HomeMy WebLinkAbout92-79 - Fixing Tax Rate for the 1974 Open Space Bond Issue for 1992-93�1 194
RESOLUTION NO. 92-79
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 1992-93.
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 sixty-one thousand twenty-five dollars
($261,025.00), 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 1992-93,
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 0.00391 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 17th day of August, 1992.
VA k -E �71, W IF 4ks
'the City of Costa Mesa
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ATTEST:
C ty Clerk of the City of Costa M
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 foregoing Resolution No. 92-79 was duly and
regularly passed and adopted by the said City Council at a regular meeting thereof held on the
17th day of August, 1992.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal of the City
of Costa Mesa this 18th day of August, 1992.
ity Clerk and ex -officio Clerk of th
City Council of the City of Costa Me
EXHIBIT "A"
Attachment for Resolution No. 92-79
1974 OPEN SPACE BOND ISSUE -- TAX RATE CALCULATION 1992-93
REQUIREMENT = $ 261,025
Unsecured Roll
-Gross Assessed Valuations
$ 923,093,078
Less: Delinquency Allowance @ 7.21 %
(66,555,011)
Net Assessed Valuations for Tax Rate
856,538,067
Prior Year Tax Rate
0.0000366
Unsecured Roll Revenue
(Prior year tax rate x current net
assessed valuations =)
31,349
Estimated Supplemental Roll Revenue
Secured Roll Revenue x 2.96 = 6,603
SUBTOTAL 3702
AMOUNT TO BE LEVIED ON SECURED ROLL 223_
(REQUIREMENT less SUBTOTAL)
Secured Roll
Adjusted Gross Assessed Valuations $6,171,899,967
Less: Delinquency Allowance @ 8.93% (551,150,667)
Net Assessed Valuations 5,620,749,300
Add: Homeowners' Exemption Subvention 85,874,538
Net Assessed Valuations for Tax Rate $5,706,623,838
TAX RATE CALICULA:'lON
AMOUNT TO BE LEVIED divided by Secured
Roll Net Assessed Valuations = Tax Rate
(expressed as a decimal -) 0.0000391
(or expressed as a percentage =) 0.00391
REVENUE C".�1I- TLA Tl
ONS PROOF
Unsecured Roll Revenue
(Prior year tax rate x current net assessed valuations =) 31,349
Supplemental Roll Revenue
(Secured roll revenue x 2.96 =) 6,603
Secured Roll Revenue
(Calculated tax rate x current net assessed valuations =) 223,073
TOTAL TAX REVENUE = REQUIREMENT 261,025
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