HomeMy WebLinkAboutCC 17 PARK & C.C. BONDS 09-6-83DATE:
August 31, 1983
CONSENT CALENDAR
NO. 17
9-6-83
nter - C om
TO:
FROH:
SUBJECT:
Bill Husi City Manager
Ron Naul*~
Adoption of 1983-84 Tax Rates for Park and Civic Center Bonds
RECOMMENDATION
Adopt Resolution No. 83-65, setting forth the 1983-84 tax rate for the 1971 park
bonds at .00606% and the 1973 civic center bonds at .00067%.
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 n~st be submitted to the County.
The attached worksheet shows the detailed c6mputation of the 1983-84 rates based
on the 1983-84 property valuations certified by the auditor controller's office.
We are using the excess reserves in the bond funds to provide resources for the
current years' debt service.
RN :n~
attachment
Bill Huston
Adoption of Tax Rates 1983-84
August 31, 1983
page 2.
1971 Park Bonds and 1973 Civic Center Bonds
1983-84 Tax Rate
1. 1983-84 property valuations certified by County of Orange:
t
Secured
Total Value.
Homeowner's exemption
Business inventory exemption
$1,166,102,929
(33,926,200)
-04
Net Value
$1,132,176,729
Previous years' rate applied to
current years' unsecured:
Park Bonds
Net unsecured $ 155,904,232
1982-83 tax rate .0000644
$ 10,040
3. Bond Fund Reserve Reductions
Park bond reserve at 6-30-83
$250,219 =
8 yrs. remaining in issue
$31,277
Civic center reserve at 6-30-83
103,497 : $. 7,393
14 yrs. remaining in issue
4. 1983-84 Revenue Required
Park Bonds
$ 110,000
(10,000)
(31,300)
$ 68,700
1983-84 debt service
Less:
Prior years' unsecured
Reserves
Net Reserve Required
Unsecured
$156,469,040
(24,962)
(539,845)
$155,904,232
Civic Center Bonds
$'155,904,232
.0000491
$ 7,654
$ 250,219
$ 103,497
Civic Center Bonds
$ 66,000
(7,700)
(7,400)
$ 50,900
Bill Huston
Adoption of Tax Rates 1983-84
August. 31, 1983
page 3.
5. 1983-84 Tax Rate
PARK BONDS
$68,700 divided by $1,132,176,729 = .0000606
Applicable rate .00606
CIVIC CENTER BONDS
$7,654 divided by $1,132,176,729 = '.0000067
Applicable rate .00067
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RESOLUTION NO. 83-65
IA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TUSTIN,
CALIFORNIA, FIXING AND DETERMINING THE '~OUNT 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 1983-84.
The City Council of the City of Tustin does resolve ~s 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:
SECTION 4:
That the amount of money necessary to be raised by taxatioQ upon
the taxable property within the City of Tustin as revenue to pay
the voter-approved indebtedness for the 1971 park bonds for the
1983-84 fiscal year is the sum of $68,700. Said bonds are a
general obligation of the City of Tustin.
That the tax rate to be levied shall be .00606 percent (.0000606)
of full value of the secured valuation of property within the City
of Tustin.
SECTION 5:
SECTION 6:
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 1983-84 fiscal year is the sum of $58,900. Said bonds are
a general obligation of the City of Tustin. 5~ q~( ~. ~ .
That the tax rate to be levied shall be .00067 percent (.0000067)
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 of California, a
statement of the rate of taxes fixed herein, to be extended to him
on the 1983-84 Assessment Roll for the collection thereof in the
same manner as County taxes.
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RESOLUTION NO. 83-65
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 Ci~ Council of the Ci~ of
Tustin, held on the day of , 1983.
Ronald B. Hoesterey, Mayor
ATTEST:
Mary E. Wynn, City Clerk