HomeMy WebLinkAbout87-88 - Fixing Tax Rate for 1974 Open Space Bond Issue 1987-88RESOLUTION NO. 87-88
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 6VHICH IS
TAXABLE TO MEET THE CITY'S OBLIGATION UNLER THE
1974 OPEN SPACE BOND ISSUE FOR FISCAL YEAR
1987-88.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY RESOLVE AS
FOLL06S :
THAT, 4\JHEREAS, 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
MEREAS, a bond issue for open space lands was approved by the
electorate at said election; arra
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 four hundred fifteen dollars ($258,415.00),
with which to meet payments of principal and interest of bonded indebted-
ness incurred under the 1974 Open Space Bond Issue Election, for the
current fiscal year of 1987-88, 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 .00524 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 requiremnts 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, 1987.
ATTEST:
Lq
C ty Clerk of the City of Costa esa Mayor of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF QDSTA 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 fore-
going Resolution No. 87-88 was duly and regularly passed and adopted by the
said City Council at a regular meeting thereof, held on the 17th day of
August, 1987.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 18th day of August, 1987.
. p
City Clerk arra ex -officio Clerk of the
City Council of the City of Cos Mesa
Secured Roll
Gross Assessed Valuations $4,299,445,309
Less: Delinquency Allowance @ 4.25% (182,726,426)
---------------
Net Assessed Valuations 4,116,718,883
Add: Homeowners' Exemption Subvention 87,593,172
---------------
Net Assessed Valuations for Tax Rate 4,204,312,055
TAX RATE CALCULATION
(Attachment for Resolution No. 87-78)
EXHIBIT "A"
BDTRBU88
Secured Roll Net Assessed Valuations
= Tax Rate (expressed as a decimal =)
11 -Aug -87
(or expressed as a percentage =)
1974 OPEN SPACE BOND ISSUE - TAX RATE CALCULATION - 1987-88
---- ---- ----- ---- ----- --- ---- ----------- -------
REVENUE CALCULATIONS PROOF
REQUIREMENT =
$258,415
Unsecured Roll
$29,219
Supplemental Roll Revenue
Gross Assessed Valuations
$611,545,770
Secured Roll Revenue
Less: Delinquency Allowance @ 4.25%
(25,990,695)
assessed valuations = )
o---------------
TOTAL TAX REVENUE = REQUIREMENT
$258,415
Net Assessed Valuations for Tax Rate
585,555,075
Prior Year Tax Rate
0.0000499
o S
Unsecured Roll Revenue
r'
(Prior year tax rate x current net
assessed valuations =)
29,219
co
Estimated Supplemental Roll Revenue
----
co
--------- ------------ -------
Secured Roll Revenue x 4% =
8,815
SUB -TOTAL
38,034
AMOUNT TO BE LEVIED ON SECURED ROLL
$220,381
(REQUIREMENT less SUB -TOTAL)
Secured Roll
Gross Assessed Valuations $4,299,445,309
Less: Delinquency Allowance @ 4.25% (182,726,426)
---------------
Net Assessed Valuations 4,116,718,883
Add: Homeowners' Exemption Subvention 87,593,172
---------------
Net Assessed Valuations for Tax Rate 4,204,312,055
TAX RATE CALCULATION
--- ---- -----------
AMOUNT TO BE LEVIED divided by
Secured Roll Net Assessed Valuations
= Tax Rate (expressed as a decimal =)
0.0000524
(or expressed as a percentage =)
0.00524%
REVENUE CALCULATIONS PROOF
------- ------------ -----
Unsecured Roll Revenue
(Prior year tax rate x current net
assessed valuations = )
$29,219
Supplemental Roll Revenue
(Secured roll revenue x 4% _ )
8,815
Secured Roll Revenue
(Calculated tax rate x current net
assessed valuations = )
220,381
TOTAL TAX REVENUE = REQUIREMENT
$258,415