HomeMy WebLinkAbout89-171 - Levying Tax for Open Space Bond Issue for 1989-90RESOLUTION NO. 89-171
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
1989-90.
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-eight thousand three hundred twenty-five dollars
($258,325.00), 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 1989-90, 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 .00425 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 FTNALT,Y RESOLVED that this Resolution shall take effect and be
in full force immediately.
PASSED AND ADOPTED this 21st day of August, 1989.
ATTF;ST:
ity Clerk of the City of Costle sa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
�r-
f-iayor of the C4W of Costa Mesa
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clerk of the City
Colnlcil of the City of Costa Mesa, hereby certify that the above and forc-
goirx3 Resolution No. 89-171 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof, held on the 21st day
of august, 1989.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 22nd day of August, 1989.
C ty Clerk and ex -off icio Clerkthe
City Council of the City of Cos Mesa
(Attachment for Resolution No. 89-/7/)
1974 OPEN SPACE BOND ISSUE - TAX RATE CALCULATION - 1989-90
REQUIREMENT =
Unsecured Roll
Gross Assessed Valuations
Less: Delinquency Allowance @ 4.25%
Net Assessed Valuations for Tax Rate
Prior Year Tax Rate
Unsecured Roll Revenue.
(Prior year tax rate x current net
assessed valuations =)
Estimated Supplemental Roll Revenue
Secured Roll Revenue x 3.85% =
SUB -TOTAL
AMOUNT TO BE LEVIED ON SECURED ROLL
(REQUIREMENT less SUB -TOTAL)
Secured Roll
Gross Assessed Valuations
Less: Delinquency Allo�vcince 0 4.25%
Net Assessed Valuations
Add: Homeowners' Exemption Suhvention
Net Assessed Valuations for Tax Rate
TAX RATE CALCULATION
AMOUNT TO BE LEVIED divided by
Secured Roll Net Assessed Valuations
= Tax Rate (expressed as a decimal =)
( or expressed as a percOrita94--
= )
REVENUE CALCULATIONS PROOF
Unsecured Roll Revenue
(Prior year tax rate x currPnt net
assessed valuations = )
Supplemental Roll Revenue
(Secured roll revenue x 3.85% _ )
Secured Roll Revenue
(Calculated tax rate x current net
assessed valuations = )
TOTAL TAX REVENUE = REQ'_IRFNIE T
$818,883,588
(34,802,552)
784,081,036
0.0000492
$5,103,977,694
(216,919,052)
4,887,058,642
86,455,919
4,973,514,561
Lkhibit "A"
Rssolution No. 89-171
0.0000425
0.00425%
BDTRBU90
17 -,lug -89
$258,325
38,577
8,147
46,723
$211,602
$38,577
8,147
211,602
$258,325
1
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