HomeMy WebLinkAboutAgenda Report - August 20, 1986 (84)C17Y ccu4cill M=l =INC;
AUGt S'1 ZE , 1986
1986-87 TAX RATE. f C)R
BOND INTEREST AND
REDEIPTION ESTABLISHED
RES. NG. 86-129 Council adopted Resolution No. 86-129 - Itcsc,lution I'ixi.x;
Tax Rate for the City of Dodi 'cr Fisch l Year
CC -21(a)
COUNCIL COQ► �tUNICATION
TO THE CITY COUNCIL DATE
FROM THE CITY MANAGEWS OFFICE A1190st 13, j4R
SUBJECT:
1986-87 Tax Rate for Bond Interest and Redemption
It will be necessary to set a property tax rate for 1986-87 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 1986-87 net secured roll for Lodi is estimated to be
q $1,255,274,951. The tax rate needed to generate sufficient funds for
bond debt service is calculated to be $.0281 per $100 of assessed
value. As a comparison, last year's rate was $.0355 per $100 of
assessed valued.
F
o�HH
Finance Director
RHH(ss.
enc.
P-E-SOLUrION NO. 86-129
RESOLUTION FIXDIG TAX RATE FOR THE CITY OF LODI FOR
FISCAL YEAR 1986-67
THAT, in accordance with the State of California CGnstitution,
Article XIII (A), Section 1 (b), the sum of Three Hundred L•:ighty-Three
Thousand, Five Hundred Twenty -Five ($383,525.00) 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
year of 1986-87.
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 fo- the
fiscal year 1986-87 as follows:
General obligation bond indebtedness, interest .inl
redemption, $.0281 per $100/AV or a rate sufficient
to g-nerate $383,525.00 based on the most rec'e'nt
assessment roll.
This rate is in addition to the 1% rate 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 20, 1986
I hereby certify that.Resolution No. 86-129 was
passed and adopted by the City Council of the City
of Lodi in a regular meeting held August 20, 1986,
by the follo w.Lng vote:
Ayes: Council Mffnbers - Hinchman, Olson, Snider,
and Reid (Mayor)
Noes: Council Members - N-)ne
Absent: Council Members - Pinkerton
Alice M. Reimche
City Clerk
86-129