HomeMy WebLinkAboutAgenda Report - August 21, 1985 (67)RESOLUTION
FIXING U%X
RATE FOR
CITY OF IDI
FOR FISCAL
YEAR 1985-86
ADOPTED
RFS.N0.85-115
Council was apprised that the City Council will need to set a
tax rate for 1985-86 sufficient toreturnbasis 4of,secured property
6 for the CitY
of Lodi Bond Debt Service. b San Joaquin County on August
values as reported to the City y more
14, 1985 of $1,103,224,473 and a collection
of rate
eof 95%ll er
or
less, an imposition of $.0355 per $ value
the needed $403,876.
85-115 fixing the tax rate for
Council adopted Resolution No.
1985-86 as heretofore set forth'
the City of Lodi for Fiscal Year
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-,OUNCIL COMMUNICATTAN
TO THE CITY COUNCIL DATE NO.
FROM THE CITY MANAGER'S OFFICE
August 21, 1985
SUBJEC85-8 -7 -WM POR BWD TNT= AND REDEM OF VAUE
T. '
S5/�100 ASSESSED
SU
We will need to set a tax rate for 1985•-86 sufficient to return $403,876
for the City of Lodi Bond Debt Service. On the basis of secured property
values as reported to the City by San Joaquin County on August 14, 1985,
of $lil03,224,473 and a collection rate of 95% more or less, an imposition
of $.0355 per $100 of value will generate the needed $403,876.
By comparison, last year's rate was $.0387/$100.
Robert H. Holm.
Finance Director
e'
e
RESOLUTION N0. 85-115
RESOLUTION FIXING TAX RATE FOR THE CITY OF LODI
FOR FISCAL YEAR 1985-86
THAT, in accordance with the State of California Constitution,
Article XIII (A), Section 1 (b), the sum of Fors Hundred Three
Thousand, Eight Hundred Seventy -Six ($403,876.00) 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 1985-86.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City
of Lodi as follows:
That the tax rate for the City of Lodi for each
one hundred dollars of Assessed Valuation is
hereby set for the Fiscal Year 1985-86 as follows:
General Obligation Bond Indebtedness
Interest and Redemp+-ion $.0355 per $100/AV
or a rate sufficient to generate $403,876.00
based on the most recent Assessment Roll.
These rates are to be levied in addition to the recrular $4.00 rate
pursuant to Section 1 (b) of Article XIII (A) of the State
Constitution.
Dated: August 21, 1985
I hereby certify that Resolution No. 85-115 was
passed and adopted by the City Council of the
City of Lodi in a Regular meeting held
August 21, 1985 by the following vote:
Ayes: Council Members - Olson, Reid, Snider,
and Pinkerton
Noes: Council Members - None
Absent: Council Members - Hinchinan (Mayor)
6t, 7)1 ix Cd t_
Alice M. Reimche
City Clerk
85-115