HomeMy WebLinkAboutOrdinances 1960 08/15/1994I ORDINANCE NO. 1960 N.C.S.
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4 INTRODUCED
5 BY COUNCILPERSON SECONDED BY
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8 Nancy Read Ross Parkerson
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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, 1994 TO JUNE 30, 1995
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
18 property in the City, including property as originally incorporated and added thereto upon each
19 One Hundred ($100.00) valuation of said property:
20 FOR DEBT SERVICE ....... $.00887
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
23 bonds.
24 Section 2. This ordinance is hereby declared to be necessary for the immediate
25 preservation of the public peace, health and safety and shall take effect and be in force upon its
26 passage by a unanimous vote for the members of the City Council present at the time of its
27 adoption. The reason for the urgency of this ordinance is that said tax levy must be adopted
28 not later than the first Tuesday in September, 1994, in order to comply with the City Charter
29 and provide funds necessary to the preservation of the public peace, health and safety for the
30 City of Petaluma.
31 Section 3. The City Clerk be, and she is hereby directed to post/publish this
32 ordinance for the period and in the manner required by the City Charter
Ord. 1960 NCS
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INTRODUCED, ADOPTED AND ORDERED posted/p&ksW 15th
Of August , 1994, by the following vote:
AYES: Parkerson, Read, Hamilton, Barlas, Shea, Mayor Hilligoss
NOES: None
ABSENT: Vice Mayor Sobel
Attest:
Patricia E. Bernard, City Clerk
A ---A .
day
Ord. 1960 NCS
CITY OF PETALUMA
CALCULATION OF GENERAL OBLIGATION
DEBT SERVICE REQUIREMENTS
FY 1994-95
1966 1973 1975
TOTAL
WATER REFUNDING OF LIBRARY
GENERAL
POLLUTION 1970 MUNICIPAL
OBLIGATION
CONTROL IMPROVEMENTS
BONDS
BOND ISSUES
AMOUNT OF ORIGINAL ISSUE
2,350,000
855,000
750,000 3,955,000
BOND PRINCIPAL OUTSTANDING
600,000
150,000
310,000 1,060,000
AT JUNE 30, 1994
AVERAGE INTEREST RATES
3.7 -.5.5%
5.15%
6.0%
DATE OF MATURITY
06/01/99
04/15/96
04/15/00
FY 1994-95 DEBT SERVICE
AND ADMINISTRATION FEES
BOND PRINCIPAL
110,000
75,000
45,000
230,000
BOND INTEREST
23,100
7,500
19,700
50,300
ADMINISTRATION FEES
2,200
2,200
2,200
6,600
TOTAL DEBT SERVICE & FEES
135,300
84,700
66,900
286,900
PRIOR YEAR FUNDS AVAILABLE
TO REDUCE CURRENT YEAR
TAX RATE
-29,900
-18,850
-16,250-
-65,000
NET AMOUNT TO BE RAISED BY
TAXES IN FY 1994-95
105,400
65,850
50,650
221,900
TAX RATE CALCULATION
NET TOTAL. ASSESSED VALUATION
DIVIDED BY $100 (1) 25,018,143 25,018,143 25,018,143 25,018,143
TAX RATE APPLIED TO ESTIMATED
ASSESSED VALUATION ABOVE 0.00421 0.00263 0.00203 0.00887
TOTAL AMOUNT OF REVENUE
RAISED FOR DEBT SERVICE
BY ABOVE TAX RATE 105,400 65,850 50,650 221,900
(1) THE NET ASSESSED VALUATION IS CALCULATED AS FOLLOWS:
NET TAXABLE ASSESSED VALUATION 2,718,094,009
ADD HOMEOWNERS EXEMPT (HOPTR) 57,696,276
LESS EST PCDC A.V. INCREMENT FROM BASE YEAR (273,976,000)
NET TAXABLE VALUATION FOR DEBT SERVICE 2,501,814,285
OKO toa-00 `GS.