Page 300 - Colleyville FY21 Budget

ORDINANCE 0- 20- 2135

LEVYING TAXES FOR THE OPERATION OF THE MUNICIPAL
GOVERNMENT OF THE CITY OF COLLEYVILLE, TEXAS, FOR THE FISCAL
YEAR 2021; ESTABLISHING THE AD VALOREM TAX RATE OF
0. 304365 PER ONE HUNDRED DOLLARS VALUATION; PROVIDING
FOR APPORTIONMENT OF TAXES FOR INTEREST AND SINKING FUND
FOR CERTAIN BOND INDEBTEDNESS AND FOR GENERAL OPERATING
NEEDS, PROVIDING PENALTIES AND INTEREST FOR THE DELINQUENT
TAXES, AND TO BECOME EFFECTIVE ON OCTOBER 1, 2020

WHEREAS, a budget has been adopted by the City Council of the City of
Colleyville, Texas, covering the proposed expenditures of the
municipal government of the City of Colleyville for the Fiscal Year
beginning October 1, 2020 and ending September 30, 2021; and

WHEREAS, said budget reflects the needs for revenue to meet the expenses
proposed therein; and

WHEREAS, the City is required to accumulate an Interest and Sinking Fund
for certain outstanding bond indebtedness; and

WHEREAS, the City Council desires to lower the current tax rate to the
effective tax rate, to provide relief to property owners from
increasing property values.

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF COLLEYVILLE, TEXAS:

Sec. 1. THAT there is hereby levied an ad valorem tax that shall be
collected for the use and support of the municipal government
of the City of Colleyville. It shall provide the legally required
Interest and Sinking Fund for certain outstanding bond
indebtedness during the 2021 Fiscal Year. Such tax shall be
levied upon all property, real, personal, or mixed within the
corporate limits of Colleyville, Texas, which is subject to
taxation. The rate of tax shall be $ 0. 304365 on each $ 100. 00
property assessment. Said tax levied for and apportioned to the
following specific purposes:

A. For the General Fund, a tax rate of $ 0. 289441 is levied.

B. For the Interest and Sinking Fund, a tax rate of $ 0. 014925 is
levied.

Sec. 2. THAT taxes levied by this ordinance shall be due and payable on

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