HomeMy WebLinkAbout1984-08-21; City Council; 7855; Establish Tax Rate Library & Sewer G.O. Bonds. CITr''DF CARLSBAD — AGENW� BILL �0 L°
AS# 8 Mg; ESTABLISHING THE TAX RATES FOR DEPT. HD.
MTG. FISCAL YEAR 1984-85 FOR LIBRARY CITY A
TTN
DEPTFIN AND SEWER G. 0. BONDS. CITY MGR..
RECOMMENDED ACTION:
Adopt Resolution No. and No. _7'7/ q setting the general obligation tax
rate for 1984-85 and axing the amount of revenue to be received from 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 gust be submitted to the County
Assessor by no later than September 1, 1984 to be effective for the 1984-85
fiscal year.
The following general obligation bond issues are currently outstanding:
Final original Coast Effective 1984-85
Issue I matt Airxipal. Outstanlinq IManst DEbt Service
Date 'Itan ME _ A� Amrnt Pr
1964 2, yes. 1988 Sex' (Sers.A) 675,000 $170,U 3.88 45,E
1965 27 yrs. 1991 Sw' (Sers.B) 1,000,000 440,000 4.0% 55,E
1966 26 yrs. 1991 Smw (Sers.C) 446,000 165,000 3.7% 25,785
T ML $2,122,000 $T15,000 $126,095
1968 25 yrs. 1992 UU-,my $ 295,000 $140,000 4.5% $ 21,300
Debt service requirements for Sewer Bonds ($126,095) and Library Bonds ($21,300)
can be met by establishing tax rates of .00596% 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 .00596% of market value is equal to a 2.40 tax rate
on assessed value in pre Prop. 13 term, or about .40 less than the 2.80 tax
rate set in 1983-84 for the Sewer Bonds.
The reeomTended Library Bond tax rate of 0.00000% will allow the Library
reserves of $21,013 (7-1-84) and interest revenue to cover the Library debt
0. service costs of $21,300 for fiscal year 1984-85. This is consistent with the
-w' Council's practice followed during the past few years of reducing the G.O. Bond
p Reserves where possible. The Library tax rate has been set at $0.00 for the
past five years. Council should note that this the last year where a zero tax
per. rate may be set for the Library Bonds since all reserves will be exhausted by
Q the end of 1984-85.
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FISCAL IMPACT:
Exhibits A and B reflect the fiscal impact of setting the recommended tax rates.
The Sewer Bond fund will have an ending fund balance of $26,815 if the
recommended rate is adopted, The Library Bond fund will have a year end balance
of about $3,713 for fiscal 1984-85. The adopted budget includes an
appropriation of $127,865 and $21,300 for Sewer and Library Bond payments
respectively.
EXHIBITS:
Exhibit A - Sewer Bond Debt Service Requirements
Exhibit B - Library Bond Debt Service Requirements
Resolution No. 7 71 3 setting the amount of revenue from property taxes
necessary to pay bonded indebtedness for fiscal year 1984-85.
Resolution No. 22L�- setting the tax rates for the City General Obligation
Bonds for fiscal year 1984-85.
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EXHIBIT A
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CITY OF CARLSBAD
1984 - 1985 j
Debt Service Requirements
Sewer Bonds
TAXABLE PROPERTY VALUE
Secured Property
Secured
$ 1,331,447,353
State Assessed Secured (Estimated)
345,399,000
TOTAL Secured Value
$ 1,676,846,353
Unsecured Property
Unsecured Value (Taxed at 83-84 rate
of .00696%)
$ 70,571,374
DEBT SERVICE REQUIREMENT - 1984-85
'Total Bond Expenses - 1984-85
$ 126,095
Less:
Interest Earnings
10,000
Reserves
11095
4,900
Unsecured Tax Revenuel
100,000
AMOUNT TO BE RAISED THROUGH TAX LEVY-
TAX RATE COMPUTATION
Tax Rate - Required Deb Service
S 100,000
Total Secured Market Value
$ 1.676,_846,353
Tax Rate
.00596%
(This is equal to 2.56 tax rate in pre
Prop 13 terms)
FISCAL IMPACT
Beginning balance - Sewer Bond Fund $ 38,010
Add Revenue: Unsecured taxes (1983-84 rate) 4,900
Interest 10,000
Tax rate 1984-85 100,000
Less:
Debt service costs (126,095)
ENDING BALANCE $ 26,815
1Unsecured property is taxed at the rate established in the previous year.
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EXHIBIT B
CITY OF CARLSBAD
1984 - 1985
Debt Service Requirements
Library Bonds
TAXABLE PROPERTY VALUE
Secured Property
Secured $ 2,063,414,199
State Assessed Secured (Estimated) 357,310,000
TOTAL Secured Value $ 2,420,724,199
Unsecured Pro22rty1
Unsecured Value $ 77,168,173
DEBT SERVICE REQUIREMENT - 1983-84
Total Bond Expenses - 1984-85 S 21,300
Less:
Interest Earnings 4,000
Reserves 17,300
Unsecured Tax Revenue _ -0
AMOUNT To BE PAID THROUGH TAX LEVY2 $ -0-
FISCAL IMPACT
Beginning Balance Library Bond Fund $ 21,013
Add Revenue: Interest 4,000
Less:
Debt service OOSts (21,300)
ENDING FUND BALANCE $ 3,713
1nnsecured property is taxed at the rate established in the previous year.
2A "zero" tax rate has been set since 1980-81 for Library Debt Service in order
to reduce reserves.
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RESOLUTION N0. 7_ 7,3-a—
1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, FIXING THE AMOUNT OF REVENUE FROM'PROpERTY TAXES
2
3 NECESSARY TO PAY THE D BOWED DBTEE0DNESS OF 111966 LIBRARHEBONDS" FOR SEWER
BONDS, SERIES A, B, AN
FISCAL YEAR 1984-85.
4
5 WHEREAS, the City Council of the City of Carlsbad annually fixes as the
6 amount of revenue required from property taxes to fund the City debt service
7 funds, and
8 WHEREAS, the annual revenue requirements within each bond fund are dependent
9 upon the beginning balance of each fund, and
10 WHEREAS, the beginning balance of the Library Bond fund is sufficient to
11 fund the Library Bond requirements during the 1984-85 fiscal year, and
12 WHEREAS, the beginning balance of the Sewer Bond Fund is sufficient to
13 support a portion of the annual Debt Service requirement, and
14 WHEREAS, revenue of approximately $100,000 will be necessary to fund the
15 remaining Sewer Bond requirements for the 1984-85 fiscal year;
16 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad
17 as follows:
18 Section 1: The City Council of the City of Carlsbad, pursuant to Section
19 51508 of the Government Code of the State of California, does hereby fix the
20 amount of revenue from property taxes necessary to pay the bonded indebtedness
21 of the "City of Carlsbad, 1966 Library Bonds" for the fiscal year commencing
22 July 1, 1984, and ending June 30, '1985, to be in the amount of $0.00.
2 3 Sect_ ion 2; The City Council of the City of Carlsbad, pursuant to Section
24 51508 of the Government Code of the State of California, does hereby fix the
25 amount of revenue from property taxes necessary to pay the bonded indebtedness
26 of the City of Carlsbad, 1962 Sewer Bonds, Series A, B,, and C for the fiscal
27 year commencing July 1, 1984, and ending Oune 30, 1985, to be in the amount of
28, $100,000.
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1 Section 3: That the total amount of revenue from property taxes necessary
2 for all purposes pusuant to Section 51508 of the Government Code of the State of
3 California, and of Sections 1 and 2 above is $100,000.
4 Section 4: The City Clerk shall certify to the passage of this resolution
5 and cause the same to be published, as required by Section 36936.1 of the
6 Government code, once within fifteen (15) days of its passage in a newspaper of
7 general circulation.
8 PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of the
9 21,t day of august_ , 1984, by the following vote, to wit:
10 AYES: Council Members Casler, Lewis, Kulchin, and Prescott
11 NOES: Ncne
12
ABSENT: Courcil Member Chick
13
14
is AMARY H. C ER, Mayor
16 ATTEST:
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19.�ia.
20 ALETHA L. RAUTENKRANZ, City Clerk ,J-
21 (SEAL)
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RESOLUTION NO. 7714
1
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
2 CARLSBAD, CALIFORNIA, SETTING .THE TAX RATE FOR
THE 1984-85 FISCAL YEAR.
3
41 WHEREAS, the City Council of the City of Carlsbad annually fixes the
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5 property tax rates for the City debt service funds, and
6 WHEREAS, the City Library Bond Fund has accumulated a sufficient balance to
7 support the annual debt service requirement for 1984-85, and
8 WHEREAS, the City Council may set a tax rate of 0.00000% 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 0.00596% for
12 fiscal year 1984-85 to fund the debt payments.
13 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad,
14 as follows:
15 Section 1: For the fiscal year 1984-85, commencing Ouly 1, 1984, there is
16 hereby assessed, levied, and ordered collected upon the full assessed value of
17 taxable property within general tax District No. 1, which consists of all
18 taxable property within the City of Carlsbad except the taxable property in
19 general District No. 2 as described below, taxes in the following listed amounts
20 and for the following listed purposes:
21 FUND RATE
22 LIBRARY BOND INTEREST AND REDEMPTION 0.00000%
23 SEWER BOND INTEREST AND REDEMPTION 0.00596%
N4 TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 1 0.00596%
25 The total tax rate for general tax District No. 1 shall be the amount of
26 0.00596% levied against full assessed valuation on all taxable property in said
27 district.
28 ///
ion 2: For the fiscal year 1984-85, commencing Ouly 1, 1984, there is
1 Sect
2 hereby assessed, levied, and ordered collected upon the full assessed value of
3 taxable property within general tax District No. 2, being the La Costa
4 annexation as described in Ordinance No. 1173 of the City of Carlsbad, taxes in
5 the following listed amounts and for the following listed purposes:
6
FUND RATE
7
LIBRARY BOND INTEREST & REDEMPTION 0.00000%
8 TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 2 0.00000%
g The total tax rate for general tax District No. 2 shall be in the amount
10 0.00000% levied against full assessed valuation on all taxable property in said
11 district.
12 Section 3: This resolution is a resolution fixing the rates of taxes to be
13 levied in the City of Carlsbad for the fiscal year 1983-84 pursuant to the
14 provisions of Section 51511 of the Government Code of the State of California
15 and for providing the County Auditor, as required by said section annually
16 before September 1, 1984, the rates of taxes to be adopted.
17 Section 4: The City Clerk shall certify to the passage of this resolution
18 and cause the same to be published, as required by Section 36936.1 of the
19 Goverment Code, once within fifteen (15) days of its passage In a newspaper of
20 general circulation, and shall furnish two certified copies of this resolution
21 to the County Auditor of the County of San Diego pursuant to Government Code
22 Section 51511.
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1 PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of
2
the 21s day of St. , 1984, by the following vote, to wit:
3 AYES: Council Members Casler, Lewis, Kulchin, and Prescott
4 NOES: None
5 ABSENT: Council Member Chick
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7
8 MARY H. C LER, Mayor
9 ATTEST:
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13 A�EET�HAL.RAUT KRANZ, City Clerk �-
14 (SEAL)
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