HomeMy WebLinkAboutOrdinances (O-88-688)-09/27/1988
ORDINANCE 0-88-688
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 1988-89 FISCAL YEAR; ESTABLISHING THE AD VALOREM
TAX RATE OF TWENTY-FIVE AND FORTY NINE HUNDREDS CENTS ($.2549) PER ONE
HUNDRED DOLLARS PROPERTY ASSESSMENT; PROV I DING FOR APPORTI ONMENT OF TAXES
FOR INTEREST AND SINKING FUND FOR CERTAIN BOND INDEBTEDNESS AND FOR GENERAL
OPERATING NEEDS TO BECOME EFFECTIVE ON OCTOBER 1~ 1988
WHEREAS, a budget has been adopted by the City Council of the City of Co 11 eyvi 11 e,
Texas, covering the proposed expenditures of the municipal government of
the City of Colleyville for the fiscal year beginning October I, 1988 and
ending September 30, 1989, and,
WHEREAS, said budget reflects the needs for revenue to meet the expenses proposed
therein; and,
WHEREAS~ the City is required to accumulate an Interest and Sinking Fund for certain
outstanding bond indebtedness;
THEREFORE, BE ORDAINED BY THE CITY COUNCIL OF THE CITY OF COLlEYVIlLE, TEXAS:
Sect. 1. THAT there is hereby levied an ad valorem tax that shall be collected~
for the use and support of the municipal government of the City of
Colleyville. It shall provide the legally required interest and sinking
fund for certain outstanding bond indebtedness 1988-89 fiscal or budget
year. Such tax shall be levied upon all property~ real ~ personal or mixed
within the corporate limits of Colleyville, Texas, which is subject to
taxati on. The rate of tax shall be benty-fi ve and forty ni ne hundred
cents .2549 cents ($.2549~) on each One Hundred Dollars ($100.00) property
assessment. Said tax levied for and apportioned to the following speCific
purposes:
(1) The rate of 11.26% of each Dollar collected for the purpose of paying
the interest on, and creating a sinking fund for, the redemption of
certain bonds within the City of Colleyville. Rate to collect until
$183~773.00 is deposited~ thereafter, total collected shall be deposited
in the General Fund.
(2) The rate of 80.24% of each Dollar collected 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 8.5% of each Dollar collected for the purpose of creating
a Reserve Contingency within the General Fund. Rate to collect until
$138,500.00 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 ~th DAY OF SEPTEMBER, 1988 BY THE FOLLOWING VOTE
DOUG BlEMINGS YES CHRIS HAWKINS YES
BETH MYERS YES JOHN LYNCH YES
ED McKNIGHT YES
The 1st Reading and Public Hearing being conducted on August 16, 1988.
The 2nd Reading and Public Hearing being conducted on September 6, 1988.
The 3rd R~ading an~ Y~lic Hearinq being conducted on September 20, 1988.
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A~~~~ APP~D~~I
~~a Johnson ~K HUBBARD
City Secretary Mayor
Z;;D AND
; LfYJ T
ss T. Foster