HomeMy WebLinkAboutOrdinance No. 447 CITY OF THE COLONY, TEXAS
ORDINANCE NO.-2~/~?,/7
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, LEVYING
THE AD VALOREM TAXES FOR THE YEAR 1986 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, 1986; 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 ORDAINED BY THE CITY COUNCIL OF THE CITY OF THE
COLONY, TEXAS:
Section 1. That there be and is hereby levied for the year 1986, on
all taxable property, real, personal and mixed, situated within the limits of
Cityof 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 37.96 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 other-
wise provided for, a tax of 37.04cents 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, 1986, and all ad valorem taxes for the year shall become
delinquent after January 31, 1987. There shall be no discount for payment
of taxes prior to said January 31, 1987. If any person fails to pay the
ad valorem taxes on or before the 31st day of Jaunary 1987, the following
penalites 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%); durng 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 the enforcement of the collection of taxes levied under
this ordinance.
Section 4. That the tax roils, as presented to the City Council,
together with any supplement thereto, be, and the same are hereby al~proved.
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 1986,
this ordinance shall take effect from and after its passage as the law in such
cases provides.
DULY PA~ED by the City Council of the City of The Colony, Texas,
this the ~day of ~_~z. , 1986.
APPROVED:
Ma y ot ~The '~610hy, Texas
Pro-tem
A'rTEST:
Patti A. Hicks, City Secretary
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