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HomeMy WebLinkAbout98-10-5957ire v iii s ('c�� gg-t6'eRsb 78 �s 6 e W W' god 9d i%6k Il ORDINANCE NO. 98-10-��% 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, 1998 THROUGH JUNE 30, 1999, WITH THE PURPOSES OF SAID TAXES \ HEREUNDER DEFINED BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: SECTION 1. There is hereby levied for the period from July 1, 1998, through June 30, 1999, upon all taxable real property within the City of Paducah, Kentucky, subject to taxation for municipal purposes, an ad valorem tax of thirty one & 8/10 cents ($0.318) 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, Kentucky, 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 the period from July 1, 1998, through June 30, 1999, upon all taxable personal property, except for inventory, within the City of Paducah, Kentucky, subject to taxation for municipal purposes, an ad valorem tax of thirty-nine cents ($0.390) upon each one hundred dollars ($100.00) assessed valuation of said property, T pursuant to Section 157 of the State Constitution, to defray the cost of maintaining and administering the government of the City of Paducah, Kentucky, for said period, exclusive of levies hereinafter mentioned and defined, and the proceeds of said tax levy shall be paid into the General Fund of the City. SECTION 3. The levy for the ad valorem tax on inventory, as historically defined by the City of Paducah, Kentucky, shall be set at the rates adopted in Ordinance Number 98-1- 5795, pursuant to Section 157 of the State Constitution, to defray the cost of maintaining and administering the government of the City of Paducah, Kentucky, exclusive of levies hereinafter mentioned and defined, and the proceeds of said tax levy shall be paid into the General Fund of the City. SECTION 4. All taxes levied by Sections 1, 2 and 3 of this ordinance are necessary and required in order to provide revenue to meet the requirements of the budget 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 budget ordinance for the period from July 1, 1998, through June 30, 1999. SECTION 5. There is also hereby levied for said period upon each one hundred dollars ($100.00) assessed valuation of all real property within the city, subject to taxation for general municipal purposes, an ad valorem tax of four and 1/10 cents ($0.041) for the purpose of maintaining and operating the Public Library, pursuant to the provision of KRS 173.360, and the proceeds of said tax levy shall be paid to the Board of Trustees of the Public Library. ms—µ— 79 SECTION 6. There is also hereby levied for said period upon each one hundred dollars ($100.00) assessed valuation of all personal property within the city, subject to taxation for general municipal purposes, an ad valorem tax of five cents ($0.050) for the purpose of maintaining and operating the Public Library, pursuant to the provision 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. There is hereby further levied an ad valorem tax of three and 0/10 cents ($0.030) on each one hundred dollars ($100.00) of assessed valuation of all real property ti subject to taxation for school purposes in said City for the period from July 1, 1998 through June 30, 1999, for the purpose of aiding, assisting and maintaining Paducah Junior College, which tax shall be and the same is hereby declared to be a tax for school purposes. SECTION 8. There is hereby further levied an ad valorem tax of three and 4/10 cents ($0.034) on each one hundred dollars ($100.00) of assessed valuation of all personal property subject to taxation, except for inventory, for school purposes in said City for the period from July 1, 1998, through June 30, 1999, for the purpose of aiding, assisting and maintaining Paducah Junior College, which tax shall be and the same is hereby declared to be a tax for school purposes. SECTION 9. The levy for the ad valorem tax on inventory, as historically defined by the City of Paducah, Kentucky, shall be set at the specified rate per $100.00 of assessed valuation for the purpose of aiding, assisting and maintaining Paducah Junior College, which tax shall be and the same is hereby declared to be a tax for school purposes, as follows: Tax Year Levy Per $100 for the First Levy per $100 Above $10,000,000 of Assesssed $10,000,000 of Valuation Assessed Valuation 1998-1999 $.024 $.015 1999-2000 $.018 $.015 2000-2001 $.012 $.012 2001-2002 $.006 $.006 2002-2003 $.000 $.000 SECTION 10. The Board of Education of the City of Paducah, Kentucky, pursuant to the authority vested in it under its charter and under the laws of the Commonwealth of Kentucky has adopted a resolution and budget levying an ad valorem tax on all real property in said city subject to taxation for school purposes. Pursuant to said resolution budget and levy the following taxes for the period from July 1, 1998, through June 30, 1999, an ad valorem tax of fifty nine & 8/10 cents ($0.598) on each one hundred dollars ($100.00) assessed valuation of all real property subject to taxation for school purposes in the City of Paducah, Kentucky, for the supportand maintenance of the public schools of said City shall be collected by the City for the Board of Education. SECTION 11. The Board of Education of the City of Paducah, Kentucky, pursuant to the authority vested in it under its charter and under the laws of the Commonwealth :1 of Kentucky, has adopted a resolution and budget levying an ad valorem tax on all personal property in said city subject to taxation for school purposes. Pursuant to said resolution, budget and levy the following taxes for the period from July 1, 1998, through June 30, 1999, an ad valorem tax of fifty nine and 8/10 cents ($0.598) on each one hundred dollars ($100.00) assessed valuation of all personal property subject to taxation for school purposes in the City of Paducah, Kentucky, for the support and maintenance of the public schools of said City shall be collected by the City for the Board of Education. SECTION 12. The taxes levied under this ordinance are summarized as follows: PURPOSE RATE PER $100.00 GENERAL FUND OF THE CITY: Real Property $0.318 Personal Property (except inventory) $0.390 Inventory (up to and including $10,000,000) $0.280 Inventory (over $10,000,000) $0.015 OTHER MUNICIPAL PURPOSES: PUBLIC LIBRARY Real Estate $0.041 Personal Property (including inventory) $0.050 SCHOOL PURPOSES: PADUCAH JUNIOR COLLEGE Real Estate $0.030 Personal Property (except inventory) $0.034 Inventory (up to and including $10,000,000) $0.024 Inventory (over $10,000,000) $0.015 SECTION 13. The City of Paducah, Kentucky, shall collect the following taxes for the Board of Education: Public Schools - General Fund Real Property $0.598 Personal Property (including inventory) $0.598 SECTION 14. 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 15. Property taxes levied herein shall be due and payable in the following manner: The first half payment shall be due on November 1, 1998, and shall be payable (11 without penalty and interest until November 30, 1998. The second half payment shall be due on February 1, 1999, and shall be payable without penalty and interest until February 28, 1999. SECTION 16. This ordinance shall be read on two separate days and will become effective upon publication pursuant to KRS Chapter 424. _._ Mayor ATTEST: te'nid Smith, City Clerk Introduced by the Board of Commissioners September 22, 1998 Adopted by the Board of Commissioners October 13, 1998 Recorded by Lenita Smith, City Clerk October 13, 1998 Published by The Paducah Sun, net . aO, /99 \winword\ordinanc\finance\taxrate to