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HomeMy WebLinkAboutOrdinance 2094 N.C.S. 08/02/1999 9 n.~?~ 2 1999 1 ORDINANCE NO. 2 0 9 4 N. C. S. 2 3 4 INTRODUCED 5 BY COUNCILMEMBER SECONDED BY 6 7 g Matt Maguire Mayor Thompson 9 1o AN ORDINANCE LEVYING RATE OF TAXATION UPON THE 11 ASSESSED VALUATION OF THE PROPERTY IN THE CITY OF 12 PETALUMA FOR THE FISCAL YEAR JULY 1, 1999 TO JUNE 30, 2000 13 AND DECLARING ITS URGENCY TO TAKE EFFECT IlVINIEDIATELY 14 15 16 BE IT ORDAINED BY THE COUNCIL OF THE CITY OF PETALUMA AS FOLLOWS: 17 Section 1. The City Council hereby levies upon the assessed valuation of the property 1s in the City, including property as originally incorporated and added thereto upon each One 19 Hundred ($100.00) valuation of said property: 20 FOR DEBT SERVICE $0.001328 21 The Council hereby finds and determines that said rate of taxation is sufficient to raise the 22 amounts estimated to be required for annual debt service of outstanding general obligation bonds. 23 Section 2. This ordinance is hereby declared to be necessary for the immediate 24 preservation of the public peace, health and safety and shall take effect and be in force upon its 25 passage by a unanimous vote for the members of the City Council present at the time of its 26 adoption. The reason for the urgency of this ordinance is that said tax levy must be adopted not 27 later than the first Tuesday in September, 1999, in order to comply with the City Charter and 2s provide funds necessary to the preservation of the public peace, health and safety for the City of 29 Petaluma. 3o Section 3. The City Clerk be, and she is hereby directed to post/publish this ordinance 31 for the period and in the manner required by the City Charter. Ord. 2094 NCS Page 1 of 2 1 INTRODUCED, ADOPTED AND ORDERED posted/~~tk~slkthis 2nd day of 2 August , 1999, by the following vote: 3 4 S 6 AYES: Healy, Torliatt, Cader-Thompson, Hamilton, Maguire, Mayor Thompson 7 8 9 NOES: None to 11 12 ABSENT: Vice Mayor Keller 13 14 15 E. Clark Thompson, Mayor 16 17 Attest: Approved: is 19 20 21 - 22 Beverly Kline, it Cler Ci Attorne (1 Ord. 2094 NCS Page 2 of 2 w is CITY OF PETALUIVIA CALCULATION OF GENERAL ®BLIGATION - DEBT SERVICE ItEQUIIiE1VIENTS FY 1999-00 1975 LIBRARY BOND ISSUES Amount of Original Issue $750,000 Bond Principal Outstanding at June 30; 1999 $60,000 Average Interest Rates 6.0% Date of Maturity 04/15/00 FY 1999-00 DEBT SERVICE AND ADMINISTRATION FEES Bond Principal $60,000 Bond Interest 3,840 Administration Fees 4,000 Total Debt Service & Fees 67,840 Estimated Interest Earned -$278 Prior Year Funds Availableto Reduce Current Year Tax Rate -20,100 Net Amount To Be Raised by Taxes In FY 99-00 $47,462 Taz Rate Calculation Estimated FY 99-00 Assessed Valuation (1) $3,573,931,762 Tax Rate Appled;to Estimated Assessed Valuation Above ~ $0:001328 Total Estimated Amount of Revenue Raised for Debt Service By Above Taz Rate $47,462 (1) The net assessed valuation is calculated as follows: Net Taxablc Assessed Valuation 3,750,865;400 Add Homeowners Exempt (HOPTR) 78,795,285 Less Est. PCDC A V. Increment Fram Base Year (580;631,723) Net Taxable Valuation For Debt Service 3,249,028;962 Adjustment Facto[- 10% 324,902,800 Total Valuation for Debt Service 3,573,931,762 7/14/99 1:2'7 PM Debtserv.xls debttx00