HomeMy WebLinkAboutORD 4693 1
CITY OF RENTON, WASHINGTON
ORDINANCE N0. 4693 '
AN ORDINANCE OF THE CITY OF RENTON, WASHINGTON, FIXING
THE RATES AND AMOUNT OF TAXES TO BE LEVIED, AND LEVYING '
THE SAME UPON ALL TAXABLE PROPERTY, BOTH REAL A1dD
PERSONAL, IN THE CITY OF RENTON, WASHINGTON, TO FINANCE
THE DEPARTMENTS AND ACTIVITIES OF CITY GOVERNMENT, AND
TO PROVIDE FOR THE GENERAL OBLIGATION BOND PRINCIPAL
AND INTEREST REDEMPTION REQUIREMENTS FOR THE YEAR
BEGINNING ON THE FIRST DAY OF JANUARY 1998 . �,
WHEREAS, the City Council of the City of Renton, Washington
has met and considered its budget for calendar year 1998; and
WHEREAS, the City Council, in the course of considering the
budget for 1998, has reviewed all sources of revenue and examined
all anticipated expenses and obligations; and
WHEREAS, the City Council has determined that due to public I
safety needs, new facility growth and inflationary increases {
there is a substantial need to increase the regular property tax
limit factor above the rate of inflation;
NOW, THEREFORE, THE CITY COUNCIL OF THE CI'PY OF RENTON,
WASHINGTON DO ORDAIN AS FOLLOWS :
SECTION I . The limit factor for the regular levy for the
calendar year 1998 shall be 4 . 3 percent, excluding the new
construction levy amount, of the highest amount of regular
property taxes that could have been lawfully levied in City of
� Renton in any year since 1985.
SECTION II . There is hereby levied a tax on all taxable
property, both real and personal, within the City of Renton and
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ORDINANCE NO. 4693
subject to taxation under the laws of the state of Washington, on
the first day of January 1998, at the rate of three dollars and
fifty five cents ($3 . 55) per thousand dollars of assessed value
of such property, such tax being levied for the purpose of �
� raising sufficient , revenues to finance the various departments ',
I
and activities, .o.f the municipal government of the City of Renton
� for fiscal (calendar) year 1998 .
Where state statute stipulates another rate on a class
of personal property, such rate shall apply, and provided that in
the . event such rate, when extended, would generate taxes in
� excess of the maximum amount allotted by law, then such rate
- shall be reduced to � the rate that will generate the following:
. - Estimated�1998 Regular General Property Taxes $13,555,026 '
. : Estimated 1998 New Construction General Property Taxes $251,604
Estimated 1998 Excess Levy Property Taxes $1,300,000
Total General and Excess Levies $15,106,630.
SECTION III . The taxes collected from the levies hereby
fixed and made, together with estimated revenues from sources '
other than taxation which constitute the appropriations of the
City of Renton for the fiscal year 1998, shall be so appropriated
and as finally itemized and classified in the annual budget for
the fiscal year 1998 be adopted by the City of Renton as
specified in Chapter 95, Laws of 1969, Extraordinary Session, as
amended.
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ORDINANCE N0. 4693
SECTION IV. A certified copy of this ordinance shall be
transmitted to the Clerk of the King County Council and the King
County Assessor' s office and such governmental bodies as provided
by law.
SECTION V. This ordinance shall be effective upon its
passage, approval and five (5) days after its publication. �
PASSED BY THE CITY COUNCIL THIS lst day of December
1997 .
Marilyn etersen, City Clerk
APPROVED BY THE MAYOR THIS lst day of December 1997 . '
Jess anner, Mayor
Approved as o form:
��, R�-��'
Lawrence J. Warren, City Attorney
Date of Publication: 12/5/97 (Summary) �
ORD. 689: 11/19/97 : as .
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