HomeMy WebLinkAboutOrdinances (O-77-265)-09/27/1977
City of Colleyville
Tarrant County
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CITY OF COLLEYVILLE
ORDINANCE NO. 0 -77 -265
AN ORDINANCE BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS, LEVYING TAXES FOR THE OPERA-
TIoN OF THE MUNICIPAL GOVERNMENT OF THE CITY OF
COLLEYVILLE, TEXAS, FOR THE 1977-78 FISCAL YEAR;
ESTABLISHING THE AD VALOREM TAX RA TE OF $.85 PER
ONE HUNDRED DOLLARS PROPER TY ASSESSMENT OF 65%;
PROVIDING FOR THE APPOR TIONMENT OF TAXES FOR
INTEREST AND SINKING FUND FOR CER TAIN BOND INDEBT-
NESS AND FOR GENERAL OPERA TING NEEDS TO BECOME
EFFECTIVE ON OCTOBER 1, 1977.
WHEREAS, a budget has been adopted by the City Council of the City of
Colleyville, Texas, covering the proposed expenditures of the municipal government
of the City of Colleyville for the fiscal year beginning October 1, 1977 and ending
September 30, 1978; and
WHEREAS, said budget reflects the needs for revenue to meet the expenses
proposed therein; and
WHEREAS, the City is required to accumulate interest and a sinking fund for
certain outstanding bond indebtnesses;
THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
COLLEYVILLE, TEXAS:
Section 1. There is hereby levied, and there shall be collected, for the use
and support of the municipal government of the City of Colleyville, Texas, and to
provide the legally required interest and sinking fund on certain outstanding bond
indebtednesses 1977-78 fiscal or budget year, upon all property, real, personal
or mixed within the corporate limits of Colleyville, Texas, which is subject to
taxation, an ad valorem tax ofeighty-five~ ($.85) on each One Hundred Dollars
($100.00) property assessment of 65%, said tax'levied for and apportioned to the
following specific purpose s:
(1) The rate of $.32 on each One Hundred Dollars ($100.00) valuation
of taxable property to be levied, assessed and ordered collected
for the purpose of paying the interest on and creating a sinking
fund for the redemption of certain bonds within the City of Colleyville.
(2) The rate of$.463 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.
Ordinance 0-77-265
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City of Colleyville
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(3) The rate of $.045 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 within the General Fund.
(4) The rate of $.022 on the One Hundred Dollars ($100.00) valuation
of taxable property to be levied, assessed and ordered collected
for the purpose of covering any deficit in the Utility Fund.
PASSED AND APPROVED BY THE CITY COUNCIL A T THE MEETING THIS
THE 27th DAY OF SEPTEMBER, 1977, BY THE FOLLOWING VOTE:
DONALD F. GILLHAM
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JUDY L. WELCH
C. L. "SMOKEY" VANOVER
GREGOR Y T. FOREMAN
VIRGIL L. THOMPSON
The 1st Public Hearing and Reading was conducted on September 6, 1977.
The 2nd Public Hearing and Reading was conducted on September 20, 1977.
The 3rd Public Hearing and Reading was conducted on September 27, 1977.
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ATTEST:
APPROVED AS TO FORM AND LEGALITY:
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