HomeMy WebLinkAbout1986-08-19; City Council; 8732; Tax Rates Library & Sewer General Obligation Bondsv
CIT"?OF CARLSBAD -- AGEN[I 41BILL 100
2 �'
AS# TITLE: DEPT. HD
MTG. 8/19/86 _ ESTABLISHING THE TAX RATES FOR --,w
CITY ATTY
FISCAL YEAR 1986-87 FOR LIBRARY
DEPT. FIN AND SEWER GENERAL OBLIGATION BONDS CITY MGR.�
RECOMMENDED ACTION:
Adopt Resolution No. Pand No. Z��setting the general obligation tax
rate for 1986-87 and fixing 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 must be submitted to the County
Assessor by no later than September 1, 1986 to be effective for this 1986-87
fiscal year.
The following general obligation bond issues are currently outstanding:
Final
Original
Current
Effective
1984-85
Issue
Payment
Principal
Outstanding
Interest
Debt Service
Date
Term
Due
Purpose
_ Amount
Principal
Rate (appr)
_Required
1964
25 yrs.
1988
Sewer (Sers.A)
$ 675,000
$130,000
3.5%
$ 43,850
1965
27 yrs.
1991
Sewer (Sers.B)
1,000,000
400,000
3.6%
53,660
1966
26 yrs.
1991
Sewer (Sers.C)
_446,000
145,000
3.7%
_21045
TOTAL
$2,122,000
$675,000
$122,555
1968
25 yrs.
1992
Library
$ . 295,000
$110,000
4.5%
$.19,950
Debt service requirements for Sewer Bonds ($122,555) and Library Bonds
($19,950) can be met by establishing tax rates of 0.00393% for Sewer Bonds and
0.00069% for Library Bonds. The computation of these rates are shown on
Exhibits A and B.
Tax rates for City Debt Service payments have declined by 44% during the past
five years from 0.00625% to 0.00462%.
LIBRARY BOND
TAX -,RATE,
1982-83
-0-
1983-84
-0-
1984-85
-0-
1985-86
.00069%
1986-87
.00069%
TAX RATES
SEWER BOND
TOTAL
TAX RATE-
TA� k RATE
%CHANGE
.00825%
.00825%
-0-
.00696%
.00696%
(15.6)%
.00569%
.00569%
(14.4)%
.00501%
.00570%
( 4.4)%
.00393%
.00462%
(13.2)%
The tax rate of 0.00462% is equal to a tax of $4.62 on a home assessed at
$100,000:
PAGE 2 OF AB 4t
FISCAL•"IMPACT:
The City is required to set tax rates foe the repayment of General Obligation
Bonds. The revenue raised by those tax rates is restricted to the repayment of
this debt, no other use is allowed. The proposed tax rates will provide a total
of $117,385 for the payment of 1986-87 debt service costs.
EXHIBITS:
Resolution No. F7.s �.2 , fixing the amount of revenue required from property
taxes.
Resolution No. 875-3-, setting the 1986-87 tax rates for the Library and
Sewer Bonds.
Exhibit A - Sewer Bond tax rate computations.
✓ Exhibit B - Library Bond tax rate computations.
dl-
EXHIBIT A
CITY OF CARLSBAD
1986 - 1987
Debt Service Requirements
Sewer Bonds
TAXABLE -PROPERTY --VALUE
Secured -Property
Secured
$ 2t041,095t000
State Assessed Secured (Estimated)
•••350;000;000
TOTAL Secured Value
$ .2.39.1. 9 5 09 00
Unsecured-Propertyl
Unsecured Value (Taxed at 85-86 rate
of .00501%)
$::-•,7.1;168;000
DEBT•SERVICE•REQUIREMENT-=•1986=87
Total Bond Expenses - 1986-87
$ 122,555
Less:
Reserves
20,000
Interest Earnings l
5,000
Unsecured Tax Revenue
3.560
AMOUNT TO BE RAISED THROUGH TAX LEVY
TAX•RATE•COMPUTATION
Tax Rate = Required Debt Service/Total Secured Market Value $ 93;995
$ :2; 39.1; 095; 000
Tax Rate
.00393%
(This is equal to a tax rate of $0.00393 per $100 of
assessed value.)
FISCAL- IMPACT
Beginning balance - Sewer Bond Fund
$ 137,000
Add Revenue: Unsecured taxes (1985-86 rate)
3,560
Interest
5,000
Tax rate 1986-87
93,995
Less:
Debt service costs
ENDING BALANCE
•..I.•(122;555)
$ •117;.000:
lUnsecured property is taxed at the rate established in the previous year.
i
EXHIBIT B
CITY OF CARLSBAD
1986 - 1987
Debt Service Requirements
Library Bonds
TAXABL•E'PROPERTY VALUE
Secured -Property
Secured
$ 2,981,543,000
State Assessed Secured (Estimated)
•• 360;000;000
TOTAL Secured Value
$%3;341,;543;000
(1)
Unsecured P o ert
Unsecured Value
..... ......................
$.::•.80;725;000
DEBT•SERVICE•REQUIREMENT'-•1986=87
Total Bond Expenses - 1986-87
$ 19,950
Total Reserve Requirement
4,000
Less:
Unsecured Tax Revenue(1)
560
AMOUNT TO BE PAID THROUGH TAX LEVY
$.:, • -18;390
TAX RATE -COMPUTATION
Tax Rate = Required Debt Service/Total Secured Market Value $ 21390
$-.3;341.;543;000
Tax Rate
0.00069%
(This is equal to a tax rate of $0.00069 per S100 of
assessed value.)
FISCAL••IMPACT
Beginning Balance Library Bond Fund (7/1/86)
$ ( 4,000)
Add Revenue: Secured Taxes
23,390
Unsecured Taxes
560
Less:
Debt service costs
ENDING FUND BALANCE
(19;950)
1Unsecured property is taxed at the rate established in the previous year.
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RESOLUTION N0. 8752
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 "1962 SEWER
BONDS, SERIES A, B, AND C," AND "1966 LIBRARY BONDS" FOR
-FISCAL YEAR 1986-487;......
WHEREAS, the City Council of the City of Carlsbad annually fixes as the
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 dependei
upon the beginning balance of each fund and the Debt Service payment schedule
for each bond issue; and
WHEREAS, revenue of approximately $93,995 will be necessary -to fund the
Sewer Bond requirements for the 1986-87 fiscal year;
WHEREAS, revenue of approximately $23,390 will be necessary to fund the
Library Bond requirements for the 1986-87 fiscal year;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad
as follows:
Section 1: 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 Bonds, Series A, B, and C for the fiscal
year commencing July 1, 1986, and ending June 30, 1987, to be in the amount of
$93,995.
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, 1966 Library Bonds" for the fiscal year commencing
July 1, 1986, and ending June 30, 1987, to be in the amount of $23,390.
Section 3: That the total amount of revenue from property taxes necessary
l for all purposes pusuant to Section 51508 of the Government Code of the State
2 California, and of Sections 1 and 2 above is $117,385.
3 Section-4: The City Clerk shall certify to the passage of this resolution
4 and cause the same to be published, as required by Section 36936.1 of the
5 Government code, once within fifteen (15) days of its passage in a newspaper o'
6 general circulation.
7 PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of tl
8 19th day of ' Alij4ust._, 1986, by the following vote, to wit:
9 AYES: Council Members Casler, Lewis; ',ilchin and Pettine
10 NOES: None
11 AEBENT: Council Member Chick
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. Z` c , ayor
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ATTEST:
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19 j L. A K , ty Clerk
20 (SEAL)
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RESOLUTION NO. 8753
1-1 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, SETTING THE TAX RATE FOR
2 THE 1986=87 FISCALYEAR:
3 WHEREAS, the City Council of the City of Carlsbad annually fixes the
4 property tax rates for the City debt service funds; and
5 WHEREAS, the City Council may set a tax rate of 0.00055% for the Library
6 Bond fund until such time as additional revenues are necessary for debt
7 payments; and
8 WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of 0.00477% for
9 fiscal year 1986-87 for debt payments.
10 NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad
11 as follows:
12 Section 1: For the fiscal year 19 86-87, commencing July 1, 1986, there is
13 'hereby assessed, levied, and ordered collected upon the full assessed value of
14 taxable property within general tax District No. 1, which consists of all
15 taxable property within the City of Carlsbad except the taxable property in
16 general District No. 2 as described below, taxes in the following listed amount
17 and for the following listed purposes:
18 FUND RATE
19 LIBRARY BOND INTEREST AND REDEMPTION 0.00069%
20 SEWER BOND INTEREST AND REDEMPTION 0:00393%
21 TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 1 0:00462%
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The total tax rate for general tax District No. 1 shall be the amount of
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0.00532% levied against full assessed valuation on all taxable property in saic
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district.
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Section 2: For the fiscal year 1986-87, commencing July 1, 1986, there is
hereby assessed, levied, and ordered 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 i
the following listed amounts and for the following listed purposes:
FUND
RATE
LIBRARY BOND INTEREST & REDEMPTION _ATE I
0: 0—._.00�615
TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 2 0;00069%
The total tax rate for general tax District No. 2 shall be in the amount
0.00055% levied against full assessed valuation on all taxable property in said
district.
Section,3: This resolution is a resolution fixing the rates of taxes to t
levied in the City of Carlsbad for the fiscal year 1986-87 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, 1986, the rates of taxes to b,� adopted.
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
Goverment Code, once within fifteen (15) days of its passage in a newspaper of
general circulation, and shall furnish two certified copies of this resolution
to the County Auditor of the County of San Diego pursuant to Goverrment Code
Section 51511.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of
the 19th day of August; 1986; by -the followis.j vote, to wi-t:
AYES: Council Members Casler, Lewis, Kulchin and Pettine
NOES: None
AE6ENT: Council Member Chick
ATTEST:
ALETKA L. , .ity ler
(SEAL)
0
all
hay or �.
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