HomeMy WebLinkAboutOrdinance 2055 N.C.S.08/04/1997'RO DATE
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1 ORDINANCE NO. 2055 N.C.S.
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4 INTRODUCED
5 BY COUNCILMEMBER SECONDED BY
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8 Mary Stompe Matt Maguire
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10 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, 1997 TO JUNE 30, 1998
13 AND DECLARING ITS URGENCY TO TAKE EFFECT IMMEDIATELY
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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
18 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 ....... $.005918
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, 1997, in order to comply with the City Charter and
28 provide funds necessary to the preservation of the public peace, health and safety for the City of
29 Petaluma.
30 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. 2055 NCS Page 1 of 2
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INTRODUCED, ADOPTED AND ORDERED postedkxd this 4th
August , 1997, by the following vote:
AYES: Stompe, Torliatt, Maguire, Vice Mayor Hamilton, Mayor Hilligoss
NOES: None
ABSENT: Read, Keller
Attest:
'Patricia E. Bernard, City Clerk
Ord. 2055 NCS
day of
Page 2 of 2
CITY OF PETALUMA
CALCULATION OF GENERAL OBLIGATION
j
DEBT SERVICE REQUIREMENTS
FY 1997-98
1966 1975 TOTAL
WATER LIBRARY GENERAL
POLLUTION OBLIGATION
CONTROL BONDS
BOND ISSUES
Amount of Original Issue 2,350,000 750,000 3,100,000
Bond Principal Outstanding at June 30, 1997 255,000 170,000 425,000
Average Interest Rates 3.7 - 5.5% 6.0%
Date of Maturity 06/01/99 04/15/00
FY 1997-98 DEBT SERVICE
AND ADMINISTRATION FEES
Bond Principal
125,000
55,000
180,000
Bond Interest
9,818
12,455
22,273
Administration Fees
4,230
4,167
.8,397
Total Debt Service.& Fees
139,048
71,622
210,670
Estimated Interest Earned
-1,800
-1,200
-3,000
Prior Year Funds -Available to Reduce
Current Year Tax Rate
-16,000
-10,700
-26,700
Net Amount To Be Raised by Taxes
In FY 97-98
121,248
59,722
180,970
Tax Rate Calculation
Estimated FY 97-98 Assessed Valuation (1)
Tax Rate Applied to:Estimated Assessed
Valuation Above
Total Estimated Amount of Revenue
Raised for Debt Service
By Above Tax Rate
(1) The net -assessed valuation is calculated as follows:
Net Taxable Assessed Valuation
Add Homeowners, Exempt (HOPTR)
Less Est. PCDC A.V. Increment=From Base Year
Net Taxable Valuation roc: Debt Service
/exceVbudgeUdeksm
3,057,958,261 3,057,958,261 3,057,158,211
0.003965 0.001953 0.005918
5%722 180,970
3,348,762816
77,769765
-368,574320
3;057,958,261
CITY OF PETALUMA
SCHEDULE OF ANNUAL DEBT SERVICE
$2,350,000 - 1966 SEWER BONDS
Interest
Interest
Principal
Fiscal
Payable
Payable
Payable
Total Debt
Year
December 1
June 1
June 1
Service
1997-98
$4,908.75
$4,908.75
$125,000.00
$134,817.50
1998-99
2,502.50
2,502.50
130,000.00
135,005.00
Total
$7,411.25
$$7,411.25
$25.5,000.00
$269,822.50
$750,000 --1975 LIBRARY BONDS
Interest,
Iriierest
Principal
Fiscal
Payable
Payable
Payable
Total Debt
Year
October 15
April 15
Aril 15
Service
1997-98
$7,015.00
$5,440.00
$55,9.0.0.00
$67,455.00
1998-99
5,440.00
3;680.00
55,000.00
64,120.00
1999-00
3,680.00
3,84000
60,000.00
67,520.00
Total
$16,135.00
$12,960.00
$1.70;000.00
$199,095.00