HomeMy WebLinkAboutOrdinance 2094 N.C.S. 08/02/1999 9
n.~?~ 2 1999
1 ORDINANCE NO. 2 0 9 4 N. C. S.
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4 INTRODUCED
5 BY COUNCILMEMBER SECONDED BY
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g Matt Maguire Mayor Thompson
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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
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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:
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6 AYES: Healy, Torliatt, Cader-Thompson, Hamilton, Maguire, Mayor Thompson
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9 NOES: None
to
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12 ABSENT: Vice Mayor Keller
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15 E. Clark Thompson, Mayor
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17 Attest: Approved:
is
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21 -
22 Beverly Kline, it Cler Ci Attorne (1
Ord. 2094 NCS Page 2 of 2
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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