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
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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
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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
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The total tax rate for general tax District No. 1 shall be the amount of
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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=
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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)
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