HomeMy WebLinkAboutOrdinances (O-81-416)-08/18/1981
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ORDINANCE 0-81-416
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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 1981-82
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, 1981.
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WHEREAS, a budget has been adopted by the City Council of the City of Colley-
7 ville, Texas, covering the proposed expenditures of the municipal
government of the City of Colleyville for the flscal year beginning
8 October 1, 1981, and ending September 30, 1982; and,
WHEREAS, said budget reflects the needs for revenue to meet the expenses
proposed therein; and,
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WHEREAS, the City is required to accumulate an Interest and Sinking Fund for
certain outstanding bond indebtedness;
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THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF COLLEYVILLE, TEXAS:
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Section 1. THAT there is hereby levied an ad valorem tax that shall be
collected, for the use and support of the municipal govern-
ment of the City of Colleyville. It shall provide the legally
required interest and sinking fund for certain outstanding
bond indebtedness 1981-82 fiscal or budget year. Such tax
s ha 11 be 1 evi ed upon a 11 property, rea 1, pers ona 1 or mi xed
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:
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(1) The rate of $.16 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 $107,111.00 is deposited, thereafter, total
collected shall be deposited in the General Fund.
(2) The rate of $.75 of each Dollar collected for the
purpose of creating a General Fund for the City
operations, as porvided by law and ordered collected
to meet these requirements.
(3) The rate of $.09 of each Dollar collected for the
purpose of creating a Reserve Contigency within the
General Fund. Rate to collect until $50,200.00 is
deposited, thereafter total collected shall be
deposited in the General Fund.
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Ordinance 0-81-416
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PASSED, APPROVED AND ADOPTED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS, THIS THE 18th DAY OF AUGUST
1981, BY THE FOLLOWING VOTE:
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DENIS C. DUFFY, JR.
C.L. "SMOKEY" VANOVER
LEONARD LEAR
PHILIP KELLY
REX DARLING
YES
YES
YES
YES
YES
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The 1st Public Hearing and Reading being conducted on July 7 , 1981.
9 The 2nd Public Hearing and Reading being conducted Ju 1 y 21, 1981.
on
10 The 3rd Public Hearing and Reading being conducted on August 18, 1981.
There was not a quorum at August 4, 1981 meetin.
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APPROVED:
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AT~I7F{k~
0~a JOhn~
City Secretary
~D AS TO FORM~D L, EGALITY:
,T~
R ss T. Foster
City Attorney
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