HomeMy WebLinkAboutOrdinance No. 264 ORDINANCE NO. 264
AN ORDINANCE PROVIDING FOR THE ASSESSMENT, LEVY AND
COLLECTION OF AD VALOREM TAXES FOR THE CITY OF FRIENDS-
WOOD, TEXA.S, FOR THE YEAR 1976 AND FOR EACH YEAR THERE-
AFTER UNTIL OTHERWISE PROVIDED; AND REPEA.LING ALL ORDI-
NA.NCES AND PA.RTS OF ORDINANCES IN CONFLICT HEREWITH
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WHEREAS, the Budget of the City of Friendswood for the fiscal
year 1976-1977 has been adopted; and
WHEREA.S, certain revenues from sources other than ad valorem
taxes will be available for a portion of the expenditures in such Budget;
and
WHEREAS, ad valorem taxes shall be levied and collected to
provide the additional revenues necessaxy to meet the remaining portion
of such expenditures; now, therefore, in accordance with such Budget
and pursuant thereto,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FRIENDS-
WOOD, STATE OF TEXAS:
Section 1. A11 property subject to ad valorem taxation by the
City of Friendswood sha11 be equally and uniformally assessed for such
purposes at sixty (60) percent of the full cash market value of such prop-
erty. The action of the Tax Assessor establishing such assessment ratio
is hereby in a11 things adopted, ratified, and confirmed.
Section 2. There is hereby levied for general purposes for use
by the City of Friendswood for the year 1976, and for each year there-
after until otherwise provided, an ad valorem tax at the rate of Seventy
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Seven and Ninety One�Hundredths Cents ($. ?791) on each One Hundred
Dollaxs ($100. 00) of assessed evaluation on all property, real, personal,
and mixed, within the corporate limits upon which an ad valorem tax is
authorized by law to be levied by the City of Friendswood, and upon a11
franchises of all individuals and corporations holding franchises from the
City. The proceeds from such tax shall be applied to the payment of the
general and current expenses of the government of the City, including
payment of any obligations for which taxes are not levied by another
section hereof and for the payment for which provision is not otherwise
made. A11 such taxes shall be assessed and collected in current money
of the United States of America.
Section 3. For the purpose of paying the interest and providing
a sinking fund for the payment of the bonded indebtedness and the cer-
tificates of obligation of the City of Friendswood, including the various
installments of principal due on the serial bonds and the certificates of
obligation issued by the City of Friendswood as such installments shall
respectively mature, and for the purpose of repaying' any sums borrowed
in anticipation of current revenues for use in the payment of bonds and
certi.ficates of obligation and interest thereon maturing in the fiscal year
1976-1977, and for the purpose of paying interest and making provisions
for the sinking fund on such other bond issues and certificates of obliga-
tion as may be authorized, there is hereby levied for the year 1976, and
for each year thereafter until otherwise provided, to be assessed and
collected upon all property and franchises described in Section�, of this
ordinance, an annual ad valorem tax at the rate of Forty Two and Nine
One Hundredths Cents ($. 4209) on each One Hundred Dollars ($100.00) of
assessed valuation.
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Section 4 . All ordinances o� parts of ordinances in
conflict herewith are hereby repealed.
PASSED on first reading this 13th day of September,
1976 .
PASSED on second reading this 20th day of September,
1976 .
PASSED, APPROVED and finally ADOPTED this 4th day of
October, 1976 .
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Mayor
ATTEST:
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L?�z�-l,
City Secretary
APPROVED AS TO FORM:
City Attorney