HomeMy WebLinkAboutOrdinances (O-90-792)-10/18/1990
ORDINANCE 0-90-792
AN ORDINANCE BY THE CITY OF COLLEYVILLE, TEXAS LEVYING TAXES FOR THE OPERATION OF THE
MUNICIPAL GOVERNMENT OFTHE CITYOF COLLEYVILLE, TEXAS FOR THE 1990-91 FISCAL YEAR; ESTAB-
LISHING THE AD VALOREM TAX RATE OF TWENTY-SIX AND FIFTY-FIVE HUNDREDS CENTS ($.2655) PER
ONE HUNDRED DOLLARS PROPERTY ASSESSMENT; PROVIDING FOR APPORTIONMENT OF TAXES FOR
INTEREST AND SINKING FUND FOR CERTAIN BOND INDEBTEDNESS AND FOR GENERAL OPERATING
NEEDS TO BECOME EFFECTIVE OCTOBER 1,1990.
WHEREAS, a budget has been adopted by the City Council ofthe City of Colleyville, Texas, covering the
proposed expenditures of the municipal government of the City of Colleyville for the fiscal year
beginning October 1,1990 and ending September 30, 1991, and,
WH EREAS, said budget reflects the needs for revenue to meet the expenses proposed therein; and
WHEREAS, the City is required to accumulate an Interest and Sinking Fund for certain outstanding bond
indebtedness;
THEREFORE: BE IT ORDAINED BYTHE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS:
Section 1:
THAT there is hereby levied an ad valorem tax that shall be collected, for the use and support of
the municipal government of the City of Colleyville. It shall provide the legally required interest
and sinking funds for certain outstanding bond indebtedness 1990-91 fiscal or budget year. Such
tax shall be levied upon all property, real, personal, or mixed within corporate limits of Colleyville,
Texas, which is subjectto taxation. The rate of tax shall be twenty-six and fifty-five hundreds cents
($.2655) on each One Hundred Dollars ($100.00) property assessment. Said tax levied for and
apportioned to the following specific purposes:
(1 )
The rate of 15.3% of each Dollar collected for the purpose of paying interest on, and creating a
sinking fund for, the redemption of certain bonds within the City of Colleyville. Such Debt Tax
rate to be collected until $300,355 is deposited; thereafter, any taxes collected at this rate shall
also be deposited in the General Obligation Interest and Sinking fund to service future debt re-
quirements.
(2)
The rate of 84.7% of each Dollar collected for the purpose of creating a General Fund for the City
operations, as provided by law and ordered to be collected to meet requirements.
PASSED,APPROVEDANDADOPTEDBYTHE CITYCOUNCILOFTHE CITYOF COLLEYVILLE, TEXAS, THISTHE
18TH DAY OF SEPTEMBER 1990 BYTHE FOLLOWING VOTE:
~
LINDA AHLERS
STEVE MCKAI N
ED MCKNIGHT
RICHARD NEWTON
CHERYL FEIGEL
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The first Reading and Public Hearing being conducted on August 21, 1990.
The second Reading and Public Hearing being conducted on September 4, 1990.
The third Reading and Public Hearing being conducted on September 18, 1990.
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City Secretary
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,,' I1liS Hawkins ' ':9( A -- F t/vV
Mayor
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R s T. Foster ity Attorney