HomeMy WebLinkAboutCC 22 CIVIC CTR BONDS 08-07-89Aa"% ~ ~'~ ]] ~ ~ ~ ~ CONSENT CALFNnAR
DATE: JULY 17, 1989 ~.~'~~~ I
TO:
FROM:
SUBJECT:
WILLIAM A. HUSTON, CITY MANAGER
RONALD A. NAULT, DIRECTOR OF FINANCE
ADOPTION OF 1989-90 TAX RATE FOR CIVIC CENTER BONDS
RECONNENDATION:
Adopt Resolution No. 89-109 setting forth the 1989-90 Tax Rate
for the 1973 Civic Center Bonds at .00401.
DISCUSSION:
The Revenue and Taxation Code requires the annual adoption of a
tax rate for all authorized general obligation bonded debt that
exceeds the one percent basic levy.
The 1973 Civic Center Bonds are the only remaining' General
Obligation Bonds. We have kept the tax rate consistent with last
year. The amount required to meet the debt service requirements
for fiscal 1989-90 is $77,000. These Bonds are scheduled to
mature in 1998. The principal balance at the end of this fiscal
year will be $450,000. Interest payable to maturity is $114,830.
Rdn~a~[d A' N
Director of Finance
Attachment
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RESOLUTION NO. 89-109
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, FIXING AND DETERMINING THE AHOUNT OF
REVENUE REQUIRED FROH PROPERTY TAXES OF THE CITY OF
TUSTIN AND FIXING THE RATE OF TAXES ON THE TAXABLE
PROPERTY WITHIN THE CITY OF TUSTIN TO SERVICE THE DEBT
OF THE GENERAL OBLIGATION BONDS OF THE CITY FOR THE
FISCAL YEAR 1989-90.
The City Council of the City of Tustin does hereby
resolve as follows:
Section 1:
That the City of Tustin has, pursuant to law,
heretofore elected to have its duties of assessment and tax
collection performed by the County of Orange, through the
County Assessor, Tax Collector, Auditor, and Other officials
of the County of Orange.
Section 2:
That the tax rate herein is levied pursuant to Section
93 of the Revenue and Taxation Code for the purpose of
paying voter-approved indebtedness of the City of Tustin.
Section 3:
That the amount of money necessary to be raised by
taxation upon the taxable property within the City of Tustin
as revenue to pay the voter-approved indebtedness for the
1973 Civic Center Bonds for the 1989-90 fiscal year is the
sum of $77,000. Said Bonds are a general obligation of the
City of Tustin.
Section 4:
That the tax rate to be levied shall be .00401 percent
(.0000401) of full value of the secured valuation of
property within the City of Tustin.
Section 5:
That the City Clerk of the City of Tustin shall certify
to the County Auditor of the County of Orange, State of
California, a statement of the rate of taxes fixed herein,
to be extended to him on the 1989-90 Assessment Roll for the
collection thereof in the same manner as County taxes.
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Section 6:
That the City Clerk shall certify to the adoption of
this Resolution and shall cause the same to be published
once within fifteen days after its adoption, in the Tustin
News, a weekly newspaper of general circulation, printed,
published, and circulated in the City of Tustin.
PASSED AND ADOPTED at a regular meeting of the City
Council of the City of Tustin, California, held on the
day of , 1989.
Ursula E. Kennedy, Mayor
ATTEST:
Mary E. Wynn
City Clerk
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