HomeMy WebLinkAboutOrdinances (O-82-453)-09/07/1982
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AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF COLLEYVILLE, TEXAS, LEVYING TAXES ~J
FOR THE OPERATION OF THE MUNICIPAL GOVERNMENT OF THE CITY OF COLLEYVILLE, TEXAS,
FOR THE 1982-83 FISCAL YEAR; ESTABLISHING THE AD VALOREM TAX RATE OF $.56 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, 1982.
ORDINANCE 0-82-453
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, 1982, and ending September 30,
1983; 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 outstanding
bond indebtedness 1982-83 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-six cents
(.56~) 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 Colleyville. Rate to collect until $150,357.00
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 these requirements.
(3) The rate of $.08 of each Dollar collected for the purpose of creating a
Reserve Contigency within the General Fund. Rate to collect until
$63,080.00 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 DAY OF SEPTEMBffR 1982, BY THE FOLLOWING VOTE:
DENIS C. DUFFY, JR. FOR C.L. "SMOKEY" VANOVER FOR
TOM COONEY FOR PHILIP KELLY AGAINST
STEVE TURNER FOR
The 1st Public Hearing and Reading being conducted on August 3, 1982. The 2nd Public
Hearing and Reading being conducted on August 17, 1982. The 3rd Public Hearing and
Reading being conducted on September 7, 1982, and tabled and approved on September 21, 1982.
\;;L\ APPROVED: / (1/ ,1. ~ ~/!
ATTEST: J)! ,/ . ,,', t1f.rj.-t./C /&-(/'1r4/
,~{12d(1,~.." MoIL- J,R, "BUCK" HUBBARD, Mayor
LaVada Johnson, -City Secretary
APPRO~ TO FORM AN LEGALITY:
Ross ~eTr:.
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