HomeMy WebLinkAbout94-76 - Fixing Tax Rate Under 1974 Open Space Bond for 1994-95RESOLUTION NO. 94-76
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 1994-95.
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-five thousand four hundred eighty-five
dollars ($275,485.00), 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 1994-95, 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 0.00435 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 15th day of August, 1994.
_: -, .14 " �,I
Mayor of the City of Costa Mesa
ATTEST:
Deputy City 9
erk of the City of Costa Mesa
'203
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. 94-76 was
duly and regularly passed and adopted by the said City Council at a regular meeting thereof held
on the 15th day of August, 1994.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 16th day of August, 1994.
Deputy City lerk and ex -officio Clerk of
the City Co cil of the City of Costa Mesa
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EXHIBIT "A"
Attachment for Resolution No. 94-A-
1974 OPEN SPACE BOND ISSUE -- TAX RATE CALCULATION 1994-95
1"4-95 REQUIREMENT = $ 275,485
Unsecured Roll
Net Assessed Valuations S 776,650,503
Less: Delinquency Allowance @ 12.26% <95,217,352>
Net Assessed Valuations For Tax Rate 681,433,151
Prior Year Tax Rate 0.0000416
Unsecured Roll Revenue
(Prior year tax rate x current net
assessed valuations =) 28.348
Estimated Supplemental Roll Revenue
Secured Roll Revenue x 0.0069 = 1,694
SUBTOTAL 30,042
AMOUNT TO BE LEVIED ON SECURED ROLL 245,443
(REQUIREMENT less SUBTOTAL)
Net Assessed Valuations $6,070,715,780
Less: Delinquency Allowance @ 8.42% <511,154,269>
Net Assessed Valuations 5,559,561,511
Add: Homeowners' Exemption Subvention 88,320,701
Net Assessed Valuations for Tax Rate $5,647,882,212
TAX RATE CALCULATION
AMOUNT TO BE LEVIED divided by Secured
Roll Net Assessed Valuations = Tax Rate
(expressed as a decimal =) 0.0000435
(or expressed as a percentage =) 0.00435%
REVENUE CALCULATIONS PROOF
Unsecured Roll Revenue
(Prior year tax rate x current net assessed valuations =)
28,348
Supplemental Roll Revenue
(Secured roll revenue x 0.0069 =)
1,694
Secured Roll Revenue
(Calculated tax rate x current net assessed valuations =)
245,443
TOTAL TAX REVENUE - REQUIREMENT 275,485
Exhibit "A"
"Resolution No. 94-76
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