HomeMy WebLinkAboutOrdinance No. 372 CITY OF THE COLONY
ORDINANCE NO.~-7~
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, LEVYING THE
AD VALOREM TAXES FOR THE YEAR 1985 AT A RATE OF $.41 PER ONE
HUNDRED DOLLARS ($100.00) ASSESSED VALUATION OF ALL TAXABLE
PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY AS OF JANUARY
1, 1985; TO PROVIDE REVENUES FOR THE PAYMENT OF CURRENT EX-
PENSES AND TO PROVIDE AN INTEREST AND SINKING FUND ON ALL OUT-
STANDING DEBTS OF THE CITY; PROVIDING FOR DUE AND DELINQUENT
DATES TOGETHER WITH PENALTIES AND INTEREST; AND DECLARING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE COLONY, TEXAS:
Section t. That there be and is hereby levied for the year 1985, 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 $.41 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 $ .3815- on each
One Hundred Dollars ($100.00) assessed value o~able 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 $ .0285 on each One Hundred
Dollars ($100.00) assessed value ~axable property, within the
City which shall be applied to the payment of such inerest and
maturities of all outstanding bonds.
Section-2, That all ad valorem taxes shall become due and payable
on October 1, 1985, and all ad valorem taxes for the year shall become
delinquent after January 31, 1986. There shall be no discount for payment
of taxes prior to said January 31, 1986. If any person fails to pay the
ad valorem taxes on or before the 31st day of January, 1986, the following
penalties shall be payable thereon, to-wit:
During the month of February, one percent (1%); during the month of
March, two percent (2%); during the m~nth of April, three percent (3%);
during the month of May, four ~srcent (4%); during the month of June, five
percent (5%); and on or after ~he 1st of July eight (8%).
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 the 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, All delinquent taxes shall bear interest at the rate of
six percent (6%) per annum, in addition to the penalties.
Section-6, The fact that it is necessary that this ordinance be
enacted fn order to authorize the collection of ad valorem taxes for the
year 1985, this ordinance shall take effect from and after its passage
as the law in such cases provides.
DULY P~S~ED by thejCity Council of the City of The Colony, Texas,
this the ~/~day of ~o~ , 1985.
APPROVED: