HomeMy WebLinkAbout1990-08-14; City Council; 10765; ESTABLISHING THE TAX RATES FOR FISCAL YEAR 1990-91 FOR LIBRARY AND SEWER GENERAL OBLIGATION BONDS0 : lF 4:
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Final Original Cur rent Ef f ecti ve
Payment Pri nci pal Outstanding Interest Date - Term Due Purpose Amount Principal Rate (appi
1965 27 yrs. 1991 Sewer (Ser. B) $1,000,000 $190,000 3.6% 1966 26 yrs. 1991 Sewer (Ser. C) 447,000 50,000 3.7%
$1.447,000 $240,000
1968 25 yrs. 1992 Library $ 295,000 $ 45,000 4.5%
Debt service requirements for Sewer Bonds ($121,626) and Library Bonds ($22,C
can be met by establishing tax rates of 0.00244% for Sewer Bonds and 0.000310/(
Library Bonds. The computation of these rates are shown on Exhibits A and B.
Tax rates for City Debt Service payments have declined by 41% during the past
years from 0.00462% to 0.00275%.
TAX RATES
LIBRARY BOND SEWER BOND TOTAL
TAX RATE TAX RATE TAX RATE Vo CHAP
1986-87 .00069% .00393% -00462% (1 8.9) %
1987-88 .00047% .00318% .00365% (21.0)%
1988-89 .00041% .00316% .00357% ( 2.2)%
1989-90 .00046% .00293% .00339% ( 5.0)%
1990-91 .00031% .00244% .00275% (1 8.9)OA
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Page No. 2 of Agenda Bill No. fo, 7b 5
The tax rate of 0.00275% is equal to a tax of $2.75 on each $100,000 of asses:
value.
FISCAL IMPACT:
The City is required to set tax rates for the repayment of General Obligation Bor
The revenue raised by those tax rates is restricted to the repayment of this debt.
other use is allowed. The proposed tax rates will provide a total of $143,652 for
payment of 1990-91 debt service costs.
EXHIBITS:
1. r,c - Resolution No? 0 ' L '< fixing the amount of revenue required from propee
taxes.
Resolution NO.~IG -2'i l , setting the 1990-91 tax rates for the Library and Sei
Bonds.
Exhibit A - Sewer Bond tax rate computations.
Exhibit B - Library Bond tax rate computations.
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RESOLUTION NO. 9 0 - 2 9 0
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 YEAR 1990-91
WHEREAb, the C:ty Councll of the City of Carlsbad annually fixes t
amount of revenue required from property taxes to fund the City debt semi
funds; and
WHEREAS, the annual revenue requirements within each bond fund s
dependent upon the beginning balance of each fund and the Debt Semi
payment schedule for each bond issue; and
WHEREAS, revenue of approximately $90,531 will be necessary to fur
the Sewer Bond requirements for the 1990-91 fiscal year; and
WHEREAS, revenue of approximately $16,222 Will be necessary to fur
the Library Bond requirements for the 1990-91 fiscal year;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Ci i
of Carlsbad as follows:
Section 1: The City Council of the City of Carlsbad, pursuant 1
Section 51508 of the Government Code of the State of California, does herel
fix the amount of revenue from property taxes necessary to pay the bondc
indebtedness of the 'Gty of Carlsbad, 1962 Sewer Bonds, Series B and C" for tk
fiscal year commencing July 1, 1990, and ending June 30, 1991, to be in tk
l amount of $90,531.
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Section 2: The City Council of the City of Carlsbad, pursua1
Section 51508 of the Government code of the State of California, does herek
the amount of revenue from property taxes necessary to pay the bo
indebtedness of the "City of Carlsbad, 1966 Library Bonds" for the fiscal
commencing July 1, 1990, and ending June 30, 1991, to be in the amou
$16,222.
Section 3: That the total amount of revenue from property t
necessary for all purposes pursuant to Section 51508 of the Government Coc
the State of California, and of Sections 1 and 2 above is $106,753.
Section 4: The City Clerk shall certify to the passage of this resolu
and cause the same to be published, as required by Section 36936.1 of
Government Code, once within fifteen (15) days of its passage in a newsp;
of general circulation.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
August , 1s Council of the City of Carlsbad on the 14th day of 1;
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' by the following vote, to wit: i
AYES: Council Members Lewis, Kulchin, Larson, Mamaux, a
NOES: None*
ABSENT: None-
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ATTEST:
ALETHA L. RAUTENKRANZ, City Cler
(SEAL)
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RESOLUTION NO, 9 0 - 2 9 1 \
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CARLSBAD, CALIFORNIA, SETTING
THE TAX RATE FOR THE 1990-91 FISCAL YEAR
WHEREAS, the City Council of the City of Carlsbad annually fixes t
property tax rates for the City debt service funds, and
WHEREAS, the 1966 Library Bond fund shall require a tax rate
0.00031% for fiscal year 1990-91 for debt payments, and
WHEREAS, the 1962 Sewer Bond fund shall require a tax rate
0.00244% for fiscal year 1990-91 for debt payments,
NOW, THEREFORE, BE IT RESOLVED by the City Council of the Ci
of Carlsbad, as follows:
Section 1: For the fiscal year 1990-91 commencing July 1, 1990, the
is hereby assessed, levied, and ordered collected upon the full assessed value
taxable property within general tax District No. 1, (County Fund Number 601
l 50) which consists of all taxable property within the City of Carlsbad except tl
I taxable property in general District No, 2 as described below, taxes in tk (I 2o
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i following listed amounts and for the following listed purposes:
FUND RATE
Library Bond Interest and Redemption 0.00031'
0.00244'
Total Tax Rate, General Tax District No. 1 0.002 75'.
The total tax rate for general tax District No. 1 shall be the amount (
0.00275% levied against full assessed valuation on all taxable property in sai
Sewer Bond Interest and Redemption
district.
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Section 2: For the fiscal year 1990-91, commencing July 1,1990, thl
is hereby assessed, levied, and ordered collected upon the full assessed value
taxable property within general tax District No. 2 (County Fund Number 60
SI), being the La Costa annexation as described in Ordinance No. 1173 of
City of Carlsbad, taxes in the following listed amounts and for the followi
listed purposes:
FUND RATE
Library Bond Interest and Redemption
Total Tax Rate, General Tax District No. 2
0.00031 To
0.00031%
The total tax rate for general tax District No. 2 shall be in the amoL
0.00031% levied against full assessed valuation on all taxable property in s;
district.
Section 3: This resolution is a resolution fixing the rates of taxes to
levied in the City of Carlsbad for the fiscal year 1990-91 pursuant to 1:
provisions of Section 51511 of the Government Code of the State of Califon
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September 1, 1990, the rates of taxes to be adopted.
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Section 4: The City Clerk shall certify to the passage of this resol1
and cause the same to be published, as required by Section 36936.1 of
Government Code, once within fifteen (15) days of its passage in a newsp
of general circulation, and shall furnish two certified copies of this resolutic
the County Auditor of the County of San Diego pursuant to Government (
Section 51511.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
,1 Council of the City of Carlsbad on the 14th day of August
by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Larson, Mamaux, am
NOES: None.
ABSENT: None. /iiiL/4 r
CLAUDE A. LEWIS, Mayor
ATTEST:
ALETHA L. RAUTENKRANZ, city Clerq
(SEAL)
EXHIBIT 0 City of Carlsbad 0
DEBT SERVICE REQUIREMENTS
SEWER GENERAL, OBLIGATION BONDS
1990-91
TAXABLE PROPERTY VALUE (Values in million dollars)
1990-91 1989-90 Oh Chaq
Secured Property (County Assessor)' $ 3,697 $ 3,370 10%
Secured Property (State Assessed)2 10 lo ---
Total Secured Property $ 3,707 $ 3,380 10%
Total Taxable Property $ 3,881 $ 3,533 10%
Unsecured Property 174 153 14%
DEBT SERVICE REOUIREMENTS (Value in dollars)
1990-91 1989-90 % man1
Principal $1 15,000 $115,000 ---
Interest 6,626 10,804 (39%:
Total Payments Due $121,626 $1 2 5,804, ( 3%)
Sewer Bonds
Funds Available for Debt Service:
Tax Revenue from Unsecured
Property3 $ 5,095 $ 4,835 5 To
Interest Earnings 1,000 2,000 (50%:
Amount Provided from Reserves 25,000 20,000 25%
$ 98,969 ( 9%) Net Tax Revenue Required $ 90,531
TAX RATE CALCULATION
Tax Rate = Net Tax Revenue Required
Total Secured Assessed Valuation
$3.7 billion
= $90,531
= .O0244Oh4
FISCAL IMPACT 1990-91
Beginning Fund Balance $95,500
Add: Revenue from Taxes: Secured 90,531
Unsecured 5,095
Interest 1,000
Less: Debt Service Payments (121.626)
Ending Fund Balance $ 70,SOQ ' Adjusted for the impact of Redevelopment. 2 Utilities have been deleted from state-assessed property per legislation.
3 Unsecured property for 1990-91 is taxed at the 1989-90 tax rate.
4 A tax rate of .00244% is equal to $2.44 per year on each $100,000 of assessed valu
EXHIBI':
City of Carlsbad
DEBT SERVICE REQUIREMENTS
LIBRARY GENERAL OBLIGATION BONDS
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1990-91
TAXABLE PROPERTY VALUE (Values in million dollars)
1990-91 1989-90 %char
Secured Property (County Assessor)' $ 5,287 $ 4,812 10%
Secured Property (State Assessed)2 10 10 ---
Total Secured Property $ 5,297 $ 4,822 10%
Total Taxable Property $ 5.479 $ 4,997 10%
1990-91 1989-90 %char
Unsecured Property 182 155 17%
DEBT SERVICE REQUIREMENTS
Library Bonds
(Value in dollars)
--- Principal $20,000 $20,000
Interest 2,026 2,924 (31%
Total Payments Due $22,026 $22,924 ( 4%j
Funds Available for Debt Service:
Tax Revenue from Unsecured
Property3 $ 804 $ 635 27%
Net Tax Revenue Required $1 6,222 $22,289 (27%
Amount Provided from Reserves 5,000 -0- ---
TAX RATE CALCULATION
Tax Rate = Net Tax Revenue Required
Total Secured Assessed Valuation
$5.3 billion
= $16.222
= .00031%4
FISCAL IMPACT 1990-91
Beginning Fund Balance $1 7,000
Add: Revenue from Taxes: Secured 16,222
Unsecured 804
Less: Debt Service Payments (22,026 )
Ending Fund Balance $ 12,000
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Adjusted for the impact of Redevelopment.
Utilities have been deleted from state-assessed property per legislation.
Unsecured property for 1990-91 is taxed at the 1989-90 tax rate.
A tax rate of .00031% is equal to $.31 per year on each $100,000 of assessed valu
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August 30, 1990
Mr. Pete Redmann
County Auditor’s Office Property Tax Service Division 1600 Pacific Highway, Room 164 San Diego, CA 92101
VIA EXPRESS MAIL SERVICE
TAX RATE FOR THE 1990-91 FISCAL YEAR
Enclosed are two certified copies of Resolution 90-291 setting the tax rate
the 1990-91 fiscal year.
Also enclosed are two certified copies of Resolution 90-290, fixing the an
“1962 Sewer Bonds, Series B and C and “1966 Library Bonds” for fiscal year 1
91.
of revenue from property taxes necessary to pay the bonded indebtedness of
DL- LEE RAUTENKRANZ -
City Clerk
LR:lc
Enclosures
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1200 Carlsbad Village Drive - Carlsbad, California 92008 (619) 434-23