HomeMy WebLinkAboutOrdinances (O-89-740)-09/19/1989
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ORDINANCE 0-89-740
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS, LEVYING
TAXES FOR THE OPERATION OF THE MUNICIPAL GOVERNMENT OF THE CITY OF COLLEYVILLE,
TEXAS, FOR THE 1989-90 FISCAL YEAR; ESTABLISHING THE AD VALOREM TAX RATE
OF TWENTY-SEVEN AND TWENTY-EIGHT HUNDREDS CENTS ($.2728) PER ONE HUNDRED
DOLLARS PROPERTY ASSESSMENT; PROVIDING FOR APPORTIONMENT OF TAXES FOR INTEREST
AND SINKING FUND FOR CERTAIN BOND INDEBTEDNESS AND. FOR GENERAL OPERATING
NEEDS TO BECOME EFFECTIVE ON OCTOBER 1, 1989
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WHEREAS, a budget has been adopted by the City Council of the City of
Colleyville, Texas, covering the proposed expenditures of the
municipal government of the City of Colleyville for the fiscal year
beginning October 1, 1989 and ending September 30, 1990, and,
WHEREAS, said budget reflects the needs for revenue to meet the expenses
proposed therein; and,
WHEREAS, the City is required to accumulate an Interest and Sinking Fund
for certain outstanding bond indebtedness;
THEREFORE, BE ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS:
Sec. 1. THAT there is hereby levied an ad valorem tax that shall be collected,
for the use and support of the muni ci pa 1 government of the Ci ty
of Colleyville. It shall provide the legally required interest
and sinking fund for certain outstanding bond indebtedness 1989-90
fi sca 1 or budget yea r. Such tax shall be 1 evi ed upon a 11 property,
real, personal or mixed within the corporate limits of Colleyville,
Texas, which is subject to taxation. The rate of tax shall be
twenty-seven and twenty-ei ght hundreds cents ($. 2728ct) on each One
Hundred Dollars ($100.00) property assessment. Said tax levied
for and apportioned to the following specific purposes:
(1) The rate of 14.9% of each Dollar collected for the purpose
of paying the----,--nterest 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 $287,880 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 requirement.
(2) The rate of 77 .3% of each Dollar co llected for the purpose
of creating a General Fund for the City operations, as provided
by law and ordered collected to meet requirements.
(3) The rate of 7.8% of each Dollar collected for the purpose of
creating a Reserve Contingency within the General Fund. Rate
to collect until $150,000 is deposited, thereafter, total
collected shall be deposited in the General Fund.
PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE,
TEXAS, THIS THE 19th DAY OF SEPTEMBER, 1989 BY THE FOLLOWING VOTE:
LINDA AHLERS Aye RICHARD NEWTON Aye
BETH MYERS Aye JOHN LYNCH Aye
ED McKNIGHT Aye
The 1st Reading and Public Hearing
The 2nd Reading and Public Hearing
The 3rd Reading and Public Hearing
An ST~~
VADA JOHNSON
Ci ty Secretary
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being conducted
being conducted
being conducted
APPROVED:
/U~B.,_~
L-p'tH;~KINS
Mayor
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on August 15, 1989.
on September 5, 1989.
on September 19, 1989.
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.~VED AS T~.,N.D, L~GALITY:
~J'T I
ROSS T. FOSTER
Ci t Attorne