HomeMy WebLinkAboutORD 4930CITY OF RENTON, WASHINGTON
ORDINANCE NO. 4930
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON,
AUTHORIZING A ONE HUNDRED SIX PERCENT (106%) PROPERTY
TAX LEVY LIMIT FACTOR FOR 2002 TO PROTECT THE CITY'S
FUTURE PROPERTY TAX LEVY CAPACITY.
WHEREAS, pursuant to RCW 84.55.120, the City Council held a public hearing on
November 26, 2001, to consider the revenue sources for the current expense funds of the City;
and
WHEREAS, after hearing and duly considering all relevant evidence and testimony
presented, the City Council has determined that a substantial need exists to protect the City's
future property tax levy capacity to continue to provide and maintain an appropriate level of
service throughout the City;
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF RENTON,
WASHINGTON, DO ORDAIN AS FOLLOWS:
SECTION I. RCW 84.55.092 removes the incentive for the City to maintain its
tax levy at the maximum level permitted and to protect the future levy capacity of a taxing
district that reduces its tax levy below the level that it otherwise could legally impose.
SECTION II. The regular property tax levy limit factor for fiscal year 2002 is
hereby authorized to be one hundred and six percent (106%) which would allow a six percent
(6%) increase from the previous year's highest allowable property tax levy in an amount
currently estimated to be $18,856,671.
SECTION III. This ordinance shall be effective upon its passage, approval and
five days after publication.
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ORDINANCE NO. 4930
PASSED BY THE CITY COUNCIL this 10th day of December , 2001.
Marilyntff Petersen, City Clerk
APPROVED BY THE MAYOR this 10th day of December , 2001.
Jesje' Tanner, Mayor
Lawrence J. Warren, City Attorney
Date of Publication: 12/14/2001 (Summary)
ORD.950:! 1/28/0 l:ma
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