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HomeMy WebLinkAbout1981-08-18; City Council; 6703; Establish Tax Rates Library & Sewer G.O. BondsIOo�CITY OF CARLSBAD .�. l: AGENDA BILL N0. G %O InitiaDept.H DATE: August lti, 1981 C. Atty. DEPARTMENT: Fi nance C _ Mgr. Subject: Establishing the Tax Rates for Fiscal Year 1981-82 for Library and Sewer .; G.O. Bonds Statement of the Matter The:city is annually required to set the amount of revenue and tax rates necessary to meet the general obligation bond 'debt service requirements for the Sewer and Library Bonds. These tax rates must be submitted to the County Assessor by no later than September 1, 1981 to be effective for the 1981-82 fiscal year. The following general obligation bond issues are currently outstanding:. 1981-82 Final Issue Payment Principal Effective Debt Service Date Term Due -Purpose Amount Interest Rate Required 1964 25 yrs. 1988 Sewer (Series A) $ 675,000 3.8% $ 40,325 1965 27 yrs. 1991 Sewer (Series B) 1,000,000 4.0% 60,660 1966 26 yrs. 1991 Sewer (Series C) 447,000 3.7% 23,585_ TOTAL $1,122,000 $124,570 1968 25 yrs. 1992 Library $ 295,000 4.5% $ 18,100 Debt service requirements for Sewer Bonds ($124,570) and Library Bonds ($1.8,100) can be met by establishing tax rates of 0.00910% for Sewer Bonds and 0.00000% for Library Bonds. The computation of these rates are shown on exhibits A. and B. The Sewer Bond tax rate of 0.36t lessfthanket theV4�utaxsrateasetoin 1980-81aforate on the Sewer ssed Bonds. value, or about Bonds The recommended Library Bond tax rate of 0.00000% will allow the Library reserves of $72,370 (7-1-81) to cover the Library dqbt service costs of $18,100 for fiscal 1981-82. This is consistent with the Council's practice followed during the past few years of reducing the G.O. Bond Reserves where possible. The Library rax rate has been set at $0.00 for the past two years. Fiscal Impact Exhibits A and B reflect the fiscal impact of setting the recommended tax rates. The Sewer Bond fund will reflect an ending fund balance of $70,523 if the recommended rate is adopted. The Library Bond fund will reflect a year end balance of about $63,270 for fiscal 1981-82. The adopted budget includes an appropriation of $124,570 and $18,100 for Sewer and Library Bond payments respectively. Exhibits Exhibit - Sewer Bond Debt Service Requirements Exhibit B - Library Bond Debt Service Requirements 1. Resolution No. G 26_ setting the amount of revenue from property taxes necessary to pay bonded indebtedness for fiscal year 1981-82. Resolution No. /G 3�6 setting the tax rates for the City General Obligation Bonds for fiscal year 1981=52— r CITY OF CARLSBAD Initial: AGENDA BILL NO. 703 Dept.Hd. DATE: August 18, 1981 C. Atty. DEPARTMENT: Finance C. Mgr. Subject: Establishing the Tax Rates for Fiscal Year 1981-82 for Library and Sewer G.O. Bonds (continued) Recommendation Adopt Resolution No. 11S^ and No. . y� setting the general obligation tax rate for 1981-82 and fixing t,e amount of revenue to be received from taxes. 417 Ix 9 EXHIBIT A CITY OF CARLSBAD 1981-82 Debt Service Requirements Sewer Bonds TAXABLE PROPERTY VALUE Secured Propert Secured $ 881,048,650 State Assessed Secured 269,525,770 TOTAL Secured Value $1,150,574,420 Unsecured Proper ty1 Unsecured Value $ 3.8,080,767 DEBT SERVICE REQUIREMENT - 1981-82 Total Bond Expenses - 81-82 $ 124,570 Less: 6,000) Interest Earnings Reserves 1 (10,060) Unsecured Tax Revenue (3,808) AMOUNT TO BE RAISED THROUGH TAX LEVY $ 104,702 TAX RATE COMPUTATION Tax Rate = Required Debt Service $ 104,702 Total Secured Market Value 1,150,574,420 Tax Rate = .00910% (This is equal to a 3.64 tax rate in pre Prop 13 terms) FISCAL IMPACT Beginning balance - Sewer Bond Fund $ 80,583 Add Revenue: Unsecured taxes (1980-81 rate) 3 0 ,88 Interest Tax rate 1981-82 (0.00910%) 10,,60000 Less: Debt service costs (124,570) ENDING BALANCE "� 70,523 lUnsecured property is taxed at the rate established in the previous year. -4 1 EXHIBIT B CITY OF CARLSBAD 1981-82 Debt Service Requirements Library Bonds TAXABLE PROPERTY VALUES Secured Property Secured $1,366,986,249 State Assessed Secured 277,097,580 TOTAL Secured Value $1,644,083,829 Unsecured Property Unsecured Value $ 43,0261698 DEBT SERVICE REQUIREMENT - 1981-82 Total Bond Expenses - 81-82 $ 18,100 Less: Interest Earnings (6000) (12:100) Reserves Unsecured Tax Revenue -0- AMOUNT TO BE PAID THROUGH TAX LEVY $ -0- FISCAL IMPACT Beginning Balance Library Bond Fund $ 72,370 Add Revenue: 6,000 Interest Less: Debt service costs (18,100)_ ENDING FUND BALANCE $ 60,270 f�l 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 2C 27 21, RESOLUTION NO. 66� 5 A RESOLUTION F THE TY FIXINGCOUNCIL THE AMOUNT OF REVENUE CARLSBAD, CALIFORNIA, FROM PROPERTY TAXES NECESSARY TO PAY THE BONDED INDEBTEDNESS OF THE "1962 SEIJER BONDS, SERIES A, B, AND C" AND "1966 LIBRARY BONDS" FOR FISCAL YEAR 1981-82 as WHEREAS, the City Council of the City of Carlsbad annually debt serhece amount of revenue required from property taxes to fund the City funds, and dependent WHEREAS, the annual revenue requirements within each bond fund are upon the beginning of each fund, and WHEREAS, the beginning balance of the Library Bond fund is sufficient to fund the�Library Bond requirements during the 198�Q82 fiscal year, d fund is sufficient to WHEREAS, the beginning balance of the SeweP support a portion of the annual Debt Service requirement, and WHEREAS, revenue of approximately $104,702 will be necessary to fund the remaining Sewer Bond requirements f;,r the 1981-82 fiscal year; Now, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad as follows: Sect__ ion 1: The City Council of the City of Carlsbad, pursuanes t tf1Xecthieon 51508 of the Government Cade of the State of California, a bonded indebtedness property taxes necessary to pay the b amount of revenue from prop- Y of the City of Carlsbad, 1966 Library Bonds" for the fiscal year commencing S July 1, 1981, and ending June 30, 1962, to be in the amount of $0.00. Section . The City Council of the City of Carlsbad, pursuant to Section 1 dues hereby fx the 5 51508 of the Government Code of the State of California, bonded indebtedness 6 amount of revenue from property taxes necessary to pay B and C" for the fiscal 7 of the "City of Carlsbad,1962 Sewer Bonds, Series A, 8 year commencing July 7, 1981, and ending June 30, 1982, to be in the amount o ;M 1 $104,702. 2 Secr ion 3: That the total amount of revenue from property taxes necessary t for all purposes pursuant to Section 51508 of the Government Code of the State 4 of California, and of Sections 1 and 2 hereinaboveyis $104,702. 5 Section 4: The City Clerk shall certify to the passage of this resolution 6 and cause the same to be published, as required by Section 36936.1 of the 7 Government'Code, once within fifteen (15) days of its passage in the Carlsbad g Journal, a ne�rspaper of general circulation printed and published in .the City g of Carlsbad. OPTED, at a regular meeting of the City Council on 10 PASSED, APPROVED AND AD 11 the 18th Day of August, 1981, by the following vote, to wit: 12 AYES: Coun.:il Menbers Packard, Casler, Anear, Lewis 13 NOES: None 14 ABSENT: Council Meer Kul.chin. 15 .�`� ` 16 Tt0(MLD CP P Ct,NRU, Ptayor 17 7-8 ATTEST: 19 A 20 _1 21 ALE'!WRPIRMUOTENKRANZ, City Clerk 22 23 (SEAL) 24 i 25 j 2fi 2 28 RESOLUTION N0. 6646 f Z ' 2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, SETTING THE TAX RATE FOR THE 1981-82 FISCAL j 3 YEAR_ 4 WHEREAS, the City Council of the City of Carlsbad annually Fixes the s for the city debt service funds, and 5 property tax rate g WHEREAS, the City Library Bond fund has accumulated a sufficient balance , 7 to support the annual debt service requirement for 1981-82, and WHEREAS, the City Council may set a tax rate of 0.00000% for the Library S additional revenues are necessar, for debt 9 Bend fund until such time as 10 payments, and 11 WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of 0.00910� for 12 fiscal year 1981-82 to fund the debt payments. 13 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, 14 as follows: 1981, there is 15 Section � : For the fiscal year 1981-82, c0n1le ncing July 1, hereby assessed, levied, and ordered collected upon the full assessed value 16 y 3.7 of taxable property within general tax District No. 1, which consists of all 3.8 taxable property within the City of Carlsbad except the taxable propertylisne in 19 general District No. ? as described below, taxes in the following 20 amounts and for the following listed purposes: RATE 21 FUND t�.00000 22 LIBRARY BOND INTEREST & REDEMPTION 0.00910% 23 SEWER BOND INTEREST & REDEMPTION — 2d TOTAL TAX RATE, GENERAL TAX p,00910% DISTRICT NO. 1. 25 26 The total tax rate for general tax District No. 1 shall be the amount of 27 0.00910% levied against full assessed valuation on all taxable property in 28 said district. ,s. 1 Section 2: For the fiscal year 1981-82, commencing July 1, 1981, there is - 2 hereby assessed, levied and ordered collected upon the full assessed value of 3 taxable property ��ithin general tax District No. 2, being the La Costa annexation as described in Ordinance No. 1173 of the City of Carlsbad, taxes in the following 5 listed amounts and for the following listed purposes: 6 FUND i 7 LIBRARY BOND INTEREST & REDE14PTION 0.00 000% i >3 TOTAL TAX RATE, GENERAL TAX 0.00000% DISTRICT NO. 2 9 10 The total tax rate for general tax District No. 2 shall be the amount of 11 0.00000% levied against full assessed valuation on all taxable property in 12 said district. 13 Section 3: This resolution is a resolution fixing the rates of taxes to be 3-4 levied in the City of Carlsbad for the fiscal year 1981-82 pursuant to the 3-5 provisions of Section 51511 of the Government Code of the State of California an 16 for providing the County Auditor, as required by said Section annually before 17 September 1, 1981, the rates of taxes to be adopted. 18 Section 4: The City Clerk shall certify to the passage of this resolution 19 and cause the same to be published, as required by Section 36936.1 of the 20 Government Code, once within fifteen (15) days of its passage in the Carlsbad 21 Journal, a newspaper of general circulation printed and published in the 22 City of Carlsbad, and shall furnish two certified copies of this resolution 23 to the County Auditor of the County of San Diego pursuant to Government Code 24 Section 51511. 25 XXXXX 26 XXXXX 27 XXXXX 28 XXXXX • 1= • z- 1 PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council on 2 the 18th day of August, 1981, by the following vote, to wit: 3 AYES: council mwbers Packard, Casler, Anear, lmds. 4 NOES: None 5 ABSENT: coLmcil Yiwber Kulchin / 6�,�!�� 7 OP;ALD C. PACKARD, i layor 8 9 ATTEST: 10 r... 11� Clerk ALETHA L• RAUTENKRANZ, City 12 13 14 (SEAL) 15 16 17 18 1.9 20 21 22 23 24 25 26 N7 28 .n1111111 " I- - ,.