HomeMy WebLinkAboutOrdinances (O-87-655)-09/21/1987
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ORDINANCE 0-87-655
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 1987-88 FISCAL YEAR: ESTABLISHING THE AD
VALOREM TAX RATE OF TWENTY-THREE AND THIRTY-FIVE
HUNDREDS CENTS ($.2335] PER ONE HUNDRED DOLLARS PROPERTY
ASSESSMENT: PROVIDING FOR APPORTIONMENT OF TAXES FOR
INTEREST AND SINKING FUND FOR CERTAIN BOND INDEBTEDNESS
AND FOR GENERAL OPERATING NEEDS TO BECOME EFFECTIVE
ON OCTOBER 1. 1987
WHEREAS. a budget has been adopted by the City Council of the City of Colleyville. Texas.
covering the proposed expenditures of the municipal government of the City of
Colleyville for the fiscal year beginning October 1. 1987 and ending September 30.
1988. and.
WHEREAS. said budget reflects the needs for revenue to meet the expenses proposed therein: and.
WHEREAS. the City is required to accumulate an Interest and Sinking Fund for certain outstanding
bond indebtedness:
THEREFORE. BE ORDAINED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE. TEXAS:
Section 1. THAT there is hereby levied an ad valorem tax that shall be collected. for the use
and support of the municipal government of the City of Colleyville. It shall provide
the legally required interest and sink ing fund for certain outstanding bond indebtedness
1987-88 fiscal or budget year. Such tax shall be levied upon all property, real. personal
or mixed within the corporate limits of Colleyville. Texas. which is subject to taxation.
The rate of tax shall be twenty-three and thirty-five hundred cents 23.35 cents
($.2335l!:] on each One Hundred Dollars ($100.00] property assessment. Said tax levied
for and apportioned to the following specific purposes:
(1] The rate of 16.5 % 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 $233.230.00 is deposited. thereafter.
total collected shall be deposited in the General Fund.
(2) The rate of 74.5 % 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 9 % of each Dollar collected for the purpose of creating a Reserve
Contingency within the General Fund. Rate to collect until $129.888.00 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 21 st DA Y OF SEPTEMBER,
1987 BY THE FOLLOWING VOTE
DOUG BLEMINGS
SUZIE GRUNDY
JACK BURKE
yes
yes
yes
CHRIS HAWKINS
CHARLES GORE
yes
yes
The 1st Reading and Public Hearing being conducted on August 17. 1987.
The 2nd Reading and Publ ic Hearing being conducted on September 7, 1987.
The 3rd Reading and Public Hearing being conducted on September 21. 1987.
~~
LaVada Johnson ,e,pproved as to Form G-
City Seccetacy ~?l~
Ross T. Foster-City Attorney
APPROVED:
~~
Mayor