HomeMy WebLinkAboutCC 6 CIVIC CTR BONDS 09-17-84 CONSENT CALENDAR
~ .NO o .6
DATE: September 4, 1984
TO: Bill H~, City Manager
1984
~OM: Ron N~anceV'J/ Di rector . CiTy MAAIA~£R
SUBJECT: Adopti~n~f. 1984-85 Tax Rates for Park and Civic Center Bonds
RECOMMENDATON
Adopt Resolution No. 84-71 setting forth the 1984-85 tax rate for the 1971 Park
Bonds at .00644% and the 1973 Civic Center Bonds at .00491%.
BACKGROUND
The Revenue and Taxation Code requires the City to annually adopt a tax rate for
any authorized bonded debt that exceeds the 1% basic levy.
Per Council direction the rate contained in the attached Resolution is the same
as last year. The intent of this action was to provide a means of either
redeeming the 'bonds or purchasing them on the open market as they become
available. As of this date we have not located any bonds on the open market.
We will be contacting our current paying agent to secure a list of bond holders
and will set in motion a direct offer to buy through a broker. I will keep the
Council advised as to the status of this effort as it continues.
RAN:skf
Attachment
C2:Dll
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 84-71
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, FIXING AJ~D 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 1984-85.
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, TaxCollector,
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 necessa~ to be raised by taxation upon
the taxable property within the City of Tusttn as revenue to pay
the voter-approved indebtedness for the 1971 park bonds for the
1984-85 fiscal year is the sum of $104,700. Said bonds are a
general obligation of the City of Tustin.
SECTION 4: That the tax rate to be levied shall be .00644 percent (.0000644)
of full value of the secured valuation of property within the City
of Tustin.
SECTION 5: That the amount of money necessa~ 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 1984-85 fiscal year is the sum of $66,225. Said bonds are
a general obligation of the Ci~ of Tustin.
SECTION 6: That the tax rate to be levied shall be .00491 percent (.0000491)
of full value of the secured valuation of property within the City
of Tustin..
SECTION 7: That the City Clerk of the City of Tustin shall certify to the
County Auditor of the County of Orange, State o California, a
statement of the rate of taxes fixed herein, to be extended to himl
on the 1984-85 Assessment Roll for the collection thereof in the
same manner as County taxes.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
RESOLUTION NO. 84-71
Page 2
SECTION 8:
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 , 1984.
Urusula E. Kennedy, Mayor
ATTEST:
Maw E. Wynn, City Clerk