HomeMy WebLinkAboutOrdinances (O-79-338)-09/04/1979
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ORDINANCE 0-79-338
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 1979-80
FISCAL YEAR; ESTABLISHING THE AD VALOREM TAX RATE OF $.85
PER ONE HUNDRED DOLLARS PROPERTY ASSESSMENT OF 65%; PROVIDING
FOR THE APPORTIONMENT OF TAXES FOR INTEREST AND SINKING FUND
FOR CERTAIN BOND INDEBTNESS AND FOR GENERAL OPERATING NEEDS
TO BECOME EFFECTIVE ON OCTOBER 1, 1979.
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, 1979,
and ending September 30, 1980; 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 indebtnesses;
THEREFORE, BE IT 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 sink-
ing fund for certain outstanding bonded indebtednesses 1979-80 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 eighty-five cents
(.85~) on each One Hundred Dollars ($100.00) property assessment at 65%.
Said tax levied for and apportioned to the following specific purposes:
(1) The rate of $.18 on each One Hundred Dollars ($100.00) valuation
of taxable property to be levied, assessed and ordered collected
for the purpose of paying the interest on, and creating a sinking
fund for, the redemption of certain bonds within the City of
ColI eyv i 11 e .
(2) The rate of $.57 on the One Hundred Dollars ($100.00) valuation
of taxable property to be levied, assessed and ordered 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 $.10 on the One Hundred Dollars ($100.00) valuation
of taxable property to be levied, assessed and ordered collected
for the purpose of creating a Reserve Contigency within the
Genera I Fund.
PASSED, APPROVED BY THE CITY COUNCIL AT THE MEETING THIS THE 4th
DAY OF SEPTEMBER, 1979, BY THE FOLLOWING VOTE:
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Ordinance 0-79-338
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ROBERT NOBLE FOR
C.L. I'SMOKEYJ I VANOVER FOR
LEONARD LEAR FOR
HOWARD COLLINS FOR
DALE R. HODGSON FOR
The 1st Public Hea ring and Reading was conducted on August 7, 1979.
The 2nd Publ i c Hearing and Reading was conducted on August 21, 1979.
The 3rd Publ ic Hear i ng and Reading was. conducted on September 4, 19f)O.
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J . R. "BUC K" HU BBARD
ATTEST:
~D AS TO
~T
D LEGALITY:
Ross T. Foster
City Attorney
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