HomeMy WebLinkAboutOrdinance No. 98-1062 ORIGINAL
CITY OF THE COLONY, TEXAS
ORDINANCE NO.
AN ORDINANCE OF THE CItY OF THE COLONY, TEXAS, LEVYING THE
AD VALOREM TAXES FOR THE YEAR 1998 AT ARATE OF $.785 PER ONE
HUNDRED DOLLARS ($100.00) ASSESSED VALUATION OF ALL TAXABLE
PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY AS OF
JANUARY 1, 1998~ 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 1998, 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 $.785 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 $.49294 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 $.29206
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, 1998
and all ad Valorem taxes for the year shall become delinquent after January 31, 1999. There shall be
no discount for payment of taxes prior to said January 31, 1999. If any person fails to pay the ad
Valorem taxes on or before the 31 st day of January 1999, 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°/6); 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 1 st day of July eighteen percent (18%).
_Set Ad Valorem Tax Rate
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 1998, this ordinance shall take effect from and after
its passage as the law in such cases provides.
DULY PASSED AND APPROVED this "~- day of September , 1998.
ATTEST:
Patti A. Hicks, TRMC, City Secretary
APPROVED AS TO FORM:
.Set Ad Valorem Tax Rate