HomeMy WebLinkAboutOrdinances (O-86-628)-09/15/1986
ORDINANCE 0-85-528
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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 1985-87 FISCAL YEAR: ESTABLISHING THE AD
VALOREM TAX RATE OF TWENTY-THREE AND THIRTY-FIVE
HUNDREDS CENTS [2335 cents) 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. 1985
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
Colleyvi lie for the fiscal year beginning October 1. 1985 and ending September 30.
1987. 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 sinking fund for certain outstanding bond indebtedness
1985-87 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 2335 cents [233511:)
on each One Hundred Dollars [$100.00) property assessment. Said tax levied for and
apportioned to the following specific purposes:
(1) The rate of 20 % 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 Colleyvi lie. Rate to collect unti I $195.840.00 is deposited. thereafter.
total collected shall be deposited in the General Fund.
(2) The rate of 72% 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 % of each Dollar collected for the purpose of creating a Reserve
Contingency within the General Fund. Rate to collect until $95.155.00 is
deposited. thereafter. total collected shall be deposited in the General Fund.
DOUG BLEMINGS
SUZIE GRUNDY
JACK BURKE
PASSED. APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE. TEXAS. THIS THE 15th DA Y OF SEPTEMBER.
1985 BY THE FOLLOWING VOTE
JOHN WHITE ~
CHARLES GORE ~
The 1 st Reading and Public Hearing bei g conducted on August 18. 1985.
The 2nd Reading and Public Hearing being conducted on September 2. 1985.
The 3rd Reading and Public Hearing being conducted on September 15. 1985.
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LaVada Johnson
City Secretary
APPROVED:
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Mayor