HomeMy WebLinkAbout06-25-87-13 - Resolution - 06/25/198706-25-87-13
A RESOLUTION AUTHORIZING THE ISSUANCE OF TAX ANTICIPATION
NOTES ~OR THE USE AND SUPPO~ OF THE MUNICIPAL (]0~ OF
THE CITY OF COL T.~GE STATION AND TO PH)VIDE FOR AN INTEREST
AND SINKING FUND FOR THE 1987-88 FISCAL YEAR.
WHEREAS, Section 55 of the charter of the City of College
Station requires that the budget shall be adopted not later
than the twenty-seventh day of June; and
WHEREAS, Section 26.01 of the Texas Property Tax Code
requires that the chief appraiser shall prepare and certify
the appraisal roll to each taxing unit by July 25; and
WHEREAS, the City of College Station has not received a
certified appraisal roll from the chief appraiser of the
Brazos County Appraisal District; and
WHEREAS, it has been determined that the City Council of the
City of College Station cannot set a tax rate for 1987 until
it has received a certified appraisal roll; and
WHEREAS, it is considered to be in the best interest of the
City of College Station that Tax Anticipation Notes be
issued in the amount of $4,141,305;
NC~, THEREFORE, BE IT RESOLVED by the City Council of the
City of College Station, Texas:
This Resolution is passed authorizing issuance of notes
in anticipation of taxes so levied for the year 1987 and
is payable, both principal and interest, from the taxes
when collected.
Tn, City Council hereby authorizes the issuance of Tax
Anticipation Notes for the use and support of municipal
gove~m~nt of the City of College Station in the a~ount
of $980,835 and for the Interest and Sinking Fund in the
smount of $3,160,470.
The Tax Anticipation Notes authorized will not be issued
if a certified appraisal roll is received and a tax rate
is adopted before September 1, 1987.
PASSED, APPROVED, AND ADOPTED THIS 25th day of June
1987.
06259