FIN-5.01 - FY 2003-04 Tax Levy

BCP-FIN-5.01

The City Council finds that:

1. The FY 2003-04 Budget for the City of Portland was adopted and appropriations made by the City Council on June 19, 2003 by Ordinance.

2. On November 5, 2002, voters in the City of Portland approved a five-year local option levy in support of children’s programs, approving a tax rate of $0.4026 per $1,000 of assessed value.

3. On November 5, 2002, voters in the City of Portland approved a five-year local option levy in support of parks’ operations and improvements, approving a tax rate of $0.3900 per $1,000 of assessed value.

4. The City has approved tax increment collection. The collection will be used to pay existing urban renewal debt service requirements and other urban renewal indebtedness.

5. The Department of Revenue has issued a Form "UR-50 Notice to Assessor" in addition to the Notice of Property Tax Levy (Form LB-50), on which the City is required to categorize its levies by Option selected, either 1, 2, or 3 or new plans. The form UR-50 also requires the City to certify the Maximum to Collect From All Methods, the Amount of Special Levy, and the Maximum to Collect From the Division of Taxes method.

6. In no case will an urban renewal district receive more than the amount of increment revenue allowed under the statutory formula outlined in ORS 457.440.

7. Collection of tax levy revenues is contingent on the actual assessed value.

8. The City will certify and collect property tax revenues based upon the assessed values as determined by the respective County Assessors of Multnomah, Clackamas, and Washington counties.

NOW, THEREFORE, the Council directs:

a. Taxes are hereby categorized and levied for municipal purposes for the fiscal year beginning July 1, 2003, on all taxable property, both real and personal, within the corporate limits of the City of Portland as follows:

a.1. For General Government the permanent tax rate of $4.5770 per $1,000 of assessed valuation.

a.2. For General Government - to be credited to the Fire and Police Disability and Retirement Fund, the amount then added to the levy for Firemen’s Relief and Pension Fund will total ninety two million, twenty one thousand, six hundred twenty two dollars.

$92,021,622

a.3. For children’s levy the taxing rate of $0.4026 per $1,000 assessed value.

a.4. For parks’ levy the taxing rate of $0.3900 per $1,000 assessed.

a.5. Excluded from Limitation – for bonded indebtedness, the estimated sum of six million, six hundred seventy nine thousand, one hundred seventy six dollars.

$6,679,176

b. The Chief Administrative Officer of the Office of Management and Finance is hereby directed to certify on the Form LB-50 the tax levies made in Section 1.a through 1.b hereof to the Assessors of Multnomah, Clackamas, and Washington Counties.

c. In order to continue the City's active urban renewal districts and provide for potential future tax revenue for obligations of; the Waterfront Renewal Bond Sinking Fund, the Central Eastside Industrial District Debt Fund, the Airport Way Debt Service Fund, the South Park Renewal Debt Service Fund, the Oregon Convention Center Area Debt Service Fund, the Lents Town Center District Debt Service Fund, the River District Debt Service Fund, the Interstate Corridor Debt Service Fund, and the Macadam Debt Service Fund, the Assessors of Multnomah, Clackamas, and Washington Counties are hereby instructed to implement the procedures specified by ORS 457.420 to ORS 457.440 and other applicable state law relative to tax increment financing of urban renewal indebtedness, subject to the certifications contained in section 1.d.

d. The Chief Administrative Officer of the Office of Management and Finance is hereby directed to certify that the City of Portland requests that tax increment revenue be collected for urban renewal bonded indebtedness and other indebtedness in FY 2003-04 for Airport Way, Central Eastside, Convention Center, South Park Blocks, Downtown Waterfront, Lents Town Center District, River District, North Macadam District, North Interstate District and Gateway Regional Center District debt service requirements as outlined below. This means that on Form UR-50, the following amounts will be certified for urban renewal collections:

e. Collection of the tax increment revenues is contingent on actual assessed value growth. The City will certify and collect the tax increment revenues only if the increase in assessed value is sufficient to allow the tax increment collection without forcing the City's other levies into compression under the $10 limit.

f. The Chief Administrative Officer shall submit the tax levy and other certifications to the County Assessors of Multnomah, Clackamas and Washington Counties.

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Ordinance No. 177595

Passed by Council June 19, 2003.