HomeMy WebLinkAboutOrdinances (O-80-376)-08/19/1980
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ORDINANCE 0-80-376
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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 1980-81
FISCAL YEAR; ESTABLISHING THE AD VALOREM TAX RATE OF $.56
PER ONE HUNDRED DOLLARS PROPERTY ASSESSMENT; PROVIDING FOR
THE APPORTIONMENT OF TAXES FOR INTEREST AND SINKING FUND FOR
CERTAIN BOND INDEBTEDNESS AND FOR GENERAL OPERATING NEEDS TO
BECOME EFFECTIVE ON OCTOBER 1, 1980.
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WHEREAS, a budget has been adopted by the City Council of the City of Colley-
ville, Texas, covering the proposed expenditures of the municipal
government of the City of Colleyville for the fiscal year beginning
October 1, 1980, and ending September 30, 1981; and,
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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 1980-81 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 assess-
ment. 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.
(2) The rate of $.74 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.
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(3) The rate of $.10 of each Dollar collected for the
purpose of creating a Reserve Contigency within the
General Fund.
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Ordinance 0-80-376
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PASSED, APPROVED AND ADOPTED BY THE CITY 'COUNCIL OF
THE CITY OF COLLEYVILLE, TEXAS, THIS THE 19th DAY OF
AUGUST, 1980, BY THE FOLLOWING VOTE:
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ROBERT NOBLE
absent
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C.L. "SMOKEY" VANOVER yes
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LEONARD LEAR
PHI LI P KELLY
REX DARLING
yes
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yes
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yes
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The 1st Public Hearing and Reading being conducted on July 30, 1980.
The 2nd Public Hearing and Reading being conducted on August 5, 1980.
The 3rd Public Hearing and Reading being conducted on August 19, 1980.
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APPROVED:
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LaVada Johnson
19 City Secretary
20 ~ASTO LEGALITY :
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Ross T. Foster
22 City Attorney
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