HomeMy WebLinkAbout1989-08-22; City Council; 10229; Tax Rates Library & Sewer General Obligation BondsCIT',�-7F CARLSBAD — AGEND ;BILL
4 TITLE: ESTABLISHING THE TAX RATES FOR
MTG. 8/22/� FISCAL YEAR 1989-90 FOR LIBRARY
FIN AND SEWER GENERAL OBLIGATION BONDS
DEPT.
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RECOMMENDED ACTION:
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CITY ATT
CITY MGR. ik--
Adopt Resolution No. 89-312, fixing the amount of revenue to be received
from taxes, and No. 89-313, setting the general obligation tax rate for
1989-90.
ITEM EXPLANATION:
The City, is required to set annually 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, 1989, to
be effective for the 1989-90 fiscal year.
The
following general
obligation
bond issues
are currently outstanding:
Issue
Final
Payment
Original
Principal
Current
Outstanding
Effective
Interest
1989-90
Debt Service
Date
Term Due
Purpose
Amount
Principal
Rate (appr)
Required
1965
27 yrs. 1991
Sewer (Ser. B)
$1,000,000
$ 280,000
3.6%
$ 98,460
1966
26 yrs. 1991
Sewer (Sers C)
447,000
75,000
3.7Z
27,344
$1,447,000
$ 355,000
$125,804
1968 25 yrs. 1992 Library $ 295,000 $ 65,000 4.5% $ 22,924
Debt service requirements for Sewer Bonds ($125,804) and Library Bonds
($22,924) can be met by establishing tax rails of 0.00293% for Sewer Bonds
and 0.00046% for Library Bonds. The compl+tation of these rates are shown
on Exhibits A and B.
Tax rates for City Debt Service payments have declined by 41% during the
past five years from 0.00570% to 0.00339%.
TAX RATES
LIBRARY BOND
SEWER BOND
TOTAL
TAX RATE
TAX RATE
TAX RATE
% CHANGE
1985-86
.00069%
.00501%
.00570%
( 0.2)%
1986-87
.00069%
.00393%
.00462%
(18.9)%
1987-88
.00047%
.00318%
.00365%
(21.0)%
1988-89
.00041%
.00316%
.00357%
( 2.2)%
1989-90
.00046%
.00293%
.00339%
( 5.0)%
The tax
rate of 0.00339% is
equal to a tax
of $3.39 on
each $100,000 of
assessed
value.
Page 2 of AB # 10,229
FISCAL IMPACT:
The City is required to set tax rates for the repayment of General
Obl-igation 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 $148,728 for the payment of 1989-90 debt
service costs.
EXHIBITS:
1.j/ Resolution No. 89-312, fixing the amount of revenue required from
property taxes.
2. y. Resolution No. 89-313, setting the 1989-90 tax rates for the Library
and Sewer Bonds.
3., Exhibit A - Sewer Bond tax rate computations.
4. Exhibit B - Library Bond tax rate computations.
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RESOLUTION NO. 89-312
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 B AND C," AND "1966 LIBRARY
BONDS" FOR FISCAL YEt�R 1989-90
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 $98,969 will be necessary to fund
the Sewer Bond requirements for the 1989-90 fiscal year; and
WHEREAS, revenue of approximately $22,289 will be necessary to fund
the Library Bond requirements for the 1989-90 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 B
and C" for the fiscal year commencing July 1, 1989, and ending June 30,
1990, to be in the amount of $98,969.
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, 1989, and ending June 30, 1990, to be in
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the amount of $22,289.
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
$121,258.
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 22nd day of AMI st 1989,
by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Larson, Mamaux & Pettine
NOES: None
ABSENT: None
ATTEST:
ALETNA L. RA TENKRANZ, City C erk
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RESOLUTION NO. 89-313
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, SETTING
THE TAX RATE FOR THE 1989-90 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
0.00046% for fiscal year 1989-90 for debt payments, and
WHEREAS, the 1962 Sewer Bond fund shall require a tax rate of
0.00293% for fiscal year 1989-90 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 1989-90, commencing July 1, 1989,
there is hereby assessed, levied, and ordered collected upon the full
assessed value of taxable property within general tax District No. 1,
(County Fund Number 6010-50) 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:
FUND RATE
Library Bond Interest and Redemption 0.00046%
Sewer Bond Interest and Redemption 0.00293%
Total Tax Rate, General Tax District No. 1 0,00339%
The total tax rate for Ceneral tax District No. 1 shall be the
amount of 0.00339% levied against full assessed valuation on all taxable
property in said district.
-Section 2: For the fiscal year 1989-90, commencing July 1, 1989,
there is hereby assessed, levied, and ordered collected upon the full
assessed value of taxable property within general tax District No. 2
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(County Fund Number 6010-511), 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 0.00046%
Total Tax Rate, General Tax District No. 2 0.00046%
The total tax rate for general tax District No. 2 shall be in the
amount O-00046y 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 be levied in the City of Carlsbad for the fiscal year 1989-90
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, 1989, the rates of taxes to be
adopted.
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t— A
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.
PASSED, APPROVED AND ADOPTED at a regular meeting of the City
Council of the City of Carlsbad on the 22nd day of August , 1989, by
the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Larson, Mamaux & P ne
NOES: None
ABSENT: None
ATTEST:
AA
ALETHA L. RAUTENKR NZ, City Clerk
WHAMCHMEME
City of Carlsbad
DEBT SERVICE REQUIREMENTS
1989-90
SEWER GENERAL OBLIGATION BONDS
TAXABLE PROPERTY VALUE
Secured Property (County Assessed14
Secured Property (State Assessed)
Total Secured Property
Unsecured Property
Total Taxable Property
DEBT SERVICE REQUIREMENTS
Sewer Bonds
Principal
Interest
Total Payments Due
EXHIBIT A
;Values
in million
dollars)
1989-90
1988-89
% Chanqe
$ 3,370
$ 2,753
22%
10
398
-97%
$ 3,380
$ 3,151
7%
153
107
43%
L==3=533
5==3,258
8%
(Value in dollars)
1989-90
1988-89
% Chanqe
$115,000
$115,000
-0-
10,804
14.956
-28%
UMAH
51292956
- 3%
Funds Available for Debt Service:
Tax Revenge from Unsecured
Property
Interest Earnings
$ 4,835
2,000
$ 3,403 42%
2,000
Amount Provided from Reserves
20,000
-0-
25,000 20%
Net Tax Revenue Required
1=98 969
S 99 553 - 1%
TAX RATE CALCULATION
Tax Rate = Net Tax_Revenue Required
Total Secured Assessed
Valuation
= 198,969
$3.380 billion
= .00293%3
FISCAL IMPACT
1989-90
Beginning Fund Balance
$ 95,090
Add: Revenue from Taxes: Secured
98,969
Unsecured
4,835
Interest
2,00 0
Less: Debt Service Payments
125 80
Ending Fund Balance
752090
1 Utilities have been deleted from
state -assessed
property per legislation.
2
Unsecured property for 1989-90 is taxed at the
1988-89 tax rate.
3 A tax rate of 0.00293% is equal to $2.93 per year
assessed value.
on each $100,000 of
4 Adjusted for the impact of Redevelopment.
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City of Carlsbad
DEBT SERVICE REQUIREMENTS
1989-90
LIBRARY GENERAL OBLIGATION BONDS
TAXABLE_ PROPERTY VALUE
Secured Property (County Assessed�4
Secured Property (State Assessed)
Total Secured Property
Unsecured Property
Total Taxable Property
DEBT.SERVICE REOUIREMENTS
Sewer Bonds
Principal
Interest
Total Payments Due
Funds Available for Debt Service:
Tax Revenue from Unsecured
Property
Net Tax Revenue Required
EXHIBIT B
(Values
in million
dollars)
1989-90
1988-89
% Change
$ 4,812
$ 4,083
18%
10
398
-97%
$ 4,822
$ 4,481
8%
155
110
41%
5__4I797
1__41591
8%
(Value in dollars)
1989-90 1988-89 % Change
$ 20,000 $ 15,000 33%
2,924 3,600 -19%
5_222924 5_1LM 23%
635 517 23%
$_22=289 1_18:083 23%
TAX RATE CALCULATION
ax Rate = Net Tax Revenue Required
Total Secured Assessed Valuation
= $22,289
$4.822 billion
= .000467.3
FISCAL IMPACT 1989-90
Beginning Fund Balance $ 11,050
Add: Revenue from Taxes: Secured 22,289
Unsecured 635
Less: Debt Service Payments (22,924)
Ending Fund Balance 5_112050
1 Utilities have been deleted from state -assessed property per legislation.
2 Unsecured property for 1989-90 is taxed at the 1988-89 tax rate.
3 A tax rate of 0.00046% is equal to $.46 per year on each $100,000 of assessed
value.
4 Adjusted for the impact of Redevelopment.