HomeMy WebLinkAbout93-68 - Obligation under the 1974 Open Space Bond Issue for FY 1993-94203
RESOLUTION NO. 93-68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, FIXING 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 1993-94.
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 therein for municipal purposes, a tax
for the purpose of raising the sum of two hundred seventy-seven thousand five hundred twenty-
five dollars ($277,525.00), with which to meet payments of principal and interest of bonded
indebtedness incurred under the 1974 Open Space Bond Issue Election for the current fiscal year
of 1993-94, which said amount is sufficient for the aforesaid purpose, and the Tax Rate
Calculation is contained in Exhibit "A" attached hereto.
BE IT FURTHER RESOLVED that the rate per centum of the tax hereinafter levied shall
be and is hereby fixed as 0.00416 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 16th day of August, 1993.
Mayor of the City of Costa Mesa
ATTEST:
Deputy City lerk of the City of Costa Mesa
204
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
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. 93-68 was
duly and regularly passed and adopted by the said City Council at a regular meeting thereof held
on the 16th day of August, 1993.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 17th day of August, 1993.
1.
Deputy Ciq Clerk and ex -officio Clerk of
the City Council of the City of Costa Mesa
!?XIIIHIT "A"
Attachment for Resolution No. 93- i� 15
1974 OPEN SPACE 110ND ISSUE -- TAX RA'I'I+: ['A1,I'U1,A'I'l0N 1993-94
REQUIREMENT = $ 277,525
Unsecured Roll
Gross Assessed Valuations 854,094,289
Less: Delinquency Allowance @ 11.9% (101,636,030
Net Assessed Valuations fur Tax Raw 752,448,259
Prior Year Tax Rate 00MM391
Unsecured Roll Revenue
(Prior year tax rate x current net
assessed valuations =) 29,421
Estimated SuypIcinetttal Roll Revenue
Secured Roll Revenue x 2.03 � 4,936
SUBTOTAL 34,357
AMOUNT TO BE LEVIED ON SECURED ROLL 243,168
(REQUIREMENT less SUBTOTAL) ..
Secured Roll
Adjusted Gross Assessed Valualions $6,190,951,039
Less: Delinquency Allowance @ 7.01 % (433,978,658)
Net Assessed Valuations 5,756,872,381
Add: Homeowners' Exemption Subvention 86,502,093
Net Assessed Valuations for Tax Rate $5,843,374,474
TAX RAZE CALCULATION
AMOUNT TO BE LEVIED divided by Secured
Roll Net Assessed Valuations = Tax Rate
(expressed as a decimal =) 0.(XXX)416
(or expressed as a percentage -} 0.()[)416
REVENUE CALCULATIONS PROOF
Unsecured Roll Revenue
(Prior year tax rate x current net assessed valualions -} 29,421
Supplemental Roll Revenue
(Secured roll revenue x 2.03 =) 4,936
Secured Roll Revenue
(Calculated tax rate x current net assessed .valuations =) 243,168
TOTAL TAX REVENUE = REQUIREMENT 1_277,525
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