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OR 25 Levys ad valorm taxes at rate of 55 cents per $100 on taxable property within corporate limits ORDINANCE NO. 25 AN ORDINANCE OF THE CITY OF COPPELL, TEXAS, LEVYING THE AD VALOREM TAXES FOR THE YEAR 1965 AT A RATE OF CENTS ($0.55 ) PER ONE HUNDRED DOLLARS ($100.00) ASSESSED VALUATION ON ALL TAXABLE PROPERTY WITHIN THE CORPORATE LIMITS OF THE CITY OF COPPELL, TEXAS, AS OF JANUARY l, 1965, TO PROVIDE REVENUES FOR THE PAYMENT OF CURRENT EXPENSES; PROVIDING INTEREST AND SINKING FUND ON ALL OUTSTANDING DEBTS OF THE CITY OF COPPELL, TEXAS; PROVIDING FOR DUE, AND DELINQUENT DATES TOGETHER WITH PENALTIES AND INTEREST; AND DECLARING AN EMERGENCY. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF COPPELL, TEXAS: Sect$on ~. That there be and ~s hersby lev~ed f~c the year of 1965 on ail taxable property, real, personal and mixed, situated wlthin the corporate lim$ts of the Clty of Coppell, and not exempt by the Const~tution of the State and valid State laws, a tax of ._~ cents ($..~g~) on each One Hundred Dollar ($100.00) assessed value o~ taxab].e property, and shall be apportioned and distributed as follows: (a) For the purpose of creating a s~nking fund pay the interest and principal maturities of all outstanding bonds of the C~ty o~ Coppelt, not otherwis~ prey.tried for, a tax ~£teen of ~ cents ($.__j~) on each One Hundred Dollar ($100.00) assessed value o~ all taxable property within the City of Coppell, and shall be applied to the payment of interest and maturities of all such outstanding bonds. (b) For the purpose of defraying the current expenses of the muntcip~l government off the City a tax of ~ents ($. [tO ) on each One Hundred Del'let ($100.00) assessed va].ue of ~:~1 taxable property. ~ectiofl 2. That a.[1 ad valorem taxes ~ha'tI become due and paynb].e on October !, 196§, ~nd all ad valorem taxes for the year 1965 shall become delinquent after January 31, 1966. There shall be no discount for payment of taxes prior to January 1966. If any person fails to pay the ad valorem taxes on or before the 31st day of January, 1966, the following penalties shall be payable thereon~ to-wit: Dur£ng the month of February, one per cent (1%): during the month of March, two per cent during the month of Apri!~ three per cent (3%); dur£ng the month of May, four per cent (4%); during the month of June, five per cent (5~); and on or after the !st of July, eight per cent (8%). Section 3. T~xes are payable in Coppell, Texas, at the office of the Tax Assessor and Collector. The City shall have available all the rights and remedies provided by law for the enforcement of the collection of taxes levied under th~s ordinance. Section 4. All delinquent taxes sha]! be~r interest at the rate of slx per cent (6%) per annu~, in addition ~o the penalties provided for herein. Section 5. The fact that it i~ necessary that this ordinance be enacted in order to authorime the collection of ad valorem taxes for the year ]965 creates an urgency and an emergency and requires that this ordinance shall take effect t~uasdiately fro~ and after ~ts passage, ~ the !aw in such cases provides. ~ASSEDon the 18 day of O~ , 1965. A PI~ROVED: