(A)   Upon receipt of the appraised roll from the County Appraisal District/the City Tax Assessor-Collector shall determine the total value of property taxable by the city and the values of property added to the appraisal roll since the preceding year by annexation and improvements (“new property”), in accordance with Tex. Tax Code § 26.04(a) (1981).
   (B)   The Assessor-Collector shall submit the appraisal roll, showing the values of all property and taxable value of new property to the Council, in accordance with Tex. Tax Code Ch. 25.
   (C)   The Mayor of the city shall subtract from the total amount of property taxes imposed by the city in the preceding year the amounts of taxes imposed in the preceding year in the following situations:
      (1)   To pay principal and interest of lawfully authorized evidences of indebtedness of the city;
      (2)   On property in territory no longer in the city limits;
      (3)   On taxable value that is exempt in the current year; and
      (4)   On taxable value that is not taxable in the current year because property appraised at market value in the preceding year is, required by law, to be appraised at less than market value in the current year.
   (D)   The Mayor shall calculate the tax rate that, if applied to the total taxable value submitted by the Assessor-Collector, less the taxable value of new property, would impose the amount of taxes determined by division (C) above (“calculated tax rate”). He or she shall add to that rate the amount that, if added to the taxable value, would impose the amount of taxes needed to pay principal and interest on lawfully authorized evidences of indebtedness and on lawfully incurred contracted obligations providing security for payment of principal and interest on evidences of indebtedness issued on behalf of the city by other political subdivisions.
   (E)   By August 7, or as soon thereafter as practicable, the Mayor shall publicize:
      (1)   The calculated tax rate, and the calculations used, and shall submit the rate to the Council; and
      (2)   The estimated amount remaining at the end of the current fiscal year that is not encumbered by debt obligations of:
         (a)   Interest and sinking funds balance; and
         (b)   Maintenance and operation or general fund balances.
(Ord. 820209, passed 2-9-1982)