HomeMy WebLinkAboutORD 5322CITY OF RENTON,WASlllNGTON
ORDINANCE NO.5322
AN ORDINANCE OF THE CITY OF RENTON,WASHINGTON,
ESTABLISHING THE PROPERTY TAX LEVY FOR THE YEAR 2008
FOR BOTH GENERAL PURPOSES AND FOR VOTER APPROVED
BOND ISSUES.
WHEREAS,the City ofRenton has met and considered its budget for the calendar year
2008;and
WHEREAS,the City ofRenton, after hearing and duly considering all relevant evidence
and testimony presented,determined that,in order to discharge the expected expenses and
obligations ofthe City and in its best interest,the City ofRenton requires a regular levy in the
amount of $25,750,000,which includes an increase in property tax revenue from the following
sources:a) an increase from the previous year of one-percent,b)amounts resulting from the
addition of new construction and improvements to property,c)any increase in the value of state-
assessed property,and d)amounts authorized by law as a result of any annexations that have
occurred and refunds made;and
WHEREAS,the City ofRenton also has a voter-approved property tax levy for Senior
Housing Bonds,and the debt service requirement on those bonds is $510,000 in 2008;and
WHEREAS,the City must levy this amount in order to discharge the expected expenses
and obligations of the bond;
NOW,THEREFORE,THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON,DOES ORDAIN AS FOLLOWS:
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SECTION I.
ORDINANCE NO.5322
The regular property tax levy is hereby authorized for the 2008
levy in the amount of $25,750,000,which is a percentage increase of one percent from the
previous year plus amounts for new construction and annexations.
SECTION II.In addition,the City ofRenton requires a levy of $510,000 for the
purpose of paying debt service on voter approved Bonds for Senior Housing.
SECTIONID.
$26,260,000.
The total property tax levy for the City of Renton shall be
This increase includes revenue resulting from the following sources:a)an increase from
the previous year of one-percent,b)amounts resulting from the addition of new construction and
improvements to property,c)any increase in the value of state-assessed property,and d)amounts
authorized by law as a result of any annexations that have occurred and refunds made.
SECTION IV.
30 days after publication.
This ordinance shall be effective upon its passage,approval,and
PASSED BY THE CITY COUNCIL this 26thdayof November,2007.
~·J.uJ~
Bonnie I.Walton,City Clerk
APPROVED BY THE MAYOR this 26th day of November,2007.
Approved as to form:
~_~.J
Lawrence J.Warren,City Attorney
Ord.1410:11115/07:ch
Date of Publication:12/1/2007 (Summary)
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