HomeMy WebLinkAbout02-59 - Setting Tax Rate Per Centum and Levying a Tax to Meet 1974 Open Space BondRESOLUTION NO. 02-59
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
COSTA MESA, CALIFORNIA, SETTING.THE TAX RATE
PER CENTUM AND LEVYING A TAX UPON ALL
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
2002-2003.
THE CITY COUNCIL OF THE CITY OF COSTA MESA DOES HEREBY
RESOLVE AS FOLLOWS:
WHEREAS, an election was held on September 11, 1973, pursuant to Title 4,
Division 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 payments of the principal and
interest on said bonds;
NOW, THEREFORE, BE IT RESOLVED that there be, and is hereby levied upon
all property within the City of Costa Mesa which is taxable for municipal purposes, a tax
for the purpose -of raising the sum of two hundred. sixty-eight thousand two hundred ten
dollars ($268,210.00), with which to meet payments of principal and interest of bonded
indebtedness incurred under the 1974 Open Space Bond Issue for the current fiscal
year 2002-2003 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 herinafter
levied shall be and is hereby set as .00280 percent of the full cash value of all taxable
property within the City of Costa Mesa for the aforesaid purpose. Said tax rate is levied
pursuant to Article XI I I -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 19th day of August, P02. ,
//V,
Mayor of the City of osta Mesa
ATTEST:
Deputy P,
Clerk of the City of Costa Mesa
STATE OF CALIFORNIA)
COUNTY OF ORANGE ) ss
CITY OF COSTA MESA )
APPROVED AS TO FORM
City Attorney,,.
I, JULIE FOLCIK, Deputy City Clerk and ex -officio Clerk of the City Council of the
City of Costa Mesa, hereby certify that the above and foregoing Resolution No.
02-59 was duly and regularly passed and adopted by the said City Council at a
regular meeting thereof held on the 19th day of August, 2002.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the City of Costa Mesa this 20th day of August, 2002.
_ Deputy City Clerk and ex -officio Clerk
of the City Council of the City of Costa Mesa
EXHIBIT "A"
CITY OF COSTA MESA
1974 OPEN SPACE BOND ISSUE
TAX RATE CALCULATION- - -
FISCAL YEAR 2002-2003
Amount to be levied:
2002-2003 Debt service requirement
Less: Unsecured roll revenue
Supplemental roll revenue
Amount to be levied
Tax rate calculation:
Amount to be levied
Divide by current net assessed valuation
Tax rate
$268,210
30,047
9,515
$228,648
$228,648
8,172,366,633
0.0000280 or
0.00280%