HomeMy WebLinkAbout88-62 - Fixing Tax Rate for 1974 Open Space Bond Issue for 1988-89RESOLUTION NO. 88-62
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
1988-89.
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 sixty-three thousand nine hundred eighty-five dollars
($263,985.00), 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 1988-89, 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 .00492 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 15th day of August, 1988.
ATTEST:
City Clerk of the City of Cos Mesa Mayor of the City of Costa Mesa
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
I, EIL.EEN 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. 88-62 was duly and regularly passed and adopted by the
said City Council at a regular meeting thereof, held on the 15th day of
August, 1988.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Seal
of the City of Costa Mesa this 16th day of August, 1988.
P ' (Y � -/U I
City Clerk and ex -officio Clerk of
City Council of the City of Costasa
EXHIBIT "A"
Resolution No. 88-62
1974 OPEN SPACE BOND ISSUE - TAX RATE CALCULATION - 1988-89
r5X ;54 A -
Unsecured Roll
Gross Assessed Valuations $ 660,136,631
Less: Delinquency Allowance @ 4.25% (28,055,807)
Net Assessed Valuations for Tax Rate
Prior Year Tax Rate
(Prior year tax rate x current net
assessed valuations) =
Estimated Supplemental Roll Revenue
Secured Roll Revenue x 4.5%
SUB -TOTAL
AMOUNT TO BE LEVIED ON SECURED
ROLL (REQUIRREMENT less SUB-
TOTAL)
Secured Roll
Gross Assessed Valuations
Less Delinquency Allowance @ 4.25%
Net Assessed Valuations
Add: Homeowners' Exemption
Subvention
Net Assessed Valuations for Tax Rate
Tax Rate Calculation
AMOUNT TO BE LEVIED divided by
Secured Roll Net Assessed Valua-
tions = Tax Rate (expressed as a
deciman) =
(or expressed as a percentage)
Revenue Calculations Proof
Unsecured Roll Revenue (Prior year
tax rate x current net assessed
valuations) =
Supplemental boll Revenue
(Secured roll revenue x 4.5%) _
Secured Roll Revenue
(Calculated tax rate x current
net assessed valuations) =
632,080,824
$4,601,088,514
(195,546,262)
4,405,542,252
87,424,284
4,492,966,536
0.0000524
0.0000492
0.00492%
$263,985
33,121
9,942
43,063
220,922
33,121
9,942
220,992
TOTAL TAX REVENUE = REQUIREMENT $263,985