HomeMy WebLinkAboutCC 12 GEN'L OBLIGATN BD 8-15-88 RASOLUTION NO. 88-91 FIXING TEE TAX ~TE FOR 1988-89 -
SU~ECT: TO SERVICE THE DEBT ON THE 1973 CIVIC CENTER GENE~L
OBLIGATION BONDS.
RECOMMENDATION:
Adopt Resolution No. 88-91 fixing the tax rate to be levied on
the full value of secured property within the City of Tustin at
.00401 percent to provide adequate resources to service the debt
obligation on outstanding 1973 Civic Center General Obligation
Bonds for fiscal year 1988-89.
DISCUSSION:
The 1973 'Civic Center General Obligation Bonds were issued
subsequent to a special election held September 19, 1972 where
two-thirds of all qualified voters approved the issue.
As of June 30, 1988, the outstanding principal balance for the
Civic Center Bonds is $540,000. The first available call period
is January 1, 1991. The principal balance at this time will be
about $450,000. Estimated fund balance in the Civic Center Fund
will be about $300,000. The interest on these bonds range from
5.4 percent this year to 5.6 percent in 1998.
RAN:ls
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RESOLUTION NO. 88-91
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN'~
CALIFORNIA, FIXING AND DETERMINING THE AMOUNT 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 YBAR 1988-89.
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 1988-89 fiscal year is the
sum of $70,000. 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 1988-89 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 , 1988.
Ronald B. Hoesterey, Mayor
ATTEST:
Mary E. Wynn
City Clerk
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