HomeMy WebLinkAbout1982-08-17; City Council; 7119; Establish Tax Rates for Library & Sewer G.O. Bonds/ 42.
CITY .iF CARLSBAD — AGENDA.,SILL
AB#_. 71 Iq I! DEPT. HD. C.�
ESTABLISHING THE TAX RATES FOR FISCAL YEAR CITY ATTY
MTG._1J 7L82 1982-83 FOR LIBRARY AND SEWER G.O. BONDS.
CITY MGR.
DEPT. Finance
0
w
O
a
�a.
Q
RECOMMENDED ACTION: '
Adopt Resolution No. & t` _ and No. (c R `�0 setting the general
obligatior rate for 1982-83 and fixing the amount of revenue to be
received .4 taxes.
ITEM EXPLANATION
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, 1982 to be effective for the 1982-83 fiscal year.
The following general obligation bond issues are currently outstanding:
Final
Original
Current
Effective
1982-83
Issue
Payment
Principal
Outstanding
Interest
Debt Service
Date
Term Due
Purpose
Amount
Principal—
Rate
Required _
1964
25
yrs. 1988
Sewer
(Sers:A)$
675,000
$280,000
3.8%
$ 39,275
1965
27
yrs. 1991
Sewer
(Sers.B)
1,000,000
550,000
4.0%
59,260
1966
26
yrs. 1991
Sewer
(Series
C) 447,000
225,000
3.7%
27,955
TOTAL
$2,122,000
$1065,000
$126,490
1968
25
yrs. 1992
Library
$ 295,000
170,000
4.5%
$ 22,650
Debt service requiremzlita for Sewer Bonds ($126,490) and Library Bonds (122,650)
can be met by establishing tax rates of 0.00825% for Sewer Bonds and 0.00000% for
Library Bonds. The computation of these rates aye shown on Exhibits A and B.
The Sewer Bond tax rate of 0.00825% of market value is equal to a 3.3c tax rate
on assessed value, or about .341; less than the 3.64C tax rate set in 1991-82-
for the Sewer Bonds.
The recommended Library Bond tax rate of 0.000002 will 3110w the Library reserves
of $59,323 (7-1-82) to cover the Library debt service costs of $22,650 for
fiscal 1982-83. This is consistent with the Council's practice followed during
the past few years of reducing the G.O. Bond Reserves where posy ale. The
Library tax rate has been set at $0.00 for the past three years.
FISCAL. IMPACT
Exhibits 1. and B reflect th^ fiscal impact of setting the recommended tax rates. The
Sewer Bond fund will have an ending fund balance of $68,288 if the recommended
rate is adopted. The Library Bond fund will have a year end balance of about
$43,673 for fiscal 1982-83. The adopted budget includes an appropriation of
$126,490 and $22,650 for Sewer and Library Bond payments respectively.
__ i
Continuation Page t�
k'
AB # % TITLE: ESTABLISHING THE TAX RATES FOR f
Mtg. 8/17/82 FISCAL YEAR 1982-83 FOR LIBRARY AND SE14ER G.O. BONDS
DEPT. Finance °
Y
VU11BITS :
t
Exhibit A - Sewer Bond Debt Service Requirements
Exhibit B - Library Bond Debt Service Requirements
Resolution No. &169 etting the amount of revenue from property taxes
necessary to pay bonded indebtedness for fiscal year 1982-83.
Resolution No. L 117 0 setting the tax rates for the City General Obligation
Bonds for fiscal year 1982-83.
C�
1
EXHIBIT A
CITY OF CARLSBAD
1982-83 ;S
t
Y
Debt Service Requirements
i
Sewer Bonds '
9
TAXABLE PROPERTY VALUE
Secured Property
Secured $ 1,017,914,008
State Assessed Secured 308,703,800
TOTAL Secured Value $ 1,326,617,808
Unsecured Property
Unsecured Value (Taxed at 81-82 rate $ 47,159,821
of .00910%)
DEBT SERVICE REQUIREMENT - 1982-83
Total Bond Expenses - 82-83 $ 126,490
Less:
Interest Earnings 2,000
Reserves 10,752
Unsecured Tax Revenuel 4 2, 92,_
AMOUNT TO BE RAISED THROUGH TAX LEVY $ 109,446
TAX RATE COMPUTATION
Tax Rate = Required Debt Service $ 109,446
Total Secur.ad Market Value $1,326,617,808
Tax Rate .00825%
(This is equal to a 3.34 tax rate in pre Prop 13 terms)
FISCAL IMPACT
Beginning balance - Sewer Bond Fund $ 79,040
Add Revenue: Unsecured taxes (1981-82 rate) 4,292
Interest 2,000
'Tax rate 1982-83 109,446
Less: Debt service costs (126,490)
ENDING BALANCE $ 68.288
lUnsecured property ts taxed at the rate established in the previous year.
Y_
EXHIBIT
CITY OF CARLSBAD
1982-83
Debt Service Requirements
Library Bonds
TAXABLE PROPERTY VALUES
Secured Property
Secured $1,646,831,732
State Assessed Secured 317,454,870
TOTAL Secured Value $1,964,286,602
Unsecured Property
Unsecured Value $ 50,604,857
DEBT SERVICE_REQUIRF.MEMT - 1982-83
Total Bond Expenses - 82-83 $ 22,650
Less:
Interest Earnings 7,000
Reserves (15,650)
Unsecured Tax Revenue - 0
AMOUNT TO BE PAID THROUGH TAX LEVY $ - 0 -
FISCAL IMPACT
Beginning Balance Library Bond Fund $ 59,323
Add Revenue:
Interest 7,000
Less:
Debt service costs (22,650)
ENDING FUND BALANCE $ 43,673
I RESOLUTION NO. 6969
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, FIXING THE AMOUNT OF REVENUE
3 FROM PROPERTY TAXES NECESSARY TO PAY THE BONDED
INDEBTEDNESS OF THE "1962 SEWER BONDS, SERIES A,
4I B, AND C" AND "1966 LIBRARY BONDS" FOR FISCAL YEAR
1982-83
5
G WHEREAS, the City Council of the City of Carlsbad annually
7 fix as the amount of revenue required from property tares to fund
8 the City debt service funds, and
9 WHEREAS, the annual revenue requirements within each bond
10 fund are dependent upon the beginning balance of each fund, and
11 WHEREAS, the beginning balance of the Library Bond fund is
12 sufficient to fund the Library Bond requirements during the
13 1982-83 fiscal year, and
14. WHEREAS, the beginning balance of the Sewer Bond Fund is
15 sufficient to support a portion of the annual Debt Service require
-
16 ment, and
17 WHEREAS, revenue of approximately $109,446 will be necessary
18 to fund the remaining Sewer Bond requirements for the 1982•-83
19 fiscal year;
20 NOW, THEREFORE, BE IT RESOLVED by the City Council of the
21 City of Carlsbad as follows:
?2 Section 1: The City Council of the City of Carlsbad, pursuant
23 to Section 51508 of the Government Code of the State of California,
24 does hereby fax the amount of revenue from property taxes neces-
25 sary to pay the bonded indebtedness of the "City of Carlsbad, 1966
26 Library Bonds" foi. the fiscal year commencing July 1, 1982, and
27 ending June 30, 1983, to be in the amount of $0.00.
r
1
2
3
4
5
6
7
8
9
10
11;
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
Section 2: The City Council of the City of Carlsbad,
pursuant to Section 51508 of the Government Code of the State of.
California, does hereby fix the amount of revenue from property
taxes necessary to pay the bonded indebtedness of the City of
Carlsbad, 1962 Sewer. Bo.ids, Series A, B, and C for the fiscal
year commencing July 1,• 1982, and ending June 30, 1983, to be
in the amount of $109,446.
Section 3: That the total amount of revenue from property
taxes necessary for all purposes pursuant to Section 51508 of the
Government Code of the State of California, and of Sections 1 and
2 above is $109,446.
Section 4: The City Clerk shall certify to the passage of
this resolution and cause the same to be published, as required
by Section 36936.1 of the Government Code, once within (15)
fifteen days of its passage in the Carlsbad Journal, a newspaper
of general circulation printed and published in the City of
Carlsbad.
PASSED, APPROVED AND ADOPTED, at a regular meeting of the
City Council on the 17th day of August, 1982, by the following
vote,,to wit:
AYES: Council. Marbers Casler, Lewis, Kulchin, Ghicic and Anear
NOES: None
ABSENT: None
MARY CASbER, Mayor
IIATTEST:
//-
ALETIIA L. RAUTENKRANZ, City Cler
(SEAL)
!■
(n
1 RESOLUTION NO. 6970
2 A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF CARLSBAD, CALIFORNtA, SETTING THE TAX RATE
3 FOR TIDE 1982-8'3 FISCAL YEAR _
4 WHEREAS, the City Council of the City of Carlsbad annually
5 fixes the property tax rates for the city debt service funds, and
6 WHEREAS, the City Library Bond Fund has accumulated a
7 sufficient balance to support the annual debt service requirement
8 for 1982-83, and
9 WHEREAS, t:lie City Council may set a tax rate of 0.00000%
10 for the Library Bond fund until such tima as additional revenues
11 are necessary for debt payments, and
12 WHEREAS, the 1962 Sewer Bond fund shall require a tax rate
13 of 0.00825% for fiscal year 1982-83 to fund the debt payments.
14 NOW, THEREFORE, BE IT RESOLVED by the City Council of the
15 City of Carlsbad, as follows:
16 Section 1: For the fiscal year 1982-83, commencing July 1,
17 1982, there is hereby assessed, levied, and ordered collected
18 upon the full assessed value of taxable property within general
19 tax District No. 1, which consists of all taxable property within
N0 the City of Carlsbad except the taxable property in general
21 District No. 2 as described below, taxes in the following listed
?2 amounts and for the following listed purposes:
23 FUND FATE
24 LIBRARY BOND INTEREST & REDEMPTION 0.00000%
25 SEWER BOND INTEREST & REDEMPTION 0.00825%
26 TOTAL 'PAX RATE, GENERAL TAX
27 DISTRICT NO. 1 0.00825%_
28
i=
`7
a
The total tax rate for general tax District No. 1 shall be
2 the amount of 0.00825% levied against full assessed valuation
3
on all. taxable property in said district.
4 Section 2: For the fiscal year 1982-83, commencing
5
July 1, 1982, there is hereby assessed, levied and ordered
6 '
collected upon the full assessed value oftaxable property within
7
general tax District No. 2, being the La Costa annexation as
8
described in Ordinance No. 1173 of the City of Carlsbad, taxes in
9
the following listed amounts and for the following listed purposes:
10 FUND RATE
11 LIBRARY BOND INTEREST &
12 REDEMPTION 0,00000%
13 TOTAL TAX RATE, GENERAL TAX
DISTRICT NO. 2 0.,00000%
14
The total, tax rare for general tax District No. 2 shall be in
15
the amount of 0.00000% levied against full assessed valuation on
16
17 all taxable property in said district.
Section 3: This resolution is a resolution fixing the rates
18 '
of taxes to be levied in the City of Carlsbad for the fiscal year
19
?0 1982-83 pursuant to the provisions of Section 51511 of the
Government Code of the State of California and for providing the
21
22 County Auditor, as required by said section annually before
September 1, 1982, the rates of taxes to be adopted.
23
Section 4: The City Clerk shall certify to the passage of this
29
resolution and cause the same to he published, as required by
25
Section 36936.1 of the Government Code, once within fifteen (15)
26
days of its passage in the Carlsbad ,Journal, a newspaper of general
27
circulation printed and published in the City of Carlsbad, and
28
-2-
I shall furnish two certified copies of this resolution to the
2 County Auditor of the County of. San Diego pursuant to Government
3 Code Section 51511.
4 PASSED, APPROVED AND ADOPTED at a regular meeting of the
5 City Council on the 17th.day of August, 1982, by the following
ra vote, to wit:
7 APES: Coulcil 1,,Wbers Casler, Lewis, Kulchin, Chick and Anear
8 NOES: Done
9 ABSENT: None
10o-CQ-�-
11 NARY CA LER, Mayor
12 ATTEST
13
14
15 ALETIIA L. RAUTENKRANZ, City Clerk
3.6
17 (SEAL)
1£3
19
20
21
22
23
24
25
26
27
28
R
I
a
is
Cl