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<br />e <br /> <br />e <br /> <br />ORDINANCE NO. llUiO <br /> <br />AN ORDINANCE LEVYING TAXES UPON TAXABLE PROPERTY LOCATED WITHIN AND SUBJECT TO <br />TAXATION IN THE CITY OF LA PORTE, TEXAS; MAKING APPROPRIATIONS FOR SUPPORT, <br />MAINTENANCE, AND IMPROVEMENT OF THE CITY GOVERNMENT OF SAID CITY OF LA PORTE; <br />FINDING THAT ALL REQUIRED NOTICES HAVE BEEN PUBLISHED AND ALL REQUIRED HEARINGS <br />HELD; CONTAINING A REPEALING CLAUSE; CONTAINING A SEVERABILITY CLAUSE; FINDING <br />COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE <br /> <br />Section 1, That there is hereby levied for the current fiscal year <br /> <br />beginning October I, 1992, and ending September 30, 1993, on all real <br /> <br />property situated and all personal property owned within the taxable <br /> <br />limits of the said City of La Porte, on the first day of January, 1992, <br /> <br />except so much as may be exempt under the constitution and laws of the <br /> <br />United States, this State, and the City of La Porte, the following taxes: <br /> <br />(1) An Ad Valorem Tax of and at the rate of five zero point five cents ($.505) <br />on the one hundred dollars ($100,00) cash value thereof, estimated in <br />lawful currency of the United States for the current expenses for the <br />support, maintenance, and improvement of the City Government of said City <br />of La Porte; and <br /> <br />(2) An Ad Valorem Tax of and at the rate of two zero point five cents ($.205) <br />on the one hundred dollars ($100.00) cash value thereof, estimated in <br />lawful currency of the United States, to pay current interest on and <br />provide one year's sinking fund and to pay all of the Principal and <br />Interest accruing on all outstanding general obligation bonds and <br />certificates of obligation lawfully issued by the City of La Porte. <br /> <br />That this provides the sum of total Ad Valorem tax at the rate of <br /> <br />seventy-one cents ($.71) on the one hundred dollars ($100,00) cash value <br /> <br />thereof, estimated in lawful currency of the United States. <br /> <br />Section 2. All property upon which a rate of taxation is hereinabove <br /> <br />levied shall be assessed on a ratio of one hundred percent (100%) of the <br /> <br />estimated market value thereof. <br />