HomeMy WebLinkAboutOrdinance No. 03-1486 CITY OF THE COLONY, TEXAS
ORDINANCE NO. ~7.~-//.iL~--~
ADOPT TAX RATE FOR FISCAL YEAR 2003-2004
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS,
LEVYING THE AD VALOREM TAXES FOR THE YEAR 2003 AT
A RATE OF $.720 PER ONE HUNDRED DOLLARS ($100.00)
ASSESSED VALUATION OF ALL TAXABLE PROPERTY
WITHIN THE CORPORATE LIMITS OF THE CITY AS OF
JANUARY 1, 2003; 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 I: That there be and is hereby levied for the year 2003, on all taxable
property, real, personal and mixed, situated within the limits of the City of The Colony,
Texas, a nd not exempt by t he Constitution o f t he State a nd valid State 1 aws, a t ax o f
$.720 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 $.47564 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 $.24436 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,
2003 and all ad valorem taxes for the year shall become delinquent after January 31,
2004. There shall be no discount for payment of taxes prior to said January 31, 2004. If
any person fails to pay the ad valorem taxes on or before the 31 st day of January 2004, 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 pement
(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 2003, this ordinance shall take
effect from and after its passage as the law in such cases provides.
DULY PASSED AND APPROVED this 8th day of September 2003.
Patti Hicks, TRMC
City Secretary