HomeMy WebLinkAboutAgenda Report - September 2, 1992 (48)os
CITY OF LODI COUNCIL COMMUNICATION
AGENDA TITLE: 1992-93 Tax Rate for Bond Interest and Redemption
MEETING DATE: September 2, 1992
PREPARED BY: Finance Director
RECOHXENDED ACTION: That the City Council establish the 1992-93 tax rate for
bond interest and redemption at 1.5 cents per $100 of
assessed valuation.
BACKGROUND INFORMATION: It will be necessary to set a property tax rate for
1992-93 in order to return sufficient funds to pay City
of Lodi's annual debt service. The debt service is for
the bonds authorized by the voters in 1965.
The 1992-93 net secured roll for Lodi is estimated to be $2,043,614,723. The tax
rate needed to generate sufficient funds for bond debt service is calculated to be
1.5 cents per $100 of assessed value. This rate includes an allowance for
delinquent payments and an adjustment for increased prior year revenue. The rate
is a decrease of .03 cents from the previous year.
FUNDING: None required.
� H. D. Flynn
Finance Director
HDF:DWM:ss
Prepared by Diana White -Messing, Assistant Finance Director
i
THOMAS A PETERSON ,eCyC e"PAW
RESOLUTION NO. 92-150
RESOLUTION FIXING TAX RATE
FOR BOND INTEREST AND REDEMPTION
FUR THE CITY OF LODI
FOR FISCAL YEAR 1992-93
THAT, in accordance with the State of California Constitution, Article
XIII (A), Section i(b), the sun of Three Hundred One Thousand Seventy -Four
Dollars ($301,074) 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 1992-93.
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 1992-93
as follows:
General obligation bond indebtedness, interest
and redemption, 1.5 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
service.
Dated: September 2, 1992
aaaaaaaasaaaaoaaaaa=xaaaaa=axa=x===x,a=a=ax=aaa=x=aa=¢a=a=a=aa.sxxaaca,aaaaaxaa
I hereby certify that Resolution No. 92-150 was passed and adopted by the
City Council of the City of Lodi in a regular meeting held September 2, 1992 by
the following vote:
Ayes: Council Members - Hinchman, Pennino, Sieglock, Snider and
Pinkerton (Mayor)
Noes: Council Members - None
Absent: Council Members None
0A,e; .�-ka mM-4 �1
Alice M. ReimcheO�r yp
City Clerk ./—_
92- 150