HomeMy WebLinkAboutOrdinance No. 79-26 ORDINANCE N0. � ,�'�. �
AN ORDINANCE PROVIDING FOR THE ASSESSMENT, LEVY AND
COLLECTION OF AD VALOREM TAXES FOR THE CITY OF FRIENDS-
WOOD, TEXAS FOR THE YEAR 1979 AND FOR EACH YEAR THERE-
AFTER UNTIL OTHERWISE PROVIDED; AND REPEALING ALL ORDI-
PIANCES AND PARTS OF ORDINANCES IN CONFLICT HEREWITH.
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WHEREAS , the Budget of the City of Friendswood, Texas
for the fiscal year 1979-1980 has been adopted; and
WHEREAS , certain revenues from sources other than ad
valorem taxes will be available for a portion of the expen-
ditures in such Budget; and
WHEREAS , ad valorem taxes should be levied and collected
to provide the additional revenues necessary to neet 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 FRIENDSWOOD,
STATE OF TEXAS :
Section l . All property subject to ad valorem taxation by
the City of Friendswood, Texas , shall be equally and uniformly
assessed for such purposes at sixty (60) percent of the full
cash �cnarket value of such property.
Section 2 . There is hereby Ievied ior general purposes for
use by the City of Friendswood, Texas , for the year 1979 , and
for each year thereafter until otherwise provided, an ad valorem
tax at the rate of Eight Nine and Seventy One Hundredths Cents
($. 897) on each One Hundred Dollars ($100. 00) of assessed valua-
tion on all property, real , personal, and mixed, within the
corporate Iimits upon which an ad valorem tax is authorized by
law to be levied by the City of Friendswood, Texas , and upon all
franchises of a1Z individuals and corporations holding franchises
from the City. The proceeds from such tax shall be applied to the
payment of the general and current expenses of the government of
the City, including payment of any obligatians for which taxes
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are not levied by another section hereof and for the payment
for which provision is not otherwise made. Al1 such taxes
shall be assessed and collected in current money of the United
States of America.
Section 3. For the purpose of paying the interest and
providing a sinking fund for the payment of bonded indebted-
ness and the certificates of obligation of the City of Friends-
wood, Texas , including the various installments of principal
due on the serial bonds and the certificates of obligation
issued by the City as such installments shall respectively
mature, and for the purpose of repaying any sums borrowed in
anticipation of current revenues for use in the payment of bonds
and certificates of obligation and interest thereon maturing in
the fiscal year 1979-1980, and for the purpose of paying in-
terest and making provisions for the sinking fund or. such other
bond issues and certificates of obligation as may be authorized,
there is hereby levied for the year I979 and for each year there-
after until otherwise provided, to be assessed and collected upon
a11 property and franchises described in Section 1 of this ordi-
nance, an annual ad valorem tax at the rate of Twenty-Five and
Thirty One Hundredths Cents ($ .253) on each One Hundred Dollars
($100 . 00) of assessed valuation.
Section 4. Al1 ordinances and parts of ordinances in con-
flict herewith are, to the extent of such conflict , hereby re-
pealed.
PASSED, APPROVED, AND ADOPTED this lOth day of September,
1979 .
Mayor
ATTEST :
City Secretary
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