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ORD 07-570 ORDINANCE NO. 07-570 ORIGINAL AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON, FIXING THE PROPERTY TAX AMOUNT FOR THE YEAR OF 2008. WHEREAS, the City Council ofthe City of Federal Way has met and reviewed all revenue sources and examined all anticipated expenses and other obligations for the 2007/08 biennium; and WHEREAS the City Council, in the course of considering the biennium budget, conducted public hearings on November 6,2007, and November 20,2007 for the proposed property tax levy for 2008, and proposed revenues expenditures for the biennium; and WHEREAS the City Council, after hearing and duly considering all relevant evidence and testimony" determined. that it is 'necessarY -and advisabie to authorize an increase in regular property tax levy consistent with the limit factor prescribed by RCW 84.55.0101 to discharge the expected expense and obligations of the City; now, therefore, NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF FEDERAL WAY, WASHINGTON, DO ORDAIN AS FOLLOWS: Section 1. Levy. There shall be and there is hereby levied against the property in the City of Federal Way, Washington, a municipal regular property tax for the year 2008 for the purposes of paying expenses and discharge obligations of the City in the amount of Nine Million, Three Hundred Dollars ($9,300,000). The levy amount includes (1) an increase in property tax revenue from the previous year of Thirty-four Thousand Five Hundred and Sixty Seven Dollars ($34,567) or point thirty eight percent (0.38%), (2) new construction and improvements to property, (3) any increase in ORD # 07-570 , PAGE J the value of state assessed property, and (4) amounts authorized by law as a result of any annexations that have occurred, as well as applicable refunds already made. Section 2. Severability. The provisions of this ordinance are declared separate and severable. The invalidity of any clause, sentence, paragraph, subdivision, section, or portion of this ordinance or the invalidity of the application thereof to any person or circumstance, shall not affect the validity of the remainder of the ordinance, or the validity of its application to other persons or circumstances. Section 3. Ratification. Any act consistent with the authority and prior to the effective date of this ordinance is hereby ratified and affirmed. Section 4. Corrections. The City Clerk and the codifiers of this ordinance are authorized to make necessary corrections to this ordinance including, but no limited to, the correction of scrivener/clerical errors, references, ordinance numbering, section/subsection numbers and any references thereto. Section 5. Effective Date. This ordinance shall take effect and be in force five (5) days from and after its passage and publication, as provided by law. PASSED by the City Council of the City of Federal Way this lIL day of !:b/41,t-V ,2007. CITY OF FEDERAL WAY ~~~ . MAYOR, M :AE{ PARK . ATTEST: ORD # 07-570 , PAGEl APPROVED AS TO FORM: ~~tl ~ CITY ATTORNEY, PATRICIA A. RICHARDSON FILED WITH THE CITY CLERK: PASSED BY THE CITY COUNCIL: PUBLISHED: EFFECTIVE DATE: ORDINANCE NO.: U/20/07 12/04/07 12/08/07 1 '}/ n/07 07-570 K:\ordinance\2007\2008 property tax ORD # 07-570 ,PAGE.3