HomeMy WebLinkAboutAgenda Report - August 17, 1988 (73)JNCIL COMMUNICATIG_.'^
$D; THE CITY COWICII NO.
THE CITY MANAGER'S OFFICE August 17, 1988
St:BiECi: -
1988 - 1989 TAX RATE FOR BOND INTEREST AND REDEMPTION
RECOKMENDED ACTION:
That the City Council establish the 1988-89 Tax Rate for Bond Interest
and Redemption at $.0281 per $100 of assessed valuation.
It will be necessary to set a property tax rate for 1988-89 in order to
return sufficient funds to pay City of Lodi's annual debt servire. Zlre
debt service is for the bonds authorized by the voters in 1965.
The 1988-89 net secured roll for Lodi is estimated to be
$1,492,579,167. The tax rate needed to generate sufficient funds for
bond debt service is calculated to be $.0281 .per $100 of assessed
Yalu, Tke rate remaim uwhaupd fim th€ preY.ous year.
-WnhA+t k Hnim, _
Finance Director
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RESOLUTION 1\10. 88 -115
?�ESGL(PIIOty FIXING TAX RATE FOR THE CITY OF LODI FOR
FISCAL '=% 1988-89
THAT, in accordance with the State of California
Constitution, Article XIII (A), Section 1 (b) , the sum of Four Hundred
Forty -Two Thousand, Four H.ndred Thirty-Thiee ($442,433.00) Dollars 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 yea- of 1988-89.
NXY , TI R -E- ORE , 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 1988-89 as follows:
General obligation bond indebtedness, interest and
redemption, $.0281 per $100/AV.
11-jis rate is in addition to the 1% rate per Proposition 13
which allows the tax rate to exceed 1% for -q.roter approved indebtedness
and further permits the City to set a tax rate to recover the amount of
bond debt service.
Dated: August 17, 1988
I hereby certify that Resolution No. 88- 115 was
passed and adopted by the City Council of the City
of Lodi in a regular meeting held August 17, 1988
by the following vote:
Ayes= Council Members -
Noss: Council Members -
Absent: Council Members -
Alice M. Reimche
City Clerk
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CITY COUNCIL
JAMES w, PINKERTON, Jr, 103vor
JOHN R (Randy) SNIDER
,mayor Pro Tempore
DAVID M. HINCHMAN
EVELYN M. OLSON
FRED .19. REID
CITY OF LODI
CITY HALL, 221 WEST PINE STREET
CALL BOX 3006
LODI, CALIFORNIA 95221-1910
(209) 33-i-563.2
TEI ECOPIER (209)333-6795
August 18, 1988
Mr Paul Heurl i n
County Auditor/Controller
County Courthouse, Room 101
222 East Weber Avenue
Stockton, Ch 95202
Dear Mr. Heurlin:
THOr.SAS A PETERSON
City Manager
Al ICL Ni REINICHE
City Clerk
BOB :�acNATT
City Attorney
Enclosed herewith please find certified copy of Resolution No. 88-115
"Resolution Fixing Tax Rate For The City Of Lodi For Fiscal Year
1988-89" which was adopted by the Lodi City Council at its August 17,
1988 council meeting.
Very truly yours,
i1� xx 7
Alice M. Reimche
City Clerk
AMR:jj
cc: Robert H. Holm
Finance Director
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RESOLUTION NO. 88-115
RESOLUTION FIXING TAX RATE FOR THE CITY OF LODI FOR
FISCAL YEAR 1988-89
UW, in accordance with the State of California Constitution,
Article XIII (A), Section 1 (b), the sum of Four Hundred Forty -Two
Thousand, Four Hundred Thirty -Three (5+42,433.00) Dollars is hereby
fixed as the amount of revenue from property taxes necessary to support
the general obligation indebtedness for the %i ty of Lodi for the fiscal
year of 1988-89.
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 1988-89 as follows:
General obligation bond indebtedness, interest and
redemption, $.0281 per $100/AV.
This rate i s in addition to the 10/crate per Proposition 13
which allows the tax rate to exceed 1%for voter approved indebtedness
and further permits the City to set a tax rate to recover the amount of
bond debt service.
Dated: August 17, 1988
I hereby certify that Resolution No. 88-115 was
passed and adopted by the City Council of the City
of Lodi in a regular meeting held August i7, 1988
by the foliowing vote:
Ayes : Council Members - Hinchman, Olson, Reid,
Snider & Pinkerton (Mayor)
Nces : Council Members - None
Absent: Council Members - None
Alice M. Reimche
City Clerk
88-115
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