HomeMy WebLinkAboutAgenda Report - August 16, 1989 (64)COUNCIL C O M M U N I C A T I O S
THE: CITY CniTNC'rr. COUNCIL MEETING LATE. AUGUST 16 1989 I
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AT
THE' clTst..t
SO&7 CP 1989-1990 TAX' RATE FOR BOND INTEREST AND REDE!WTIC N
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,F:RDOQMN�IDED AGTICJTT mat the City Council establish, the ,1989 90 tax rate for bond `7ntereat,'
and, redemption" at. 1.77 cents. per $100.00 of assessed valuattoun., • tax
BAC3CC�ROUND It,
wilt! be -necessary to set a property tax rate for 1989-90 in order to return
sufficient fui&w - to pay City of 7�di I s annual debt service. The debt serve c : z s for the
bonds authorized by the voters in 2965
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The ;1989-90 net secured ro11: for Lodi is estimated to be $1, 660, 396; 081.00 � �'he taac t�ra��s
W'rneeded to gei2erate sufficient funds for bond `debt service is calcu]ated=to
per $1Q0.00 Sof assessed' value.. Includec2 in,-: this7 7!.': rate =is an a7lowanoe far cieiei%t 3
payments and am adjustment for �r�creased prior year revenue. The rate �s a
w� I . Q4 cents firo�n the previous year �Q�
.Sh'•y?i'y A .; t ��✓cT' v, ^ t.,li <r f °1 hA•,� r�
tom, _
F
yam' ma�orporton of the decrease is due to the final payoff of thea Series CBond� which
Kofythe 1965 General Obligation Bonds:
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,�., Respectfully sutcnttted, Approved � ;,
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RFIIiI.JWP ss
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CCITAX/TXTF.06S
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• CITY COUNCIL THOMAS 'A PETERSON
�
j City Manager
JOHN R. (Rarldy)SNIDER, Mayor CITY OF L O D I
DAVID M. HINCHMAN ALICE M. REIMCHE
Mayor Pro Tempore CITY HALL, 221 WEST PINE STREET City Clerk ,
EVELYN M OLSON CALL BOX 3006 BOii'McNAT` T I
JAMES W. PINKERRTON, jr. LODI, CALIFORNIA 95241-1910 Gty Attorney
FRED`M. REID.` (209) 334-5634
y TELECOPIER : (209) 333.6795
1 wt
August. 18, 1989 I
acs F� '
i
.i
Mr. Paul H e u r I i n
County. Auditor/Controller
County';',Courthouse,. Room 101
a
222 East Weber Avenue
Stockton, CA:.95202. 0.
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�UNZZ. r Oeae Mr. Heurlin n, �,eru { { t
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x'f Enclosed herewith please:. find certified copy of Resalutpon No. 89 ,1Q4 ,+s
"Resolution ::Fixing ,Tax..,:: Rate For The ;:'.Ci.ty; 0f Lodi For F,isoa1 `�tYear `4,
x 1989 90" which was adopted by the Lodi City' Counci 1.aat its August ;15, rN
hSt3 X1989 council meeting
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Very truly yours, r :...
a h b J W
7A
Alice M. Reimche
s
City Clerk k,LL
,-
cc Robert H. Holm
s Finance Director
is
LETTER07
TXTA.02D
89-104
RES89104/TXTA.02J