HomeMy WebLinkAboutOrdinance 2055 N.C.S.08/04/1997
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1"-~~~ ~ ~ 1997
1 ORDINANCE NO. 2055 N.C.S.
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4 INTRODUCED
5 BY COUNCILMEMBER SECONDED BY
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g Mary Stompe Matt Maguire.
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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, 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:
1~ 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
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. 2055 NCS Page 1 of 2
1 INTRODUCED, ADOPTED AND ORDERCD postedk~~ this 4th day of
2 August , 1997, by the following vote:
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6 AYES: Stompe, Torliatt, Maguire, Vice Mayor Hamilton, Mayor Hilligoss
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9 NOES: None
to
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12 ABSENT: Read, Keller ` ~ ~
15 M. Patricia Hilligoss, Mayor
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17 Attest: App~ved:
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20 ~ . ~~12~~ ~
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22 atricia E. Bernard, City Clerk Crt attorney
Ord. 2055 NCS Page 2 of 2
CITY OF PETALUIVIA
CALCULATION OF GENERAL OBLIGATION
' DEBT:SERVICE.REQUIREMENTS
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FY 1997-98
1966 1975 TOTAL
WATER LIBRARI' 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 12;5,000 .55,000 180,000
Bond Interest 9,818 12;455 23,273
AdministrationFees 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) 3,057,958,261 3,057,958,261 3,057,958,261
Tax Rate Applied to~Estimated Assessed
Valuation Above 0.003965 0.001953 0.005918
Total Estimated Amount of Revenue
Raised for Debt Service
By Above Tax Rate 121;248 59,722 180,970
(d) The netassessed valuation is calculated as follows:
`Ne[ Taxable Assessed Valuation 3,348,762;816
Add Homeowners,Ezettipt (HOPTR) 77,769;765
I;ess Est. PCDC A.V. Increment=From Base Year -368,574;320
Net Taxable Valuation rorDebt Service 3;057,958,261
/exc e W udgeUde b~serv.
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 l June 1 June. l Service
1997-98 $4,908.75 $4,908..75 $12'5,000.00 $1.34,817.50
1998-99 2.502.50 2 502.50 ;13'0,000.:00 135,005.00
Total $7,411.25 $$7,4.11.25 $25.5,000.00 $269,822.50
$750,000 -1975 LIBRARY BONDS
Interest Interest- - Principal
Fiscal Payable Payable Payable Total Debt
Year October 15 April 15 Aril 15 Service
1997-98 $7,015:00 $;5,440.00 $5'S,Q.0.0.00 $67,455.00
1998-99 5,440.00 3;680.00 55,0:00.00 64,.120.00
1999-00 3
6.8.0.00 3,8'40.:0.0 ,60,000.00. 67,520.00
Total $.16,135..00 $12,960.00 $1.70;000.00 $199,095.00