HomeMy WebLinkAbout90-68 - Levying Tax for 1974 Open Space Bond IssueG `1
RESOLUTION NO. 90-68
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA fESA, 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 1990-91.
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 Buff icient 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 sixty four thousand two hundred ninety five dollars
($264,295.00), 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 1990-91, 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 0.00404 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 20th day of August, 1990.
ATTEST:
.' ) " g '. ) (j? (4L'��
City Clerk of the City of Cost Mesa
STATE OF CALIFO.BNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
Mayor of the City V410sta Mesa
I, EILEEN P. PHINNEY, City Clerk and ex -officio Clark of the City
Council of the City of Costa Mesa, hereby certify that the above and fore-
going resolution No. 90-68 was duly and regularly passed and adopted by
the said City Council at a regular meeting thereof, held on the 20th day of
August, 1990.
IN WITNESS WHEREOF, I have hereunto scat my hand and affixed the Seal
of the City of Costa Mesa this 21st day of August, 1990.
1)0'. - (Y yu�
Clity Clerk and ex -off icio Clerk eff the
City Council of the City of Cos�4 Mesa
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EXHIBIT "A"
RESOLUTION NO. 90-68
1974 OPEN SPACE BOND ISSUE - TAX RATE CALCULATION - 1990-91
REQUIREMENT =
Unsecured Roll
Gross Assessed Valuations $891,406,551
Less: Delinquency Allowance @ 1.50% 13,371,098
Net Assessed Valuations for Tax Rate 878,035,453
Prior Year Tax Rate 0.0000425
Unsecured Roll Revenue
(Prior year tax rate x current net
assessed valuations =)
Estimated Supplemental Roll Revenue
Secured Roll Revenue x 5.25% =
SUB -TOTAL
AMOUNT TO BE LEVIED ON SECURED
ROLL (RLWIMIENT less SUB -TOTAL)
Secured Roll
Gross Assessed Valuations $5,546,675,900
Less: Delinquency Allowance (299,520,499)
@ 5.40%
Net Assessed Valuations 5,247,155,401
Add: Homeowners' Exemption 86,437,121
Subvention
Net Assessed Valuations for 5,333,592,522
Tax Rate
TAX RATE CALCULATION
AMOUNT TO BE LEVIED divided by
Secured roll Net Ass�.ssed
Valuations = Tax Rate
(expressed as a decimal =), 0.0000404
(or expressed as a -percentayc =) 0.00404%
REVENUE CALCULATIONS PROOF
Unsecured Roll Revenue
(Prior year tax rate x current net
$264,295
37,317
11,322
48,638
215,657
assessed valuations =) 37,317
Supplemental Roll Revenue
(Secured roll revenue x 5.25% _) 11,322
Secured Roll Revenue
(Calculated tax rate x current net
assessed valuations =) 215,657
TOTAL TAX REVENUE = REQUIREMENT $264,295
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