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HomeMy WebLinkAbout76-10-1338269 ORDINANCE NO. 76-10-1338 AN ORDINANCE FIXING THE LEVIES AND RATES OF TAXATION ON ALL PROPERTY IN THE CITY OF PADUCAH , KENTUCKY , SUBJECT TO TAXATION FOR MUNICIPAL PURPOSES AND FOR SCHOOL PURPOSES FOR THE PERIOD FROM JULY 1, 1976 THROUGH JUNE 30, 1977, T~IITH THE PURPOSES OF SAID TAXES THEREUNDER DEFINED BE IT ORDAINED BY THE BOARD OF COMMISSIONERS OF THE CITY OF PADUCAH , KENTUCKY: SECTION 1. There is hereby levied for the period from July 1, 1976 through June 30, 1977, upon all taxable property within the City of Paducah, Kentucky, real and personal, subject to taxation for municipal purposes, an ad valorem tax of Forty-two and 74/100 cents ($0.4274) upon each one hundred dollars ($100.00) assessed valuation of said property, pursuant to Section 157 of the State Constitution, to defray the cost of maintaining and administering the government of the City of Paducah for said period, exclusive of the levies hereinafter mentioned and defined, and the proceeds of said tax levy shall be paid into the General Fund of the City. SECTION 2. There is hereby levied for said period an ad valorem tax of Nineteen Cents ($0.19) upon each one hundred dollars ($100.00) of the fair cash value of the shares of stock of State Banks and Trust Companies incorporated under the laws of this Commonwealth and doing business in the City of Paducah, and the same tax is also hereby levied upon the shares of stock of National Banks doing business within the City . There is also levied for said period an ad valorem tax of One and 5/10 Cents ($0.015) upon each one hundred dollars ($100.00) of the fair cash value of unmanufactured tobacco, and Four and 5/10 Cents ($0.045) upon each one hundred dollars ($100.00) of all other unmanufactured agricultural products within said city subject to taxation for general municipal purposes. SECTION 3. All taxes levied by Sections 1 and 2 of this ordinance are necessary and required in order to provide revenue to meet the requirements of the apportionment ordinance adopted by the Board of Commissioners, and the proceeds of such tax levies and all other revenue of the City not specifically allocated to other purposes shall be deposited into the General Fund of the City to be expended as provided in the apportionment ordinance for the period from July 1, 1976 through June 30, 1977. SECTION 4. There is also hereby levied for said period upon each one 270 hundred dollars ($100.00) assessed valuation of said taxable property a special ad valorem tax of Two-tenths of One Cent ($0.0020) to be paid into and to become a part of the Appointive Employees' Pension Fund, which fund shall be segregated and set apart for the purposes defined in KRS 90.400 and the City Civil Service Ordinance adopted on December 2 , 1947 , as amended . SECTION 5. There is also hereby levied for said period upon each one hundred dollars ($100.00) assessed valuation of said taxable property an ad valorem tax of Seven Cents ($0.07) to be paid into and become a part of the Kentucky Retirement System, pursuant to the provisions of KRS 78.510 through KRS 78.991, and an ordinance adopted by the Board of Commissioners on June 24, 1975. There is also hereby levied for said period upon each one hundred dollars ($100.00) assessed valuation of said taxable property an ad valorem tax of Three and 13/ 100 Cents ($0.0313) to be deposited into a sinking fund for the purpose of paying and retiring outstanding bonds which have been voted by the people of the City of Paducah, and there is likewise levied for said period upon each one hundred dollars ($100.00) assessed valuation of said taxable property an ad valorem tax of Three and 93/ 100 Cents ($0.0393) to pay the interest on said outstanding unpaid voted bonds. SECTION 6. There is also hereby levied for said period upon each one hundred dollars ($100.00) assessed valuation of all real and personal property within the city , subject to taxation for general municipal purposes , an ad valorem tax of Five and 2/10 Cents ($0.0520) for the purpose of maintaining and operating the Public Library, pursuant to the provisions of KRS 173.360, and the proceeds of said tax levy shall be paid to the Board of Trustees of the Public Library . SECTION 7. The Board of Education of the City of Paducah, pursuant to the authority vested in it under it's charter and under the laws of the Commonwealth of Kentucky, has adopted a resolution and budget requesting that the Board of Commissioners of the City of Paducah levy an ad valorem tax on all property in said city subject to taxation for school purposes. Pursuant to said resolution and budget there is hereby levied the following taxes for the period from July 1, 1976 through June 30, 1977: An Ad valorem tax of Sixty-seven and 6/10 Cents ($0.6760) on each one hundred dollars ($100.00) assessed valuation of all real and personal property subject to taxation for school purposes in the City of Paducah for the support and maintenance of the public schools of said city, and an ad valorem tax of Thirty-eight Cents ($0.38) on each one hundred dollars ($100.00) of the fair cash value of all shares of stock of State Banks and Trust Companies incorporated under the laws of this Commonwealth, and engaging in business in said city, and the same 271 tax is also levied on the shares of stock of National Banks and Trust Companies doing business in said city; which taxes so levied shall be for the support and maintenance of the public schools of said city . Said resolution pertaining to the aforesaid ad valorem tax of Sixty-seven and 6/ 10 Cents ($0'.6760) per one hundred dollars ($100.00) of assessed valuation is in words and figures as follows: 'BE IT RESOLVED by the Board of Education of the Paducah Independent School District , Paducah , Kentucky, that there be imposed and levied by the tax-levying authority of the City of Paducah, the ad valorem tax of sixty-seven and six tenth cents ($.676) on each $100.00 of assessment at fair cash value of real and personal property and all .franchises in the Paducah Independent School Dis- trict, subject to taxation for the 1976-77 fiscal year , the same being necessary to be raised in addition to all other funds to be received by the Paducah Independent School District to support and maintain the public schools of the Paducah Independent School District. ' BE IT FURTHER RESOLVED by the Board of Education of the Paducah Independent School District, Paducah, Kentucky , that it request the 'tax levying authority ` of the City of Paducah to levy the maximum rate ' allowed by law on shares of banks and trust companies, same being thirty-eight cents (38~) on each $100.00 of fair cash value of said shares . SECTION 8. The Board of Education of the City of Paducah having also ,. . adopted a resolution and budget requesting the levy of a Special School Building Tax ;~. ,. - .. of Thirteen and 0/100 Cents ($0.1300) on each one hundred dollars ($100.00) of property subject to local taxation in the City of Paducah, there is hereby further levied a special school building tax of Thirteen and 0/100 Cents ($0.1300) on each one hundred dollars ($100.00) of property subject to taxation for school purposes in said city for the period from July 1, 1976 through June 3.0, 1977 for the purpose of providing for the purchase or `lease of school sites and buildings, for the erection and complete equipping of new school buildings, for the major alterations, enlargement and complete equipping of existing buildings, for the purpose of retiring, directly or through rental payments, school revenue bonds issued fore such school building improvements and for the purpose of financing any program for the acquisition', improvement or building of schools and to accomplish any or all of such purposes. SECTION 9. There is hereby further levied an ad valorem tax of Three and 7/10 Cents ($0.0370) on each one hundred dollars ($100.00) of .assessed valuation of all real and personal property subject to taxation for school purposes' in said City for the period from July 1, 1975 through June 30, 1976 for the purpose of aiding, assisting 272 and maintaining the Paducah Community College , which tax shall be and the same is hereby declared to be a tax for school purposes . SECTION 10. The taxes levied under this ordinance are summarized as follows: PURPOSE RATE PER $100.00 General Fund of the City $0.4274 Other Municipal Purposes Public Library $0.0520 Appointive Employees' Pension Fund $0.0020 Kentucky Retirement System $0.0700 Voted Bonds Sinking Fund for Retirement $0.0313 Interest $0.0393 SCHOOL PURPOSES Public Schools -Operating Fund $0.6760 Public Schools -Special School Building Tax $0.1300 Paducah Community College $0.0370 Total Tax Rate per $100.00 on property subject to full tax rate $1.4650 Special Levies for General Fund Stocks of Banks and Trust Companies $0.190 Unmanufactures tobacco products $0.015 Other unmanufactured agricultural products $0.045 ~ecial Levy for Public Schools -Operating Fund Stocks of Banks and Trust Companies $0.38 SECTION 11. The provisions of this ordinance are severable . If any provision, section, paragraph, sentence or part thereof shall be held unconstitutional or invalid, such decision shall not affect or impair the 'remainder of this ordinance, it being the legislative intent to ordain and enact. each provision, section, paragraph, sentence and part: thereof separately and independent of each other SECTION 12 . ,This ordinance shall be in full force and effect from and after the date of its adoption . Mayor Passed by the Board of Commissioners October 26, 1976 Recorded by-Sarah Thurman, City Clerk, October 26, 1976.