HomeMy WebLinkAboutResolutions - No. 87-106RESOLUTION NO. 87-106
RESOLUTION FIXING TAX RATE FOR THE CITY OF LODI FOR
FISCAL YEAR 1987-88
THAT, in accordance with the State of California
Constitution, Article XIII (A), Section 1 (b), the sum of Four Hundred
Thirty -Nine Thousand, Four Hundred Forty ($439,440.00) 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 1987-88.
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 1987-88 as follows:
General obligation bond indebtedness, interest and
redemption, $.0281 per $100/AV or a rate sufficient
to generate $439,440.00 based on the most recent
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 19, 1987
I hereby certify that Resolution No. 87-106 was
passed and adopted by the City Council of the City
of Lodi in a regular meeting held August 19, 1987
by the following vote:
Ayes: Council Members - Hinchman, Pinkerton, Reid,
and Olson (Mayor)
Noes: Council Members - None
Absent: Council Members - Snider
Alice M. Reimche
City Clerk
87-106
CITY OF LODI
TAX RATE CALCULATION
1987/1988
Secured Roll $1,360,905,121 X .95
Homeowner Exemption
Growth (100))
Unsecured Roll $83,660,593 X .95
TOTAL ESTIMATE TAXABLE
439,440 $1,561,819,490 = $.0281
--------------
$100
$1,291,859,864
60,196,077
129,295,986
79,477,563
$1,561,819,490