HomeMy WebLinkAboutAgenda Report - September 2, 1981 (43)r
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RESOLUTION NO. 81-124
M E N D E D
RESOLUTION FIXING TAX RATE FOR THE CITY OF
LODI FOR FISCAL YEAR 1981-82
That, in accordance with the State of California
Constitution Article XIII (A) , Section 1 (b), the sum of
FOUR HUNDRED FORTY SIX THOUSAND, SIX HUNDRED FIFTY and No/100
($446,650.00) 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 1981-82.
NOW, THEREFORE, BE IT RESOLVED by the City Council of
the City of Lodi as follows:
That the tax rate set for the City of Lodi for each
one hundred dollars of Assessed Valuation is hereby
set for Fiscal Year 1981-82 as follows:
General Obligation Bond Indebtedness
Interest and Redemption $.0564 per $100./
or a rate sufficient to generate
$446,650.00 based on the most recent
Assessment Roll.
These rates are to be levied in addition to the regular
$1.00 rate pursuant to Section 1(b) of Article XIIIA
of the State Constitution.
Dated: September 1, 1981
I hereby certify that Resolution No. 81-124 was passed
and adopted by the City Council of the City of Lodi
in an adjourned regular meeting held September 1, 1981
by the following vote:
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Ayes: Councilmen - Hughes, Katnich, Murphy, Pinkerton
and McCarty
Noes: Councilmen - None
Absent: Councilmen - None
ALICE M. REIMCHE
City Clerk
81-124
MEMORANDUM
TO: Alice M. - =-he. City Clerk DATE: Aug. 18, 1981
FROM: Fred C. Wilson, Finance Director
SUBJECT: 1981-82 Tax Rate For Bond Interest & Redemption of $446,656.67
R E V I S E D
We will need to set a tax rate for 1981-82 sufficient to return
$446,65,6.67 for the City of Lodi Bond Debt Service. On the basis of
the property values as reported to the City on 8/11/81 of $790,140,315.,
more or less, an imposition of $.05653 per $100. of value will generate
$446,650. -
The calculations are as follows:
198.1-82 Bond Debt Service $460,330.00
Less: Excess tax collected
in 1980-81
1980-81 requirements $417,470.00
1980-81 tax collected 431,14.3.33
Excess Adjustment. . . . . . .(13,673.33)
NET TOTAL $446,656.67
FCW
cc: City Manager
Assistant Finance Director
Senior Accountant