HomeMy WebLinkAboutOrdinance No. 2016-2231CITY OF THE COLONY, TEXAS
ORDINANCE NO. 2016-Zz31 -
ADOPT TAX RATE FOR FISCAL YEAR 2016-2017
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, LEVYING
THE AD VALOREM TAXES FOR THE FISCAL YEAR 2016-2017 AT A
RATE OF $.6675 PER ONE HUNDRED DOLLARS ($100) ASSESSED
VALUATION OF ALL TAXABLE PROPERTY WITHIN THE
CORPORATE LIMITS OF THE CITY AS OF JANUARY 1, 2016; TO
PROVIDE REVENUES FOR THE PAYMENT OF CURRENT EXPENSES
AND TO PROVIDE AN INTEREST AND SINKING FUND ON ALL
OUTSTANDING DEBTS OF THE CITY; PROVIDING FOR DUE AND
DELINQUENT DATES TOGETHER WITH PENALTIES AND
INTEREST; AND DECLARING AN EFFECTIVE DATE.
BE IT SO ORDAINED BY THE CITY COtiNCIL OF THE CITY OF THE COLONY,
TEXAS:
SECTION 1: That there be and is hereby levied for the fiscal year 2016-2017, on all
taxable property, real, personal and mixed, situated within the limits of the city of The Colony,
Texas, and not exempt by the Constitution of the State and valid State laws, a tax of $.6675 on
each One Hundred Dollars ($100) assessed value of taxable property, and shall be apportioned and
distributed as follows:
(a) For the purpose of defraying the current expenses of municipal government of the
City, a tax of $.51254 on each One Hundred Dollars ($100) assessed value of all
taxable property.
(b) For the purpose of creating a sinking fund to pay interest and principal on all
outstanding bonds of the City, not otherwise provided for, a tax of $.15496 on each
One Hundred Dollars ($100) assessed value of all taxable property, within the City,
which shall be applied to the payment of such interest and maturities of all
outstanding bonds.
(c) I MOVE THAT "TIiE PROPERTY TAXES BE INCREASED BY THE
ADOPTION OF A TAX RATE OF $.6675. THIS TAX RATE WILI,
RAISE MORE TAXES FOR MAINTENANCE AND OPERATIONS
THAN LAST YEAR'S TAX RATE. THE TAX RATE WILL
EFFECTIVELY BE RAISED BY 10 PERCENT AND WILL RAISE
TAXES FOR MAINTENANCE AND OPERATIONS ON A $100,000
1IOME BY APPROXIMATELY $61.
SECTION 2: That all ad valorem taxes shall become due and payable on October 1, 2016
and all ad valorem taxes for the year shall become delinquent after January 31, 2017. There shall
be no discount for payment of taxes prior to said January 31, 2017. If any person fails to pay the
ad valorem taxes on or before the 31" day of January 2016, the following penalties shall be
payable thereon, to -wit:
During the month of February, seven percent (7%); during the month of March, nine
percent (9%); during the month of April, eleven percent (11%); during the month of May,
thirteen percent (13%); during the month of June, fifteen percent (15%); and on or after the
1St day of July, eighteen percent (18%).
SECTION 3: Taxes are payable at the Denton County office of the tax collector who on
behalf of The Colony collects ad valorem taxes for The Colony. The City shall have available all
rights and remedies provided by law for enforcement of the collection of taxes levied under this
ordinance.
SECTION 4: That the tax rolls, as presented to the City Council, together with any
supplement thereto, be, and the same are hereby approved.
SECTION 5: The fact that it is necessary that this ordinance be enacted in order to
authorize the collection of ad valorem taxes for the fiscal year 2016-2017, this ordinance shall take
effect from and after its passage as the law in such cases provides.
DULY PASSED AND APPROVED, this the 20th day of September, 2016.
✓IcCourry, ayor
of The Colony, Texas
ATTEST:
OF
T
W: z
Tina Stewart, TRMC, City Secretary x;. AL
1—;SE
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APPROVED AS TO FORM: • .
Clay Attorney
, Texas