HomeMy WebLinkAboutAgenda Report - August 15, 1990 (42)COUNCIL COMMUNICATION
70: THE CITY COUNCIL
FROM: THE CITY MANAGER'S OFFICE
COUNCIL MEETING DATE: AUGUST 15, 1990
SUBJECT: 1990-1991 TAX RATE FOR BOND INTEREST AND REDEMPTION
Rwom D ACTION: That the City Council establish the 1990-91 tax rate for
bond interest and redemption at 1.7 cents per $100 of assessed valuation.
BACKGROUND: It will be necessary to set a property tax rate for 1990-91 in order
to return sufficient funds to pay City of LodiIs annual debt service. The debt
service is for the bonds authorized by the voters in 1965.
The 1990-91 net secured roll for Lodi is estimated to be $1,806,518,564. The tax
rate needed to generate sufficient funds for bond debt service is calculated to
be 1.7 cents per $100 of assessed value. Included in this rate is an allowarce
for delinquent payments and an adjustment for increased prior year revenue. The
rate is a decrease of .07 cents from the previous year.
Respectfully subnitted,
Robbrt H. Holm
Finance Director
RHH:JWP:ss
Attachment
CC TAX/CO.COM
..
Thonas A. Peterson
City Manager
LETTER07
TXTA. 02J
CI -r -COUNCIL
THOMAS A._ PETERSON
SNIDER. Mayor CITY ''OF T✓; D I
CitV.��
R. (handy)
ALICE M. REIMCHE
DAVID M. HINCHMAN
GtY Clerk
Mavor Pro Tempore CITY HALL,
221 NEST PINE STREET-
EVELYN M. OLSON CALL BOX 3006
BOB McNATT
City AteorneY t '
JAMES W. PINKERTON, Jr. LODI, CALIFORNIA
95231-1910
FRED M. REtp(209)33}-5633
t".
T E tFCUPtE
R . (2Q91;133-6745
- -
August 16, 1990`
€
Mr. Pau. Heurlin
_.
County-Auditor/Controller
-4,-
County Courthouse; Room 101
222 East Weber Avenue
Stockton, CA 95202
Dear Nk Heu rl i n :
Enclosed herewith please find
certified coPY of Resolution
No. 90-131
*'Resolution Fixing Tax Rate
1990-91" which was adopted by
For The Ci 0 f Lodi For Fiscal Year i
the Lodi City Council at its August 15, ;
1990 City Council meeting.
Vey truly yours,
Alice M. Reimche
City Clerk
,
AMR/jmp
cc: Robert H. Holm
Finance Director
LETTER07
TXTA. 02J
General obligation bond indebtedness, interest
and redemption, 1.7 cents per $100/AY.
This rate is in addition to the 1 percent rate`per P,ropositior 13
which allows the tax rate to exceed 1 percent four voter:avaroved,indebtedness and
further permits the City to set a tax rate to recover the amount of bond debt
service.
Dated: August 15, 1990
I hereby certify that Resolution No. 90-131 was passed and adopted by
the City Council of the City of Lodi in 1 regular meeting held August 15, 1990 by
the following vote:
Ayes :
Noes:
Ab' int:
RES90131/TXTA.02J
Council Mc -tubers - Hinchman, Olson, Pinkerton, Reid and
Snider (Mayor)
Council Members - None
Council Members - None
90-131
.� ice M.. Reimche
City Clerk