HomeMy WebLinkAboutOrdinances 1935 08/02/1993'_ ~1~~ SATE
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AUK 2 193 `:'~
1 ORDINANCE NO. 1935 N.C.S.
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4 INTRODUCED
5 BY COUNCILPERSON SECONDED BY
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g Vice Mayor Read Lori Shea
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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, 1993 TO JUNE 30, 1994
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 having adopted its annual budget, there is hereby
18 levied upon the assessed valuation of the property in the City, including property as originally
19 incorporated and added thereto upon each One Hundred ($100.00) valuation of said property:
20 FOR DEBT SERVICE ....... $.0107
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, 1993, 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. 1935 NCS
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INTRODUCED, ADOPTED AND ORDERED posted/published this 2nd
of August 1993, by the following vote:
AYES: Nelson, Sobel, Hamilton, Shea, Vice Mayor Read, Mayor Hilligoss
NOES: None
ABSENT: Barlas
Attest:
atricia E. Bernard, i Clerk
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Approved:
y Attorneyl "~
day
Ord. 1935 NCS
` CITY OF PETALIIMA
- ~ CALCULATION OF GENERAL OBLIGATION
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'. DEBT SERVICE REQ~JIREMENTS
FY 1993-94
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 AT JUK 710,000 220,000 350,000 1,280,000
AVERAGE INTEREST RATES 3.7 - 5.5% 5.15% 6.0%
DATE OF MATURITY 06/01/99 04/15/96 04/15/00
FY 1993-94 DEBT SERVICE
AND ADIVIINISTRATION FEES
BOND PRINCIPAL 110,000.00 70,000:00 40,000.00 220,000.00
BOND INTEREST 27,280.00 11,000.00 22,200.00 60,480.00
ADMINISTRATION FEES 2,200.00 2,200:00 2,200.00 6,600.00
TOTAL DEBT SERVICE & FEES 139,480.00 83,200.00 .64,400.00 287,080,00
PRIOR YEAR FUNDS AVAILABLE
TO REDUCE CURRENT YEAR
TAX RATE (17,050.00) (10,800.00) (8,940.00) (36,790.00)
5% ALLOWANCE FOR DELINQUENCY 6,400.00 3,800.00 2,900.00 13,100.00
NET AMOUNT TO BE RAISED BY
TAXES IN FY 1993-94 128,830.00 76,200.00 58,360.00 263,390.00
TAX RATE CALCULATION
NET TOTAL ASSESSED VALUATION
DIVIDED BY $100 (1) 24,647,188 24,647,188 24,647,188 24,647,188
TAX RATE APPLIED TO ESTIMATED
ASSESSED VALUATION ABOVE 0.0052 0:0031. 0.0024 0.0107
TOTAL AMOUNT OF REVENUE
RAISED FOR DEBT SERVICE
BY ABOVE TAX RATE 128,165 76,406 59,153 263,725
(I) THE NET ASSESSED VALUATION IS CALCULATED AS FOLLOWS:
NET TAXABLE PRELIM ASSESSED VALUATION 2,670,396,836
ADD HOMEOWNERS EXEMPT(HOPTR) 6$,29$,000
LESS EST PCDC A.V. INCREMENT FROM BASE YEAR (273,976,000)
NET TAXAB LE V ALUATION FOR DEBT S ER V ICE 2,464,718,836
ORD I X35 -~CS