HomeMy WebLinkAboutOrdinance No. 07-1737
CITY OF THE COLONY, TEXAS
ORDINANCE NO. 07-1737
ADOPT TAX RATE FOR FISCAL YEAR 2007-2008
AN ORDINANCE OF THE CITY OF THE COLONY, TEXAS, LEVYING
THE AD VALOREM TAXES FOR THE YEAR 2007 AT A RATE OF
$.6975 PER ONE HUNDRED DOLLARS ($100) ASSESSED VALUATION
OF ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS
OF THE CITY AS OF JANUARY 1, 2007; 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 PENAL TIES 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 2007, 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 $.6975 on each One Hundred
Dollars ($100) 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 $.4875 on each One Hundred Dollars ($100) 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 $.21 on each
One Hundred Dollars ($100) 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.
THIS TAX RATE WILL RAISE MORE TAXES FOR
MAINTENANCE AND OPERATIONS THAN LAST YEAR'S
TAX RATE AND THE TAX RATE WILL RAISE TAXES
FOR MAINTENANCE AND OPERATIONS ON A $100,000
HOME BY APPROXIMATELY $19.69.
SECTION 2: That all ad valorem taxes shall become due and payable on October 1,2007
and all ad valorem taxes for the year shall become delinquent after January 31, 2008. There shall
be no discount for payment of taxes prior to said January 31, 2008. If any person fails to pay the
ad valorem taxes on or before the 31 sl day of January 2008, 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
1 st day of July, eighteen percent (18%).
SECTION 3: Taxes are payable at the Denton County office of the tax collector who on
behalf of The Colony collects ad valorem taxes for The Colony. 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 2007, this ordinance shall take effect from
and after its passage as the law in such cases provides.
DUL Y PASSED AND APPROVED, this the 30th day of September. 2007.
hn Dillard, Mayor
ity of The Colony, Texas
ATTEST:
APPROVED/~TO FORM:
~//
City Attorney ,/
City of The Colony, Texas
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