HomeMy WebLinkAboutAgenda Report - August 21, 1991 (100)ASA TZ`lT,E: 1991-92 Tax Rats for Bond Interest and Ptedeaption
MEETING DATE: August 21, 1991
PREPAPM M Finance Director
RDOOM�IDiID ACTICN: That the City Council establish the 1991-92 tax rate for
bond -interest and redemption at 1.53 cents per $100 of
assessed valuation.
BACKG OUM iNFiORMMON: It will be necessary to set a PrOPertY tax rate far
1991-92 in order to return sufficient fluids to pay
c i t y of Lodi I s animal debt service. The debt service
is for the bonds authorized by the voters in 1965.
The 1991-92 net secured roll for Lodi is estimated to be $1,947,997,780. The
tax rate needed to generate sufficient funds for bond debt service is
calculated to be 1.53 cents per $100 of assessed value. This rate inclines an
allowance for delinquent payments and an adjustment for increased prior year
revenue. The rate is a decrease of .17 cents from the previous year.
F UNDIM: Nome required.
DF:DW:ss
Prepared by Diana white, Assistant Finance Director.
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' APPROVED:,
THOMAS A. PETERSON .,
City Manager
CC -1
CC TAX/aD.CQM
RESOLUTION NO. 91-153
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RES LLTHON FIXING TAX RATE FOR THE CITY OF LOCI FOR
FISCAL YEAR 1991-92
THAT, in accordance with the State of California Constitution,
Article XIII(A), Section 1(b), the sum of Two Hundred Ninety -One Thousand Five
Hundred Sixty -One Dollars ($291,561) is hereby fixed as the amount of revenue
from property taxes necessary to support the general obligation indebtedness for
the City of Lodi for the fiscal year of 1991-92.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
Lodi does hereby establish that the tax rate for the City of Lodi for each One
Hundred Dollars. of assessed valuation is hereby set for the Fiscal year 1991-92
as follows:
General obligation bond indebtedness, interest
and redemption, 1.53 cents per $100/AV.
This rate is in addition to the 1 percent rate per Proposition 13
which allows the tax rate to exceed 1 percent for voter approved indebtedness and
further permits the City to set a tax rate to recover the amount of bond debt
t service.
{ Dated: August 21, 1991
Z
_______________________________________________________________________________
I hereby certify that Resolution No. 91-153 was passed and adopted by
the City Council of the City of Lodi in a regular meeting held August 21, 1991 by
the following vote:
Ayes : Council Members - Pennino, Pinkerton, Si egl ock, Snider and
Hinchman (Mayor)
Noes = Council Member - None
Absent: Council Members - None
91-153
P,ES91153/TXTA.02J
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Alice M. Re he
City Clerk
CITY COUNCIL
DAVID M. HINCHMAN, Mayor
JA.mES W. PINKERTON, Jr.
Mayor Pro Tempore
PHILLIPA. PENNINO
JACKA. 51ECLOCK
JOHN R. [Randy)SNIDER
CITY OF LODI
CITY HALL, 221 WEST PINE STREET
P.O. BOX 3006
LODI, CALIFORNIA 95241-1910
(209) 334-5634
FAX (209) 333-6795
August 23, 1991
THOMAS A. PETERSON
City Manager
ALICE M. REIMC HE
City Clerk
BOB McNATT
City Attorney
San Joaquin County Assessor
114 Robert Shellenberger
24 South Hunter
Room 303
Stockton, CA 95202
Dear M. Shel lenberger :
Enclosed herewith please find certified copy of Resolution No. 91-153
entitled, "Resolution Fixing Tax Rate for the City of Lodi for Fiscal
Year 1991-92" which was adopted by the Lodi City Council at its regular
meting of August 21, 1991.
Should you have any questions, please do not hesitate to call this
office.
Very truly yours, /� )
Alice M. Reimche
City Clerk
AMR/imp
Enclosure
cc: Dixon Flynn, Finance Director
CITY COUNCIL THOMAS A PETERSON
City Manager
CITY O F L O D I
DAVID M.Fi)hCHh1AN, Mayor
JAMESW.PINKERTON, )r ALICE M REIA1Ct1E
City Clerk
Mayor Pro Tempore
A PENNItyO CITY HALL. 221 WEST PINE STREET BOB McNATT
PHtLLiP P.O. BOX 30C,o Cit- Attorney
JACK A. A PEN CK
LODI, CALIFORNIA 95241-1910
JOHN R (Randy) SNIDER (209) 334-5634
FAX (209) 333-6795
August 23, 1991
San Joaquin County Treasurer/Tax Collector
M Thomas R. Russell
240 N. San Joaquin
Stockton, CA 95202
Dear NY Russell
Enclosed herewith please find certified copy of Resolution No. 91-153
entitled, "Resolution Fixing Tax Rate for the City of Lodi for Fiscal
Year 1991-92" which was adopted by the Lodi City Council at its regular
meeting of August 21, 1991.
Should you have any questions, please do not hesitate to call this
office.
Very truly yours,
AQ�i�S�il
City Clerk
Clerk
AMR/jmp
Enclosure
cc: Dixon Flynn, Finance Director