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• • <br />FINANCIAL STATEMENT <br />City of La Porte, Texas <br />(As of 7/31/85) <br />Adjusted to Include $5,000,000 G.O. Bonds, Series 1985 <br />1984 Assessed Valuation (1008 of Actual) ............................. $680,116,940* <br />General Obligation Debt Outstanding: <br />Presently Outstanding Bonds .................. $ 9,931,000 <br />These Bonds, Series 1985 ...................... 5,000,000 <br />Gross Debt .... .. .. .......... $19,931,000 <br />. ........ . ... ... <br />Less: Interest and Sinking Fund Balance ........ 333,525 <br />Net Debt ....................................................... $14,597,475 <br />Ratio of Net Debt to 1984 Assessed Valuation ........................... 2.150 <br />July 1985 Estimated Population - 25,655 Net Debt per Capita ............ $569 <br />1984 Assessed Valuation per <br />Capita ................. $26,510 Area of City ......... 18.09 square miles <br />*Assessed Valuation is net of exemptions in the amount of $52,957,530 <br />The above General Obligation Debt Statement does not include $6,000,000 Waterworks and <br />Sewer System Revenue Bonds, Series 1985, being offered jointly with the G.O. Bonds. <br />(See "UTILITY DEPARTMENT") <br />TAX COLLECTION PERIOD <br />Tax bills are sent out October 1, each year, and taxes are delinquent after January <br />31. No split payments are allowed and no discounts are given on early tax payments. <br />Penalty and interest on delinquent payments are rigidly enforced. <br />TAX COLLECTION DATA <br />Tax Assessed Tax Percent Tax Collections Year <br />Year Valuation Rate Current Total Ending <br />1977 $139,102,254 $1.05 97.41 99.40 9/30/78 <br />1978 177,688,450 (1) 0.91 95.58 98.06 9/30/79 <br />1979 222,276,990 0.91 95.91 98.69 9/30/80 <br />1980 366,726,568 (2) 0.91 97.09 98.66 9/30/81 <br />1981 515,147,910 (3) ~ 0.72 97.35 98.38 9/30/82 <br />1982 530,047,550 0.72 98.22 100.59 9/30/83 <br />1983 553,977,910 0.72 98.70 100.81 9/30/84 <br />1984 680,116,940 (4) 0.7128 In Process of Collection <br />Delinquent taxes outstanding for all prior years as of 7/31/85 ............. $216,332 <br />(1) Revaluation. <br />(2) Consolidated with the City of Lomax on April 28, 1980 and expansion of industrial <br />district. <br />(3) Revaluation and increased basis of assessment from 80$ of actual to 1008 of <br />actual. <br />(4) Includes the annexation of College View MUD and Spenwick Place MUD on December <br />28, 1983. <br /> TAX RATE DISTRIBUTION <br />Tax Year: 1984 1983 1982 1981 1980 <br />General Fund $0.4921 $0.54852 $0.535 $0.5255 $0.6917 <br />Interest b Sinking Fund 0.2207 0.17148 0.185 0.1945 0.2183 <br /> $0.7128 $0.72000 $0.720 $0.7200 $0.9100 <br /> <br />