HomeMy WebLinkAboutORD 1986-060 ORDINANCE NO. 86-60
AN ORDINANCE SETTING THE ANNUAL TAX RATE
FOR 1986; LEVYING TAXES FOR THE YEAR
1986 TO BE ASSESSED ON ALL TAXABLE PRO-
PERTY �ITHIN THE LIMITS OF THE CITY OF
GRAPEVINE, TEXAS; PROVIDING PENALTIES
AND INTEREST FOR DELINQUENT TAXES; PRO-
�'"� VIDING FOR THE INTRA- AND INTER-
DEPARTMENTAL FUND TRANSFERS; PROVIDING
FOR THE INVESTMENT OF IDLE FUNDS; AND
�.,,� DECLARING AN EMERGENCY
WHEREAS , the requirements of Article 7244 , V.A.T.C.S, have
been complied with.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF GRAPEVINE, TEXAS :
Section 1 . That a tax rate is hereby levied upon all
taxable property in the City of Grapevine, Texas, for the year
1986 at a rate of forty-four cents ($0 . 44) per One Hundred
Dollars ($100. 00) valuation.
Section 2. That there shall be and there is hereby levied
the following taxes on each One Hundred Dollars ($100 . 00)
valuation on all taxable property within the City of Grapevine,
Texas, to be assessed and collected by the Tax Assessor and
Collector for the year 1986, and said taxes are to be assessed
and collected for the purposes and in the amounts hereinafter
�_ ' stipulated, to-wit:
�,�.� (a) For the General Fund, 66 . 940 of the taxes levied on
each $100 . 00 valuation.
(b) For the Interest and Sinking Fund, 33. 060 of the taxes
levied on each $100 . 00 valuation.
Section 3 . That the City Manager be and is hereby
authorized to make intra- and inter-department fund transfers
during the fiscal year as becomes necessary in order to avoid
overexpenditures of a particular account.
Section 4 . That the City Manager and/or Treasurer/Finance
Director is authorized to invest any funds not needed for current
use, whether operating funds or bond funds, in United States
Treasury Bills, Certificates of Deposit, Savings Accounts, and/or
Time Deposit Open Accounts in Official City Depositories .
Interest accrued from such investments may be deposited in the
General Fund. All of which investments shall be in accordance
with law.
Section 5. Taxes levied by this ordinance shall be due and
payable on October l , 1986, and shall become delinquent on the
��� first day of February, 1987, if unpaid. Upon taxes becoming
delinquent, a penalty will be added as required in Article 7336
and Article 7336f of V.A.T.C.S. , and shall commence on the first
day of February, 1987 . Interest upon delinquent taxes and
penalties shall accrue at the rate as prescribed by Chapter 221,
Acts of the 62nd Legislature, Regular Session, 1971 , as amended
(Article 7100 , Revised Civil Statutes of Texas, 1925) , and
Article 7336, Revised Civil Statutes of Texas, 1925 , as amended.
The City of Grapevine is hereby authorized to adopt any and all
legal remedies provided by the Revised Civil Statutes of the
State of Texas and the Grapevine City Charter as provided in
Article 9 , Section 9. 25 , for the purpose of collecting delinquent
taxes.
Section 6 . The fact that the fiscal year begins on
October 1 , 1986 , requires that this ordinance be effective upon
its passage and adopted to preserve the public peace, property,
health, and safety, and shall be in full force and effect from
and after its passage and adoption, and an emergency is declared.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF
GRAPEVINE, TEXAS on this the 16th day of September, 1986.
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APPROVED:
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Mayor
ATTEST:
Cit Secretary
APPROVED AS TO FORM:
City Attorney
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