HomeMy WebLinkAbout73-72 - Approving Tax Statement for Mailing to Voters - "B"RESOLUTION NO. 73--72
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF COSTA
MESA, CALIFORNIA, APPROVING THE TAX STATEMENT TO BE
MAILED TO VOTERS WITHIN THE CITY.
WHEREAS, an election is to be held in the City of Costa Mesa on
September 11, 1973, at which there will be submitted to the qualified
electors of said City the following City measure:
BOND PROPOSITION "B": Shall the City of Costa Mesa incur
a bonded indebtedness in the principal sum of $1,308,000.00 for
the acquisition, construction and completion of park improvements
and public recreational facilities including structures, land-
scaping, equipment, furnishings, and other property necessary or
convenient for any of the foregoing, and all expenses incidental
to or connected with the authorization, issuance and sale of the
bonds?
NOW, THEREFORE, this City Council does hereby approve the tax
statement, attached hereto as Exhibit "A", and by this reference made a
part hereof, to be mailed to the voters within the City as required by
Section 5301 of the Elections Code.
ADOPTED, SIGNED AND APPROVED this 2nd day of July, 1973.
V146 Mayor, City o sta Mesa
ATTEST:
City Clerk, City of Costaa
STATE OF CALIFORNIA ) SS
COUNTY OF ORANGE )
I, EILEEN P. PHINNEY, City Clerk of the City of Costa Mesa, Cali-
fornia, do hereby certify that the foregoing resolution was duly
adopted by the City Council of said City at a regular meeting of said
City Council held on the 2nd day of July, 1973, and that it was so
adopted by the following vote:
AYES: COUNCILMEN: Hammett, Jordan, Pinkley, Wilson, Raciti
NOES: COUNCILMEN: None
ABSENT: COUNCILMEN: None
City Clerk, City of Costa M ,
California
Resolution No. 73-72
TAX RATE STATEMENT
This statement contains estimates of the first year tax rate and the maximum tax
rate associated with the proposed City of Costa Mesa Open. Space Bond issue to
be submitted for electoral approval on September 11, 1973.
Bonds in the aggregate amount of $3 , 910, 000 are to be issued to finance acquisition
of open space and development of park sites. Payment of debt service will be secured
by the levying of ad valorem taxes on all taxable property within the City.
In calculating tax rates, it is assumed that the bonds will mature over a 30 year
period, that the net interest rate will be 5 .25 percent, that approximately equal
annual debt service will be provided, and that annual tax collection delinquencies
will approximate 3 percent. All calculations are based on current year assessed
valuations, and hence, any future increase in the City's assessed valuation will
cause a reduction in the tax rate.
FIRST FISCAL YEAR: During fiscal year 1974/75 it is anticipated that a tax rate of
about $.1007 per $100 assessed valuation would be levied.
HIGHEST TAX RATE: The highest anticipated tax rate of $.1158 per $100 assessed
valuation (based on current assessed valuations) would be levied in fiscal year
199$/99.
The above information is based upon the best estimates and projections currently
available frcm official sources.
EXHIBIT A