HomeMy WebLinkAbout91-67 - 1974 Open Space Bond for FY 1991-92, Taxable Propertyf ih
RESODUTION NO. 91-67
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 OF THE TAXABLE
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 1991-92.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLLOWS:
THAT, WHEREAS, an election was held on September 11, 1973, pursuant
to Title 4, Division 4, Chapter 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 pay-
ments of the principal and interest on said bonds;
NOW, THEREFORE, BE IT RESOLVED that there be and is hereby levied
upon all the taxable 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 fifty seven thousand five hundred seventy five
dollars ($257,575.00), with which to meet payments of principal and inter-
est of bonded indebtedness incurred under the 1974 Open Space Bond Issue
Election, for the current fiscal year of 1991-92, 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 0.00366 percent of the full cash
value of all taxable property within the City of Costa Mesa, for the afore-
said 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 19th day of August, 1991.
ATTEST:
City Clerk of the City of Cos Mesa Mayor o V
the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going Resolution No. 91-67 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof, held on the 19th day of
August, 1991.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 20th day of August, 1991.
(o/ iii.) C� V,,F�.�u•v.
-City Clerk and ex-officfo Clerk q. the
City Council of the City of Coll Mesa
EXHEBIT "A"
L Attachment for Resolution No. 91--�L
1974 OPEN SPACE BOND ISSUE — TAX RATE CALCULATION 1991.92
RE UIREafENT. $757575
Unsecured Roll
Gross Assessed Valuations $ 959,784,273
Ltss: Delinquency Allowance @ 3.00% (28.793.5281
Net Assessed Valuations for Tax Rate 930,990,745 0.0000404
Prior Year Tax Rate
Unsecured Roll Revenue
(Prior year tax rate X current net
assessed valuations =) 37,612
Estimated Supplemental Roll Revenue
Secured Roll Revenue x 4.80 = 10.075
SUBTOTAL 47.687
AMOUNT TO BE LEVIED ON SECURED ROLL 209,888
(REQUIREMENT less SUBTOTAL)
Secured Roll
Adjusted Gross Assessed Valuations $5,921,808,099
Less: Delinquency Allowance @ 4.60% (212.403.172)
Net Assessed Valuations 5,649,404,927
Add: Homeowners' Exemption Subvention 85.874.538
Net Assessed Valuations for Tax Rate $5.735,279.465
TAX RATE CALCULATION
AMOUNT TO BE LEVEED divided by Secured
Roll Net Assessed Valuations = Tax Rate
(expressed as a decimal =) 0.0000366
(or expressed as a percentage =) 0,00366
BEVENUE CALCULATIONS PROOF
Unsecured Roll Revenue
(Prim year sex one x current net assessed valuations =) 37,612
Supplernental Rog Revenue
(Secured roll revenue x 4.80 =) 10,075
Secured Roll Revenue
(Calculated tax rate x current net assessed valuations =) 209,888
TOTAL TAX REVENUE. REQUIREMENT $257,575