HomeMy WebLinkAboutConsent Calendar #3 8-3-87 CONSENT CALENDAR
DATE: JULY 22, 1987 .
TO: WILLLIAH H~ ~STON, CITY MANAGER
Fi~OI~: RONA~D A. ,~CTOR OF FINANCE
SUSJ£CT: ADOPTION%~[OF rESOLUTION NO. 87-85 SETTING THE TAX
RATE FOR THE 1973 CIVIC CENTER BONDS AT .00401%
RECO~ENDATION:
Adopt Resolution No. 87-85 setting forth the 1987-88 tax rate for
the 1973 Civic Center Bonds at .00401%.
DISCUSSION:
The Revenue and Taxation Code requires the City to annually adopt
a tax rate for any authorized bonded debt that exceeds the 1%
base levy.
Resolution No. 87-85 establishes a tax rate for 1987-88 for the
1973 Civic Center Bonds only, as we are presently in the process
of drafting public notices to call the outstanding 1971 Park
Bonds as of October 1, 1987. The new tax rate was arrived at by
dividing the 1987-88 Debt Service, $72,000, by the certified
secured value, of $1,572,134,141., as of August, 1986.
Sufficient revenues will be generated from the proposed tax rate
to meet the debt service obligations for the coming year.
RAN:lS
RESOLUTION NO. 87-85
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
TUSTIN, CALIFORNIA, FIXING AND DETERMINING THE AMOUNT
OF REVENUE REQUIRED FROM 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 1987-88.
The City Council of the City of Tustin does 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 herin 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 indebted-
ness for the 1973 Civic Center Bonds for the 1987-88
fiscal year is the sum of $72,000. 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 1987-88
Assessment Roll for the collection thereof in the
same manner as County taxes.
RESOLUTION NO. 87-85
Page 2
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, held on the day
of , 1987.
Richard B. Edgar, Mayor
ATTEST:
Mary E. Wynn, City Clerk