HomeMy WebLinkAbout1987-08-04; City Council; 9114; Tax Rates Library & Sewer General Obligation Bondsz
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Cl' "_'OF CARLSBAD — AGENC'�''BILL ADD
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AB # TITLE:
MTG. _s 4 J 87
DEPT: FIN
,RECOMMENDED ACTION:
DEPT. HI
ESTABLISHING THE TAX RATES FOR CITY ATl
FISCAL YEAR 1987-88 FOR LIBRARY ,CITY MG
AND SEWER GENERAL -OBLIGATION BONDS
Adopt Resolution No. %Zd and No. / / setting the general obligation tax
rate for 1987-88 and fixing the amount of revenue to be received from taxes.
ITEM EXPLANATION:
The City is annually required to set the amount of the 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, 1987 to be effective for the 1987-88
fiscal year.
The following general obligation bond issues are currently outstanding:
Final Original Current Effective 1987-88
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 $ 90,000 3.5% $ 42,450
1965 27 yrs. 1991 Sewer (Sers.B) 1,000,000 360,000 3.6% 52,240
1966 26 yrs. 1991 Sewer (Sers.C) 446,000 125,000 3.7% 29,213
$2.122,000 $575,000 $123,903
1968 25 yrs. 1992 Library $ 2952000 $ 95,000 4.5% $ 19,276
Debt service requirements for Sewer Bonds ($123,903) and Library Bonds
($19,276) can be met by establishing tax rates of 0.00318% for Sewer Bonds and
0.00047% 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 49% during the past
five years from 0.00696% to 0.00365%.
LIBRARY BOND
TAX RATE
1983-84
-0-
1984-85
-0-
1985-86
.00069%
1986-87
.00069%
1987-88
.00047%
TAX RATES
SEWER BOND
TOTAL
TAX_RATE
TAX RATE
% CHANGE
.00696%
.00696%
(15.6)7
.00569%
.00569%
(14.4)%
.00501%
.00510%
( 4.0%
.00393%
.00462%
(13.2)%
.00318%
.o6365%
(21.0)%
The tax rate of 0.00365% is equal to a tax of $3.65 on each $100,000 of
Assessed value.
PAGE 2 OF AB #
FISCAL IMPACT:
{ The City is required to set tax rates for 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 provided
a
a total of $108,959 for the payment of 1987-88 debt service costs.
EXHIBITS:
Resolution No.�, fixing the amount of revenue required from property
taxes.
p� Resolution No. J;Xd"l , setting the 1987-88 tar.'rates for the Library
and Sewer Bonds.
Exhibit A - Sewer Bond tax rate computations.
v� Exhibit B - Library Bond tax rate computations.
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RESOLUTION NO. 9180
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 1987-88.
WHEREAS, the City Council of the City of Carlsbad annually fixes 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
dependent upon the beginning balance of each fund and the Debt Service payment
schedule for each bond issue; and
WHEREAS, revenue of approximately $90,403 will be necessary to fund the
Sewer Bond requirements for the 1987-88 fiscal year; and
WHEREAS, revenue of approximately $18,556 will be necessary to fund the
Library Bond requirements for the 1987=88 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, 1987, and ending June 30, 1988, to be in the amount of
$90,403.
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, 1987, and ending June 30, 1988, to be in the amount of $18,556.
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Section 3: That the total amount of revenue from property taxes
necessary for al-J. purposes pursuant to Section 51508 of the Government Code of
the State of California, and of Sections 1 and 2 above is $108,959.
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 fifteen (15) days of its passage in a newspaper of
general circulation.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council of
the City of Carlsbad on the 4 th day of Augur 1987, by the
following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
!ATTEST:
ALETHA L. RAU ENKRANZ, City Clerk
l
CLAUDE A. LE I , Mayor -
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RESOLUTION NO. 9181
A RESOLUTION OF THE GLTY COUNCIL OF THE CITY OF
CARLSBAD, CALIFORNIA, SETTING THE TAX RATE FOR
THE 1987-88 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 1966 Library Bond fund shall require a tax rate of 0.00047%
for fiscal year 1987-88 for debt payments, and
WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of 0.00318% for
fiscal year 1987-88 for debt payments,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Carlsbad,
[as follows:
Section 1: For the fiscal year 1987-88, commencing July 1, 1987, 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
land for the following listed purposes:
FUND RATE
LIBRARY BOND INTEREST AND REDEMPTION 0.00047%
SEWER BOND INTEREST AND REDEMPTION 0.00318%
TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 1 0.00365%
The total tax rate for general tax District No. 1 shall be the amount of
0.00365% levied against full assessed valuation on all taxable property in
said district.
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Section 2: For the fiscal year 1987-88, commencing July 1, 1987, 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 in
the following listed amounts and for the following listed purposes:
FUND RATE
LIBRARY BOND INTEREST AND REDEMPTION 0.00047%
TOTAL TAX RATE, GENERAL TAX DISTRICT NO. 2 0.00047%
The total tax rate for general tax District No. 2 shall be in the amount
0.000/--' levied against full assessed valuation on all taxable property in said
I district.
Section 3: This resolution is a resolution fixing the rates of taxes to be
levied in the City of Carlsbad for the fiscal year 1987-88 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, 1987, the rates of taxes to be 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
Government 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 Government Code
Section 51511.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the City Council on
the 4 th day of August , 1987, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
I ATTEST:
d&W-4� 2. L'o,
ALETHA L. RAUTENKRANZ, City Clerk
CLAUDE A. LEWIS, Mayor
City of Carlsbad
DEBT SERVICE REQUIREMENTS
1987-88
SEWER GENERAL OBLIGATION BONDS
TAXABLE PROPERTY VALUE
Secured property (County assessed)
Secured property (State assessed%l)
Total Secured property
Unsecured property
Total Taxable Property
DEBT SER17ICE REQUIREMENTS
Sewer Bonds
Principal
Interest
Total Payments due
Funds Available for Debt Service:
Tax Revenue from Unsecured propertf2)
Interest earnings
Amount provided from reserves
Net Tax Revenue Required
TAX RATE CALCULATION
Tax Ran = Net tax revenue required
Total secured A.V.
_ $90,403
$2.846 billion
0.003180
FISCAL IMPACT
Beginning fund balance
Add: Revenue from taxes: Secured
Unsecured
Interest
Less: Debt Service Payments
Ending Fund Balance
(Values in million dollars)
1987-88
1986-87
% Change
$ 2,451
$ 2,041
20%
395
377
5%
$ 2,846
$ 2,418
18%
89
71
25%
$$ 2�
$ 2,489
18%
(Values in dollars)
1987-88
1986-87
% Change
$105,000
$100,000
5%
18,903
22,555
(16)%
$123,903
$122,555
1%
$ 3,500
$ 3,560
(2)%
5,000
5,000
--
25,000
20,000
251
$90,403
$93�
(4)q,
1987-88
$119,400
90,403
3,500
5,000
[123,9031
$ 94,400
1State assessed property values have been estimated. Actual values will not be
available until late August.
2Unsecured property for 1987-88 is taxed at the 1986=87 tax rate.
3A tax rate of 0.00318% is equal to $3.18 per year on each $100,000 of assessed
value.
u
City of Carlsbad
DEBT SERVICE
REQUIREMENTS
1987-88
LIBRARY GENERAL
OBLIGATION BONDS
TAXABLE PROPERTY VALUE.
(Values
in million
dollars)
1987-88
1986-87
% Change
Secured property (County assessed)
$ 3,520
$
2,980
18%
Secured property (State assessed
410
392
5%
Total Secured property
$ 3,930
$
3,372
17%
Unsecured property
$ 104
$
81
28%
Total Taxable Property
$ 4,034
$
3,453
17%
DEBT -SERVICE REQUIREMENTS
Library Bonds
Principal
Interest
Total Payments due
Funds Available for Debt Service
Tax Revenue from Unsecured property
Net Tax Revenue Required
TAX RATE CALCULATION
Tax Rate = Net tax revenue required
Total secured A.V.
_ $18,556
$3.930 billion
0.00047%(3)
FISCAL IMPACT
(Values in dollars)
1987-88
1986-87
% Change
$15,000
$15,000
--
4,276
4,950
(14)%
$19,276
$19,950
(3)%
$ 720
$ 560
29%
$18,556
$19,390
(4)%
1987-88
Beginning fund balance $ 4,600
Add revenue from taxes: Secured 18,556
Unsecured 720
Less debt service payment (19,2761
Ending Fund Balance $ 4,600
(1) State assessed property values have been estimated. Actual values will
not be available until late August.
(2) Unsecured property for 1987-88 is taxed at the 1986-87 tax rate.
(3) A tax rate of .00047% is equal to 47C per year on each $100,000 of
assessed value.
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