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Home My WebLink About1983-08-16; City Council; 7474; Establishing Tax Rates for FY 1983-84 for Bonds. .. h b _- CI1.m OF CARLSBAD - AGEND,, BILL ESTABLISHING THE TAY RATES FOR FISCAL YEAR he#= lfltCEr MTQ. R-lfi-RT 1953-84 FOR LIBRARY AND SEWER G.O. BONDS. DEW- Fhance RECOMMENDED ACTION: Adopt Resolution No. 7,730 and No. 733 / setting the general obligation tax rate for 1983-84 and fixing the amount of revenue to be received from taxes. ITEN EXPLAWTION 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. later than September 1, 1983 to be effective for the 1933-84 fiscal year. The following general obligation bond issues are currently outstanding: Issue Payment Principal Outstanding Interest Debt Service Date Tern Due Purpose Amount Principal Rate Required 1964 25 yrs. 1988 Sewer (Sers.A) $ 675,000 $ 210,000 3.8% $ 47,350 1965 27 yrs. 1991 Sewer (Sers.B) 1,000,000 480,000 4.0% 57,161 1966 26 yrs. 1991 Sewer (Sers.C) 447,000 185,000 3.7% 26,874 $2,122,000 $ 875,000 $131,385 1968 25 yrs. 1992 Library $ 295,000 155,000 4.5% 21,976 These tax rates must be submitted to the County Assessor by no Final Original Current Effective 1952-83 -- TCYrAJ.4 - - Debt service requirements for Sewer Bonds ($131,385) and Library Bonds ($21,976) can be met by establishing tax rates of 0.00696% for Sewer Bonds and 0.00000% for Library Bonds. The Sewer Bond tax rate of 0.00696% of market value is equal to a Z.86 tax rate on assessed value in pre Prop. 13 terms, or about .346 less than the 3.3& tax rate set in 1982-83 for the Sewer Bonds. The recommended Library Bond tax rate of 0.00000% will allow the Library reserves of $36,747 (7-1-83) to cover the Library debt service costs of $21,976 for fiscal 1983-84. the past few years of reducing the G.O. Bond Reserves where possible. The Library tax rate has been set at $0.00 for the past four years. FISCAL IMPACT Exhibits A and B reflect the fiscal impact of settin rate is adopted. $18,771 for fiscal 1983-84. $131,385 and $21,976 for Sewer and Library Bond payments respectively. EXHIBITS: The computation of these rates are shown on Exhibits A and B. This is consistent with the Council’s practice followed during the recomended tax rates. The mer Bond fund will have an ending fund balance of ! 49,976 if the recormnended The Library Bond fund will have a year end balance of about The adopted budget includes an appropriation of Exhibit A - Sewer Bond Debet Service Requirements Exhibit B - Library Bond Debt Service Requirements Resolution No. 7’’3d3d0s setting the amount of revenue from property taxes necessary to pay on e indebtedness for fiscal year 1983-84. Resolution No. 7,331 setting the tax rates for the City General Obligation Bonds for fiscal year 1983-84. c EXHIBIT A CITY OF CARLSBAD 1983 - 1984 Debt Service Requirements Sewer Bonds TAXAPLE PROPEKIY VALUE Secured Prop erty Secured State Assessed Secured TOTAL Secured Value 1 Unsecured Property Unsecured Value (Taxed at 82-83 rate of .00825%) $ 1,135,761,168 300,000,000 $ 1,455,761,168 $ 53,811,555 DEBT SERVICE REQU 1- - 1983-84 Tohal BondExpenses - 83-84 Less : Interest Earnings Res ewes Unsecured Tax Revenue 1 AMXNT TO BE RAISED THRCUGH TAX LEVY $ 131,385 5,561 21,385 4 -439 $ 100,000 TAX RATE C@lPUTATION Tax Rate = Required Debt Service Total Secured Market Value Tax Rate (This is equal to a 2.86 tax rate in pre Prop 13 $ 100,000 $1,435,761,168 .00696% tern) FISCAL IMPACT Beginning balance - Sewer Bond Fund $ 71,361 Interest 5,561 Add Revenue: Unsecured taxes (1982-83 rate) 4,439 Tax rate 1983-84 100,000 / Dcbt service costs (131,385) ENDING BAWWCE $ 49,976 Less : 'Unsecured property is taxed at the rate established in the previous year, EXHIBIT B CITY OF CARLSBAD 1983 - 84 Debt Service Requirements Library Bonds TAXABLE PROPERTY VALUES Secured Property SKUTed $1,811,187,760 State Assessed Secured 308,000,000 TOTAL Secured Value $2.119.187.760. Unsecured Property Unsecured Value $ 50,604,857 - DEBT SERVICE REQU IR€ME" - 1983-84 Total Bond Expenses - 1982-83 $ 21,976 Less : Interest Earnings Reserves Unsecured Tax Revenue AMXINT TO BE PAID THROUGH 4,000 17,976 -0- TAX LEVY $ -0- FISCAL IMPACT Beginning Balance Library Bond Fund $36,747 Add Revenue: Interest Less : Debt service costs ENDING FUND BALANCE 4,000 21,976 18,771 I E 1 % 4 K Y 6 7 e 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO.- 7330 A RESOLUTION OF THE CITY COUNCiL OF THE CITY OF CARLSBAD, CALIFORNIA, FIXING THE AMOUNT OF REVENUE FROM PROPERTY TAXES NECESSARY TO PAY THE BONDED INDEBTEDNESS OF THE "1962SENER BONDS, SERIES A, B. AND C" AND "1966 LIBRARY BONDS" FOR FISCAL YEAR 1983-84 WHEREAS, the City Council of the City of Carlsbad annually riixes asthe amount of revenue required from property taxes to fund the City debt service funds, and WHEREAS, the annual revenue requirements within each bond fund are dependcnt upon the beginning balance of each fund, and WHEREAS, the beginning balance of the Library Bond fund is sufficient to fund the Library Bond requiremcnts during the 1983-84 fiscal year, and WHEREAS, the beginning balance of the Sewer Bond Fund is sufficient to support a portion of the annual Debt Service require- ment, and WHEREAS, revenue of approximately $'100,000 will be necessary to fund the remaining Sewer Bond requirements for the 1983-84 fiscal year.; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad as i.ollows: Scction 1: The City Council of the City of Carlsbad, pursuant to Section 51508 of the Government Code of the State of California, does hcrcby fix the amount of rcvcnuc from propcrty taxcs ncccs- sary to pay thc bondcd indcbtcdncss OZ the "City of Cnrlsbod, 1966 Library Bonds" for thc fiscal ycar commcncing July 1, 1983, and ending Junc 30, 1984, to bc in thc amount of $0.00, . 10 11 12 13 14 15 16 17 la 2a 19 21 22 23 24 25 26 27 28 . - Section 2: The City Council of the City of Carlsbad, pur.suant 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 Bonds, Series A, B, and C for the fiscal year commencing July 1, 1983, and ending June 30, 1984, to be in the amount of $ 100,000. I .. d.4 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 $100,000. 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 a newspaper of general circulation. PASSED, APPROVED AND ADOPTED, at a regular meeting of the City Counc’il on the 16th day of August, 1983, by the following vote, to wit: AYES: NOES: None Council kknbers Casler, Lewis, Kulchh, Chick and prexott ABSENT: None ATTEST : A& QU+ L. l%TE%ANZflCity d/< Clcrk R. KUNYlZ, Deputy City Clerk (SEAL) 2 3 4 5 6 7 0 9 10 . 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 RESOLUTION NO. 7331 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORXIA, SETTING THE TAX RATE FOR THE 1983-84 FISCAL YEAR WHEREAS, the City Council of the City of Carlsbad annually fixes the property tax rates for the city debt service funds, and WHEREAS, the City Library Bond Fund has accumulated a sufficient balance to support the annual.debt service requirement for 1983-84, and WHEREAS, the City Countil may set a tax rat of 0.00000% for the Library Bond fund until such time as additional revenues are necessary for debt payments, and WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of 0.00696% for fiscal year 1963-84 to fund the debt payments. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad, as follows: Section 1: For the fiscal year 1983-84, commencing July 1, 1983, there is hereby assessed, levied, and ordered collected upon the full assessed value of taxable property within general tax District No. 1, which consists of all taxable property within the City of Carlsbad except the taxable property in general District No. 2 as described below, taxes in the following listed amounts and for the following listed purposes: UTE - FUND LIBRARY BOND INTEREST 6 REDEMPTION 0.00000% SEWER BOND INTEREST 6 REDEMPTION 0.00696% TOTAL TAX RATE, GENERAL TAX O.OO69G'b DISTRICT NO. 1 - .. 1 2 3 4 5 6 7 0 9 10 11 12 13 14 15 16 17 18 19 .k , 21 22 23 24 25 86 27 28 . . The total tax rate for general tax District No. 1 shall be *he amount of 0.00696% levied against full assessed valuation on all Laxablo property in said district. Section 2: kc~j? tho fiscal year 1983-84, commencing July 1, 1983, there is hereby assess;e:I, lcvied and oritred collected upon ,the full assessed value of taxable property within 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 listed amounts and for the following listed purposes: RATE FUND - LIBRARY BOND INTEREST 6 REDEMPT I ON 0.00000% TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 2 0.00000% The total tax rate for general tax District No. 2 shall be ir the amount of 0.00000% levied against full assessed valuation on all taxable property in said district. Section2 This resolution is a resolution fixing the rates of taxes to be levied in the 'City of Carlsbad for the fiscal year 3.983-84 pursuant to the provisions of Section 51511 of the Government Code of the State of California and for providing the County Auditor, as required by said section annually before September 1, 1983, the rates of taxes to be adopted. Section 4: The City Clerk shall certify to the passage of th resolution and cause the same to be published, as required by Section 36936.1 of the Government Code, once within fifteen (15) days of its passage in ;I ncwspapcr of gcncral circulation, and shall furnish two certified copies of this resolution to the County Auditor of the County of Sm Dicgo pursuant to Covcrnmcllt 1 2 ,?I 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 Code Section 51511. PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council on the 16th day of Auguat, 1983, by the following vote, to wit: AYES: NOES: None ABSENT: None Council Members Casler, Lewis, Kulchin, Chick ard Prescott % &.,- MARY CASJER, Mayor ATTEST : ./ AI,~~HA L. R~JTENKRAXZ, City Clerk IWGN R. KWMZ, Dew City Clerk (SEAL)