HomeMy WebLinkAboutOrdinances (O-83-492)-10/11/1983
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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, --cr
TEXAS, FOR THE 1983-84 FISCAL YEAR: ESTABLISHING THE AD VALOREM TAX RATE OF
$.52~ PER ONE HUNDRED DOLLARS PROPERTY ASSESSMENT: PROVIDING FOR APPORTION-
MENT OF TAXES FOR INTEREST AND SINKING FUND FOR CERTAIN BOND INDEBTEDNESS AND
FOR GENERAL OPERATING NEEDS TO BECOME EFFECTIVE ON OCTOBER 1 , 1983
ORDINANCE 0-83-492
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, 1983, and ending September 30,
1984 , 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 out-
standing 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 out-
standing bond indebtedness 1983-84 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
fifty-two cents ( .52~ ) on each One Hundred Dollars. ($100.00)
property assessment. Said tax levied for and apportioned to the following
specific purposes:
(1) The rate of $.25 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 $199,329.50
is deposited, thereafter, total collected shall be deposited in the
General Fund.
(2) The rate of $.68 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 $.07 of each Dollar collected for the purpose of creating a
Reserve Contigency within the General Fund. Rate to collect until
$70,000.00 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 11th DAY OF October 1983, BY THE FOLLOWING VOTE:
The 1st Public Hearing and Reading
Hearing and Reading being con cte
Reading being conducted on
ATTEST:~/7J.
LaVada Johnson, City~:tary
APPROVED AS TO FORM AND LEGALITY:
NO
YES
NO
TONY SARACINO
PHI LI P KELLY
YES
YES
HOWARD COLLINS
NEIL GHOLSON
STEVE TURNER
~g: The 2nd Publ ic
~ ~ The 3rd Public Hearing and
APPROVED:~) !-: Y. ,,/
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Ross T. Foster, City Attorney