HomeMy WebLinkAboutOrdinances (O-77-272)-11/14/1977
ORDINANCE
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AN ORDINANCE AMENDING ORDINANCE 0-77-265 OF THE CITY OF
COLLEYVILLE, TARRANT COUNTY, TEXAS, LEVYING TAXES FOR
THE OPERATION OF THE MUNICIPAL GOVERNMENT FOR THE CITY
OF COLLEYVILLE FOR THE 1977-78 FISCAL YEAR; ESTABLISHING
THE AD VALOREM TAX RATE OF 80~ PER $100 PROPERTY ASSESS-
MENT OF 65%; PROVIDING FOR THE APPORTIONMENT OF TAXES
FOR INTEREST AND SINKING FUND FOR CERTAIN BOND INDEBTED-
NESS AND FOR GENERAL OPERATING NEEDS TO BECOME EFFECTIVE
ON OCTOBER 1, 1977.
WHEREAS, the qual ified voters within the corporate limits of the City of
Colleyville, Texas, have pursuant to Article VI of the City Charter of the
City of Colleyville, Texas, by the powers vested therein to the people, have
by initiative, in an effort to establ ish a sound, reasonable, and responsible
budgetary financing for said City, do find it necessary to direct the City
Council of the City of Colleyville, Texas, to adopt emergency, budgetary
processes as allowed by law and needed in order to stay within the limits of
the tax assessment rate as set forth herein, and thus covering 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, the City is required to accumulate interest in a sinking fund for a
certain outstanding bond indebtednesses;
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 the City of Colleyville, Texas,
which is subject to taxation an ad valorem tax of 80~ on each $100.00 property
assessment of 65%, said tax levied for and apportioned to the following specific
purposes:
1. The rate of $.32 on each $100.00 valuation of taxable property to be levied,
assessed and ordered collected for the purpose for paying the interest on
and creating a sinking fund for the redemption of certain bonds within the
City of Colleyville.
2. The rate of $.453 on the $100.00 valuation of taxable property to be levied,
assessed and ordered collected for the purpose of creating General Fund for
the City operations, as provided by law and ordered collected to meet these
requirements.
3. The rate of $.015 on the $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 $.012 on the $100.00 valuation of taxable property to be levied,
assessed and ordered collected for the purpose of covering any deficit in the
Utility Fund.
Ordinance 0-77-272 ~~
S:::~O: 2, This Ordinance, having been pass~L:l;(~l ~
popular vote under the provisions of Article VI of the City Charter of Colleyville,
contrary to Section 6.09 thereto, was the specific desire of the electorate to limit
this Ordinance to the fiscal year 1977-78 contrary to the minimum five (5) year
requirement as set forth therein as the minimum life of an Ordinance or Resolution
adopted as a result of popular vote.
SECTION 3. That said budget for the fiscal year 1977-78 be adjusted in compliance
with this Ordinance and administered pursuant to the tax rate set forth herein.
SECTION 4. This Ordinance, having been passed and approved by the people of
Colleyville, shall become effective October 1, 1977.
PASSED AND APPROVED by the City Council as a result of the
initiative as provided for under the City Charter by
the voters of the City of Colleyville, at the meeting,
this day of , 1977, by the
following vote:
JUDY L. WELCH
C. L. VANOVER
GREGORY t. FOREMAN
VIRGIL L. THOMPSON
DONALD F. GILLHAM
The lst Public Hearing and Reading was conducted on November 15, 1977.
The 2nd Public Hearing and Reading was conducted on December 6, 1977.
The 3rd Publ ic Hearing and Reading was conducted on December 20, 1977.
JOHN A. ANDREWS, Mayor
ATTEST:
LaVada Johnson, City Secretary
APPROVED AS TO FORM AND LEGALITY:
John D. Gill iland, City Attorney
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