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HomeMy WebLinkAbout2021-0920B Adopting Tax Rate for 2021 Tax YearOrder No. 2021-092013 Adopting Tax Rate for 2021 Tax Year ORDER NO. 2021-0920B ORDER OF TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 LEVYING DEBT SERVICE AND MAINTENANCE TAXES FOR THE 2021 TAX YEAR WHEREAS, Trophy Club Municipal Utility District No. 1 (the "District") is a duly created and existing municipal utility district created and operating under Chapters 49 and 54 of the Texas Water Code, as amended. WHEREAS, Section 54.601 of the Texas Water Code provides that at the time bonds payable in whole or in part from taxes are issued, the board of a water district shall levy a continuing direct annual ad valorem tax for each year while all or part of the bonds are outstanding on all taxable property within the district in sufficient amounts to pay the interest on the bonds as it becomes due and to create a sinking fund for the payment of the principal of the bonds when due; WHEREAS, Section 49.107 of the Texas Water Code provides that a district may levy and collect a tax for maintenance and operation purposes. WHEREAS, at an election properly conducted in accordance with all applicable laws, the eligible residents of the District previously authorized the issuance of District tax bonds, and the levy and collection of District debt service and maintenance taxes. WHEREAS, the District has issued its unlimited tax bonds pursuant to the foregoing authorization. WHEREAS, the Board of Directors of the District approved a proposed ad valorem tax rate for the 2021 tax year at a meeting conducted on August 16, 2021. WHEREAS, in accordance with the requirements set forth at Section 49.236 of the Texas Water Code and other applicable laws, the District has given proper notice and conducted a public hearing regarding the adoption of ad valorem tax rates for the 2021 tax year. WHEREAS, after conducting the public hearing, the Board of Directors of the District desires to proceed with the levy and collection of a debt service tax and a maintenance tax for the 2021 tax year; and WHEREAS, the District has complied with the applicable requirements of the Texas Water Code and other statutes relating to the procedures for establishing ad valorem taxes by municipal utility districts. Now, therefore, BE IT ORDERED BY THE BOARD OF DIRECTORS OF TROPHY CLUB MUNICIPAL UTILITY DISTRICT NO. 1 THAT: 1 of 2 Order No. 2021-0920B Adopting Tax Rates for 2021 Tax Year Section 1. The facts and recitations found in the preamble of this Order are hereby found and declared to be true and correct and are incorporated by reference herein and expressly made a part hereof, as if copied verbatim. Section 2. There is hereby levied for the 2021 tax year the following ad valorem taxes: (i) An ad valorem debt service tax rate of $0.03489 on each $100 of taxable value on all taxable property within the District., and (ii) An ad valorem maintenance tax rate of $0.07099 on each $100 of taxable value on all taxable property within the District. Section 3. The Board of Directors hereby finds and declares that the tax rates adopted and levied by this Order do not exceed the maximum tax rates authorized by the voters of the District. Section 4. All taxes collected pursuant to this Order, after paying reasonable costs of levying, assessing, and collecting same, shall be used for authorized purposes, as may be specified by the Board of Directors in accordance with applicable laws. ADOPTED, PASSED AND APPROVED this 20th day of September 2021. ATTEST: Y_L Kelly Castonguay Secretary, Board of Directors 2 of 2 Steve Flynn President, Board of Directors \\'' ODU B 1M� �s/// =F• 1aEA �0 R:141/;,°/.(:"..37".„.: � '= e G e I ->• -.:2,,,,,/2.1°._... -);. ° TEX PA`-• . s0 ��S` -r//'gill/1111110\1 o STR"\�\`\\\� 111111