0260ORDINANCE NO. 260
AN ORDINANCE PROVIDING FOR THE LEVY AND
COLLECTION OF AN AD VALOREM TAX ON PROPERTY
SITUATED WITHIN THE CORPORATE LIMITS OF THE
CITY OF SOUTHLAKE, TEXAS, ON THE 1ST DAY
OF JANUARY 1980, EXCEPT SUCH PROPERTY AS MAY
BE EXEMPT FROM TAXATION BY THE CONSTITUTION
AND STATUTES OF THE STATE OF TEXAS: ESTABLISH-
ING A DELINQUENT DATE: AND SETTING THE RATE OF
PENALTY AND INTEREST AND PRESCRIBING ATTORNEY'S
FEES TO BE COLLECTED ON DELINQUENT TAXES:
DECLARING A FIRST, PRIOR AND SUPERIOR LIEN ON
ALL REAL AND PERSONAL PROPERTY AS OF JANUARY 1ST,
1980, TO SECURE PAY~ENT: ORDAINING OTHER MATTERS
RELATING TO THE SUBJECT AND DECLARING AN EFFECTIVE
DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF SOUTHLAKE,
TEXAS:
1. That there is hereby levied and shall be collected as
provided by law an ad valorem tax for the year 1980 on
all property, real or personal, except such property
as may be exempt from taxation by the Constitution and
the Statutes of the State of Texas, situated within
the corporate limits of the City of Southlake, Texas, on
January 1, 1980, and that the amount to be applied to
the value of such property shall be SIXTY-FIVE CEtITS (65¢)
per hundred dollars of assessed valuation. (~Vhich is ~ppropri-
ate~l by 50% oF market value).
2. That the tax so levied and assessed shall be apportioned
to the following accounts and funds in the amounts set
forth:
GENERAL FUND ..................... $ 0.51
GENERAL OBLIGATION BOND INTEREST
AND SINKING FUND ................. $
.14
TOTAL LEVY ....................... $ 0.65
Collections of the taxes levied shall be deposited to
the credit of each of the above accounts and funds in
t~eir proportionate share of the total levy after taking
into consideration a 2% uncollectable factor which is to
be accounted for in the General Fund.
3. That the taxes provided for herein are in accordance with
appropriate State Statutes.
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