HomeMy WebLinkAbout2001-340ORDINANCE NO ps DO l' 3 ` AO
AN ORDINANCE LEVYING THE AD VALOREM TAX OF THE CITY OF DENTON, TEXAS,
FOR THE YEAR 2001, ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS
OF THE CITY ON JANUARY 1, 2001, NOT EXEMPT BY LAW, PROVIDING REVENUES
FOR PAYMENT OF CURRENT MUNICIPAL EXPENSES, AND FOR INTEREST AND
SINKING FUND ON OUTSTANDING CITY OF DENTON BONDS, PROVIDING FOR
LIMITED EXEMPTIONS OF CERTAIN HOMESTEADS, PROVIDING FOR ENFORCEMENT
OF COLLECTIONS, PROVIDING FOR A SEVERABILITY CLAUSE, AND PROVIDING AN
EFFECTIVE DATE
WHEREAS, after notice of a public hearing on a tax increase was published in accordance
with the law, on August 28, 2001, the City Council held a public hearing on a proposal to adopt a
tax rate of li$0 54815 per $100 valuation which would increase total tax revenues from property on
the tax roll by 6 9%, and
WHEREAS, at the end of this public hearing, the City Council passed a resolution setting the
meeting on which it would vote on the tax rate and announcing that it would vote on the tax rate at
its September 4, 2001 meeting, which resolution specified the time and place of this meeting, and
WI REAS, after the public hearing and before the September 4, 2001 meeting, the City
Council pu hshed a Notice of Vote on Tax Rate in accordance with the law, and
WH) REAS, the City Council deems it in the public interest to adopt a tax rate for the 2001
tax year, N W, THEREFORE,
THE COUNCIL OF THE CITY OF DENTON HEREBY ORDAINS
SECTION 1 By authority of the Charter of the City of Denton, Texas, and the Laws of the
State of Texas, there is hereby levied for the year 2001, on all taxable property situated within the
corporate limits of the City of Denton on January 1, 2001, and not exempt by the Constitution and
laws of the State of Texas or by Sections 4, 5, and 6 of this ordinance, a tax of $0 54815 on each
$100 assessed value of all taxable property This tax is expected to increase total revenue from
properties on the tax roll by 6 9% over 2000 tax revenues
SECTIONZ Of the total tax, $0 31948 of each $100 of assessed value shall be distributed to
the General Fund of the City to fund maintenance and operation expenditures of the City
SEC ION 3 Of the total tax, $0 22867 of each $100 of assessed value shall be distributed to
pay the City's debt service as provided by Section 26 04(e)(3) of the Texas Property Tax Code
SEC ION 4 Pursuant to Article VIII, Section 1-b of the Texas Constitution, and pursuant to
the provisions of Section 11 13(n) of the Texas Property Tax Code, one-half percent of the assessed
value of residential homesteads, or $5,000 of the assessed value of residential homesteads,
whichever amount shall be greater, shall be exempt from City ad valorem taxes
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