HomeMy WebLinkAboutOrdinance No. 505 CITY OF THE COLONY, TEXAS
ORDINANCE NO.
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, LEVYING
THE AD VALOREM TAXES FOR THE YEAR 1987 AT A RATE OF
$.75 PER ONE HUNDRED DOLLARS ($100.00) ASSESSED
VALUATION OF ALL TAXABLE PROPERTY WITHIN THE CORPORATE
LIMITS OF THE CITY AS OF JANUARY 1, 1987; 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 COUNCIL OF THE CITY OF THE
COLONY, TEXAS:
Section 1. That there be and is hereby levied for the
year 1987, 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 $.75 on each One Hundred Dollars ($100.00) 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
40 cents on each One Hundred Dollars ($100.00) 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 35 cents
on each One Hundred Dollars ($100.00) 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.
Section 2. That all ad valorem taxes shall become due
and payable on October 1, 1987, and all ad valorem taxes for the
year shall become delinquent after January 31, 1988. There shall
be no discount for payment of taxes prior to said January 31,
1988. If any person fails to pay the ad valorem taxes on or
before the 31st day of January 1988, 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 in The Colony, Texas at the
office of the Tax collector. 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 year 1987, this ordinance shall take effect
from and after its passage as the law in such cases provides.
1987. ,
Don A~fbk~ ~ayof ' '
ATTEST:
~? ~id.:~ City Secretary
City Attorney