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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: .. z 0 5 $ a z 3 0 o 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 1 e 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. 2. 3. 4. .- 1 2 3 4 5 6 '1 8 9 10 11 12 13 14 15 16 17 18 19 2o 21 22 23 24 25 26 27 28 a 0 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. /// 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 e 0 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; 19 20 21 22 23 24 25 26 27 28 ' by the following vote, to wit: i AYES: Council Members Lewis, Kulchin, Larson, Mamaux, a NOES: None* ABSENT: None- I ATTEST: ALETHA L. RAUTENKRANZ, City Cler (SEAL) x 3 2 3 4 5 6 7 * 9 10 11 12 13 14 l5 16 17 18 10 e e 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 21 22 23 24 25 26 27 28 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. .A 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 0 0 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 I I' 20 1 211 221 23' 24 25 26 '2 7 28 September 1, 1990, the rates of taxes to be adopted. /// /// /// /// /// /// /// /// /// 1 2 3 4 5 6 7 8 9 10 11 12 13 15 14 16 17 18 19 20 21 22 23 24 25 26 27 28 0 0 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 e 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 1 2 4 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 3 t -J - 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 _____ 1200 Carlsbad Village Drive - Carlsbad, California 92008 (619) 434-23