HomeMy WebLinkAbout97-78 - Setting Tax Rate Per Centum and Levyting a Tax to Meet Obligation Under the 1974 Open Space Bond FY 1997-98RESOLUTION NO. 47— 7R
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF COSTA
MESA,
CALIFORNIA, SETTING THE TAX
RATE PER CENTUM
AND
LEVYING A TAX UPON ALL
PROPERTY
WITHIN
THE
CITY OF COSTA MESA
WHICH IS
TAXABLE
TO MEET THE CITY'S
OBLIGATION
UNDER
THE
1974 OPEN SPACE BOND
ISSUE FOR
FISCAL
YEAR
1997-98.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, an election was held on September 11, 1973, pursuant to Title 4,
Division 4, Articles 1 through 8, Sections 43600 through and including 43904,
California Government Code; and
WHEREAS, a bond issue for open space lands was approved by the electorate
at said election; and
WHEREAS, pursuant to Section 43632, California Government Code, the City
of Costa Mesa is required to levy a tax sufficient to meet all payments of the principal
and interest on said bonds;
NOW, THEREFORE, BE IT RESOLVED that there be, and is hereby levied upon
all property within the City of Costa Mesa which is taxable for municipal purposes, a
tax for the purpose of raising the sum of two hundred sixty-four thousand two
hundred fifty dollars ($264,250.00), with which to meet payments of principal and
interest of bonded indebtedness incurred under the 1974 Open Space Bond Issue for
the current fiscal year of 1997-98, which said amount is sufficient for the aforesaid
purpose, and the Tax Rate Calculation is contained in Exhibit "A" attached hereto.
M
BE IT FURTHER RESOLVED that the rate per centum of the tax hereinafter
levied shall be and is hereby set as .00421 percent of the full cash value of all taxable
property within the City of Costa Mesa for the aforesaid purpose. Said tax rate is
levied pursuant to Article XIII -A, Section 1(b) of the Constitution of the State of
California and is for the purpose of paying the requirements of voter approved
indebtedness.
BE IT FINALLY RESOLVED that this Resolution shall take effect and be in full
force immediately.
PASSED AND ADOPTED this 18th day of August, 1997.
ATTEST:
Deputy City Clof the City of Costa Mesa
IT
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
V
1tA.1 I L
Meyorof t e City of Costa Mesa
Wt""'q P-Jv =few,
PPROVED AS TO FORM
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CITY ATTORNEY
I, MARY T. ELLIOTT, Deputy City Clerk and ex -officio Clerk of the City Council
of the City of Costa Mesa, hereby certify that the above and foregoing
Resolution No. q7- 7? was duly and regularly passed and adopted by the said
City Council at a regular meeting thereof held on the 1 Sth day of August, 1997.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of
the City of Costa Mesa this 19th day of August, 1997.
Deputy City lerk and ex -officio Clerk of
the City Co cil of the City of Costa Mesa
CITY OF COSTA MESA
1974 OPEN SPACE BOND ISSUE
TAX RATE CALCULATION
FISCAL YEAR 1997-98
Amount to be levied:
EXHIBIT "A"
1997-98 Debt service requirement $264,250
Less: Unsecured roll revenue 31,330
Supplemental roll revenue 1,319
Amount to be levied $231,601
Tax rate calculation:
Amount to be levied $231,601
Divide by current net assessed valuation 5,496,508,596
Tax rate .0000421 or
.00421%