HomeMy WebLinkAbout1980-08-26; City Council; 6344; Establish Tax Rates Library and Sewer Bond FundsCITY OF CARLSBAD
AGENDA BILL NO. __&_3 7 -
DATE: August 26, 1980 -
DEPARTMENT : Finance
In9.tia1:
Dept.Hd.'.
C. Atty.
C. Mr. ,✓
Subject: Establishing the tax rates for Fiscal Year 1980-81 for the Library and
Sewer Bond funds.
Statement of the Matter
The city Council is required annually to fix the amount rioretonSeptemberue alsttoThis yeameet r, as
quirements and submit approved tax rates to the County p
in the past, the City has two outstanding general obligation bond issues that are financed
through City established tax rates: the 1966 Library Bonds and 1962 Sewer Bonds, Series A, B,
and C. The Bond requirements for 1980-81 are: Library Bonds-$18,550, and Sewer Bonds-$127,545.!.
The following Table describes the revenue required and recommended tax rates:
DEBT SERVICE REQUIREMENTS_
Taxable Assessed Value
Secured_ Unsecured Total ;
Library ponds $352,203,588 $8,865,395 $361,068,983
Sewer Bonds •247,324,257 7,712,765 255,037,022
Recommended X Assepsgj VqDe = Property Tax
Tax Rate $100 Revenue 1
Required Revenue _ _ -
Library Bonds Secured A.V. $0.00 $3,522,036 $ 0
0
Unsecured A.V. 0.00
Bond Fund Reserves
TOTAL Library Bond Requirements:
Sewer Bonds Secured A-V- $
0.04
Unsecured A.Y. 0.06
• 18,550
$18,550
$2,473,243 $98,930
77,128 4,628
(Taxed at 79-80 Rate) 23,987
Bond Fund Reserves $127,545
TOTAL Sewer Bond Requirements:
The reserves for the Library Bond fund of $71, 686 will be able to support a $0.00 tax rate
for approximately four more years. The Sewer Bond fund reserves of $62,291 should allow the
City to set a 4 or less tax rate for the next three years.
EXHIBIT
Resolution No.Lv aL7 fixing the amount of revenue from property taxes necessary to pay
bonded indebtedness for fiscal year 1980-81.
Resolution No.� setting the tax rates for the City for fiscal year 1980-31.
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FISCAL IMPACT
Due to the nature of the Sewer and Library funds, it is necessary to establish a tax rate
each fiscal year which is sufficient to cover the legal bonded debt requirements. If
satisfactory rates were not set, the bond service funds would be unable to meet the bond
service needs which would affect the rating and desirability of City bonds.
RECOMMENDATIONS
Adopt Resolutions No, and No. 6, 2 P•2 8' .
8-26-80 Council adopted Resolutions 6287 and 6288.
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RESOLUTION 110. 6287
7. i
OUNCIL OF THE CITY
2 A RESOLUTION OF THE CITY C
OF CARLSBAD, CALIFORNIA, FIXING THE AMOUNT OF
3 REVENUE FROM PROPERTY TAXES NECESSARY TO PAY THE
BONDED INDEBTEDNESS OF THE 111962 SEWER BONDS,
SERIES A, B, AND C" AND 111966 LIBRARY BONDS"
FOR FISCAL YEAR 1980-81.
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6 WHEREAS, the City Council of the City of Carlsbad annually fix as the
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amount of revenue required from property taxes to fund the City debt service
g funds, and
g WHEREAS, the annual revenue requirements within each bond fund are depend-
10 ent upon the beginning balance of each funs: and
3.1 WHEREAS, the beginning balance of the Library Bond fund is sufficient to
12 fund the Library Bond requirements during the 1980-81 fiscal year, and
13 WHEREAS, the beginning balance of the Sewer Bond fund is sufficient to
14 support a portion of the annual Debt Service requirement, and
j 5 14HEREAS, revenue of approximately $103,558 will be necessary to fund the
16 remaining Sewer Bond requirements for the 1980-81 fiscal year;
17 NOW, THEREFORE,, BE IT RESOLVED ,by the City Council of the City of Carlsbad
3.8 as follows:
19 Section l: The City Council of the City of Carlsbad, pursuant to Section
20 51508 of the Government Code of the State of California, does hereby fix the
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amount of revenue from property taxes necessary to pay the bonded indebtedness
22 of the "City of Carlsbad, 1966 Library Bonds" for the fiscal year commencing
23 July 1, 1980, and ending June 30, 1981, be in the amount of $0.00.
24 Section 2: The City Council of the City of Carlsbad, pursuant to Section
2 5 51508 of the Government Code of the State of California., does hereby fix the
26 amount of revenue from property taxes necessary to pay
the bonded indebtedness
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2q of the "City of Carlsbad 1962 Sewer Bonds, Series A, b, and C" t r the fiscal
1980, and ending June 30, 1981, to be in the amount of
26 year commencing July 1,
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1 103,860.
2 Section 3: That the total amount of revenue from property taxes necessary
3 for all purposes pursuant to Section 51508 of the Government Code of the State
4 f California, and of Sections 1 and 2 hereinabove is $103,558.•
5 Section 4: The City Clerk shall certify to the passage of this resolution
6 nd cause the same to be published, as required by Section 36936.1 of the Gov-
7 rnment Code, once within fifteen (15) days of its passage in the Carlsbad
8 ournal, a newspaper of general circulation printed and published in the City
9 Carlsbad.
adjourned
10 PASSED, APPROVED AND ADOPTED AT al regular meeting of the City Council on
11 the 26°th day of August, 1980, by the following vote, to wit:
12 AYES: Council Members Packard, Casler, Anear,'Lewis and Kulchin
13 NOES: None
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ABSENT: _ None
` fit,
!Q�'� � •�
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,�/�i��
RONALD C. PACKARD, MAYOR
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�TTEST;
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JAL-EIH6A 4RAUT�ENKR,
CITY�_CLEW�
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1 RESOLUTION NO. 6288
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, SETTING THE TAX RATE FOR
3 THE 1980-81 FISCAL YEAR. -
4 WHEREAS, the City Councij of the City of Carlsbad annually fixes the
5 property tax rates for the city debt service funds, and
6 WHEREAS, the City Library Bond fund has accumulated•a sufficient balance
7 to support the annual debt service requirement for 1980-81, and
8 WHEREAS, the City Council may set a tax rate of $0.00 for,the Library
9 bond fund until such time as additional revenues are necessary for debt
10 payments, and
11 WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of $0.04 for
12 fiscal year 1980-81 to fund the debt payments.
3.3 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
14 Carlsbad, as fellows:
15 Section 1: For the fiscal year 1980-81, commencing July.l, 1980 there is
16 hereby assessed, levied, and ordered collected upon each $100.00 of assessed
1 value of,taxable property within general tax District No. 1, which consist -of
18 all taxable property within the City of Carlsbad except the taxable property
:19 in general District No. 2 as described below, taxes in the following listed
20 amounts and for the following listed purpose:
21 FUND RATE
22 LIBRARY BOND INTEREST & REDEMPTION $0.00
23 JT. SEWER BOND INTEREST & REDEMPTION 0•04
24 TOTAL TAX RATE, GENERAL TAX $� 04
DISTRICT NO. 1
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2G The total tax rate for general tax District No. 1 shal.l be the sum of $0.04
27 for each $100.00 assessed valuation on all taxable property. in said district.
` 28 Section 2: For the fiscal year 1980-81, i;ommencing July 1, 1980, there is
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1 hereby assessed, levied and ordered collected upon each $100.00 assessed value
2 of taxable property within general tax District No. 2, being the La Costa
3 annexation as described in Ordinance No. 1 M of the City of Carlsbad, taxes in
4 the following listed amounts and for the following listed purposes:
5 FUND RATE
6 LIBRARY BOND INTEREST & REDEMPTIM • 0.00
q TOTAL TAX RATE, GENERAL TAX
DISTRICT NO. 2 '
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9 The total tax rate for general tax District No. 2 shall be the sum of $0.00
10 for each $100.00 assessed valuation on all taxable property in said district.
11 Section 3: This resolution is a resolution fixing the rates of taxes to be
levied in the City of Carlsbad fiscal year 1980-81 pursuant to the provi-
12 lbd for t�
13 sions of Section 51511 of the Government Code of the State of California and for
14 providing the County Auditor, as required 6y said Section annually before
15 September 1, 1980, the rates of taxes to be adopted.
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Section 4: The City Clerk shall certify to the passage of this resolution
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17 and cause the same to be published, as required by Section 36936.1 of the
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18 Government Code, once within fifteen (15) days of its passage in the Carlsbad E
19 Journal, a newspaper of general circulation printed and published in the City
20 of Carlsbad and shall furnish two certified copies of this resolution to the
21 County Auditor of the County of San Diego pursuant to Government Code Section $
22 51511.
ad'o rned
23 PASSED, APPROVED AND ADOPTED at Ar(e' uiar meeting of t;le City Council on i
24 the 261.h day of August, 1980, by the following vote, to wit:
25 AYES: Council Members Packard, Casler, Anear, Lewis and Kulchin
26 NOES: None
27 ABSENT: None
28 I ROf1ALD C. PACKARD. MAYOR
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ATTEST:
1 _KR
AL I AwL. RAUTENKRANZ, CITY CLERK
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