<br />creditors and other holders of liens on the property encumbered by the tax lien,
<br />whether or not the other debt or lien existed before the attachment of the tax lien.
<br />Taxes levied by the City are the personal obligations of the property owner, and under
<br />certain circumstances personal property is subject to seizure and sale for the payment
<br />of delinquent taxes, penalty, and interest. At any time after taxes on property
<br />become delinquent, the City may file suit to foreclose the lien securing payment of
<br />the tax, to enforce personal liability for the tax, or both. In filing a suit to
<br />foreclose a tax lien on real property, the City must join other taxing units that have
<br />claims for delinquent taxes against all or part of the same property. The ability of
<br />the City to collect delinquent taxes by foreclosure may be adversely affected by many
<br />factors, including the amount of taxes owed to other taxing units, adverse market
<br />conditions, taxpayer redemption rights, or bankruptcy proceedings which restrain the
<br />collection of a taxpayer's debt.
<br />USE OF INFORMATION IN OFFICIAL STATEMENT
<br />This "Official Statement" has been prepared by Moroney, Beissner 6 Co., Inc., a firm
<br />employed by the City to perform professional services in the capacity of Financial
<br />Advisors, including the preparation of this ~"Official Statement." Information with
<br />respect to interest rates, discounts, and other matters relating to the resale of
<br />These Bonds, including changes in the affairs of the City subsequent to the date
<br />hereof, is the responsibility of the successful bidder and such information is not
<br />provided herein. The information set forth herein has been obtained from the City and
<br />other sources which are believed to be reliable, but no guarantee is made as to the
<br />accuracy or completeness of such information, and its inclusion herein is not to be
<br />construed as a representation on the part of the City nor Moroney, Beissner b Co, Inc.
<br />to such effect. No person has been authorized to give any information or to make any
<br />representations other than those contained in this "Official Statement," and if given
<br />or made, such other information or representations must not be relied upon as having
<br />been authorized by the City, or Moroney, Beissner and Co., Inc. This "Official
<br />Statement" does not constitute an offer to sell or solicitation of an offer to buy in
<br />any state in which such offer oz soliciation is not authorized, or in which the person
<br />making such offer or solicitation is not qualified to do so, or any person to whom it
<br />is unlawful to make such offer or solicitation. Any information and expressions of
<br />opinions herein are subject to change, without notice, and neither the delivery of
<br />this "Official Statement," nor any sale made hereunder, shall under any circumstances
<br />create any implication that there has been no change in the affairs of the City since
<br />the date hereof.
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