HomeMy WebLinkAbout86-26629
ORDINANCE NO. 86-2662
AN ORDINANCE LEVYING MUNICIPAL. AD VALOREM TAXES"'FOR THE CITY
OF PLAINVIEW, TEXAS, FOR THE YEAR 1986, DIRECTING THE
.ASSESSMENT AND COLLECTION THEREOF.
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WHEREAS, the City Council finds that the tax for the
year '1986, hereinafter levied for current. expenses and
general improvement of the City and its property, must be
levied to provide for the ensuing year,..and-
WHEREAS, the ,City Council further finds '-that the taxes
for the 'Year 1986, hereinafter levied, ..therefore, are
necessary to pay interest and to provide a sinking .fund on
outstanding bonds .maturing in the ensuing. year.: NOW,
THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
PLAINVIEWc
SECTION 1: There is hereby levied and there shall be
collected for the use and support of the Municipal
government, and to provide interest and sinking funds, a tax
of sixty..-two and no hundredths cents ($0.6200) on the one.
' hundred dollars ($100) valuation of all property, real,
personal, and mixed within the corporate limits of said City,
subject to .taxation, for the specific purpose herein set
forth:
{a) For the current 'expenditures of the City of
Plainview and for the general improvement use and support of
the City and. its property, there is hereby levied and
ordered to be assessed and collected for`.the Year 1986 on
all property situated within the limits of the City, and not
exempt from taxation by a valid law, an ad valorem tax at
the rate of -fifty-eight and seventy-eight hundredth cents
{$0.5878) an the. one .hundred dollars ($100} valuation of
such property. -
"(b) For the purpose of paying interest. and providing a
sinking -fund for the payment of each issue of Municipal
Bonds, there is hereby levied and ordered to be assessed and
collected for the Year 1986 on all property situated within
the .limits of the City and not exempt from taxation by a
valid law and ad valorem tax for each issue of bonds
described in this section, the sum of -said .levies being
three and. twenty-two hundredth cents ($0.0322) on the
hundred dollars ($100) valuation of such property, said bond
issues and amounts of the levies being as follows:
BOND ISSUE TAX RATE PER $100 VALUATION
G.O.. Bonds, Series 1974 $0.01548
G.O. Bonds, Series 1976 $0.01672
$0.03220
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SECTION 2: That the. ad valorem taxes levied shall become ~~~
due on October 1, 1986, and may be paid up to .and including
the following January 31, without penalty, but if not. so
.paid, such taxes shall become ...delinquent on .the following
day, February 1, and the penalty and interest designated
herein shall be collected for each month or portion-of the
month that the delinquent taxes remain unpaid."
MONTH PENALTY INTEREST RATE
February 1 60 14
March 1 - .. 7 2
April l 8 3
May 1 9 4
June 1 10 5
July ' 1 12 6
The rate of interest to be collected on delinquent taxes
shall be one percent (1%) per month for each month. they
remain unpaid. On July 1 the total penalty ,incurred on
delinquent taxes shall be twelve percent (S2o) without
regard to the number of -.months .the. tax is delinquent.
Accrual of interest at one percent (1%) per month for each
month, taxes remain unpaid continue until the taxes are paid.
Interest and penalty ,collected from such delinquent taxes
shall be apportioned to the general fund of the City. of ;,~,
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-Plainview:. ~
SECTION 3c The taxes'. herein levied shall be a first and
prior lien against the property upon which they .are assessed
and the said first lien shall be superior and prior to all
.other liens, charges and encumbrances, and this lien, shall
attach to personal property to the same extent and
priorities as real estate. The.- liens provided herein
attached as of January; 1, 198:6..
PASSED ON-FIRST READING THIS 9TH DAY OF SEPTEMBER, 1986.
PASSED AND APPROVED ON SECOND`AND FINAL READING THIS 23RD
DAY OF SEPTEMBER,.. 1986..