HomeMy WebLinkAboutADOPT TAX RATES 08-30-82DATE:
August 18, 1982
8-30-82
Inter-Corn
CITY COUNCIL ADJOURNED MEETING
No. 3
TO:
FROM:
S UBJ ECT:
RonBill~' City Manager
Adoption of 1982-83 Tax Rates for Park and Civic Center Bonds
RECOMMENDATION
Review and adopt Resolution No.82-69, setting the 1982-83 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 County to provide taxing agencies with
the current year valuation prior to August 15 of each year. A resolution adopting
the new tax rate must be submitted to the County.
DISCUSSION
We are continuing to use the excess reserves in the Bond Funds to provide funds
for the current year's debt service. The use of these excess reserves will
continue to reduce the effective tax rate throughout the remainig life of each
issue. The attached worksheet shows the detail computation of the 1982-83 rates,
based on the 1982-83 property valuations certified by the Auditor Controller's
office.
RAN:mm
attachments
1971 PARK BONDS AND 1973 CIVIC CENTER BONDS
1982-83 TAX RATE
1. 1982-83 Property valuations certified by County of Orange
Secured
Land
Improvements
Personal Property
Business Inventory (prior year)
Home Owner's Exemption
Other Exemptions
Business Inventory Exemption (prior year)
$416,847,431
675,808,930
36,015,330
-0--
<33,859,000>
< 5,748,985>
-0-
NET VALUE
$1,089,063,706
Previous years' tax rate applied to
current year's unsecured
Park Bonds
Unsecured
$ 4,723,896
44,746,609
73,279,240
645,400
117,152'
22,216,794
<322,700>
$145,406,391
Civic Ctr. Bonds
Net unsecured
81-82 Tax rate
$145,406,391 $145,406,391
.0000858 .0000616
$ 12,475 $ 8,957
3. Bond fund reserve reductions
Park bond reserve balance at 6-30-82
9 years remaining in issue
$252,655 = $28,073 82/83 reserve reduction
Civic center bond reserve balance at 6-30-82
15 yrs. remaining in issue
$105,073 = $7,004 82/83 reserve reduction
$ 252,655
$ 105,073
4. 1982-83 revenue required
Civic Ctr.
Park Bonds Bonds
Required revenue
Less: prior yr. unsecured
revenue reduction
1982--83 revenue required
5. 1982-83 tax rate
Required revenue
Net secured
Applicable tax rate
-Park Bonds
70,152 : .000064414
1,089,063,706
.00644
$110,700 $69,375
<12,475> <8,957>
<28,073> <7,004>
$70,152 ~
Civic Ctr.
Bonds
53,414 = .000049045
1,089,063,706
.00491
RESOLUTION NO. 82-69
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
FIXING AND OETERMINING 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 1982-83.
7 The City Council of the City of Tustin does resolve as follows:
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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.
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.
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 1971 park bonds for the
82-83 fiscal year is the sum of $70,152. Said Donds are a general
obligation of the City of Tustin.
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.
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 civ'ic center bonds
for the 1982-83 fiscal year is the sum of $53,414. Sato bonos are
a general obligation of the City of Tustin.
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.
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 1982-83 Assessment Roll for the collection thereof in the
same manner as County taxes.
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RESOLUTION NO. 82-69
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 , 1982.
ATTEST:
Richard B. Edgar, Mayor
Mary E. Wynn
City Clerk