HomeMy WebLinkAboutOrdinance 1862 N.C.S. 08/05/1991
1 ORDINANCE NO. 1862 N.C.S.
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4 INTRODUCED
5 BY COUNCILPERSON SECONDED BY
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8 Vice 141ayor Woolsey Jack Cavanagh
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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, 1991 TO JUNE 30, 1992
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
17 FOLLOWS:
18 Section 1. The City Council having adopted its annual budget, there is
19 hereby levied upon the assessed valuation of the property in the City, including
20 property as originally incorporated and added thereto upon each One Hundred
21 ($100.00) valuation of said property:
22 FOR DEBT SERVICE ....... $.0118
23 The Council hereby finds and determines that said rate of taxation is sufficient to
24 raise the amounts estimated to be required for annual debt service of outstanding
25 general obligation bonds.
26 Section 2. This ordinance is hereby declared to be necessary for the
27 immediate preservation of the public peace, health and safety and shall take
28 effect and be in force upon its passage by a unanimous vote for the members of the
29 City Council present at the time of its adoption. The reason for the urgency of this
30 ordinance is that said tax levy must be adopted not later than the first Tuesday in
31 September, 1991, in order to comply with the City Charter and provide funds
32 necessary to the preservation of the public peace, health and safety for the City of
33 Petaluma.
34 Section 3. The City Clerk be, and she is hereby directed to post/publish
35 this ordinance for the period and in the manner required by the City Charter.
Ord. 1862 N.C.S.
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INTRODUCED, ADOPTED AND ORDERED posted/published this
5th day of August , 1991, by the following vote:
AYES: Read, Davis, Cavanagh, Sobel, Nelson, Vice Mayor Woolsey, Mayor Hilligoss
NOES: None
ABSENT: None ~~ ..
M. atricia Hill
~~
vYJ
igoss,
Attest: Approved:
Patricia E. ernar it Jerk
~~~~JT1( C9TY ~~,E(tIC
~~~~~-
City Attorney
Ord. 1862 N.C.S.
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' ~ CI=TY DF'PETALUMA ~ '
CRL'CULRTION` OF GENERRL OBLIGATION 'DEBT SERVICE RERUIREMENTS
FY 19:91-9"~2 ,,
1966 1973 1975 TOTAL
HATER P;0[L-UTION
- _ REFUNDING OF LIBRARY
- ALL ~.
CONTROL 1970. MUNICIPAL' ~ ~ BDNDS
IMPROVEMENTS
AMOUNT OF ORI.GINAI ISSUE 2,350,,00.0. 855;0"00 150,0:00 3,95§,000 `
80ND PRINCI-PAL OUTSTANDING
AT JUNE 30,1991 915;000 345.,,:000 425,..000 1,6:85,000
AVERAGE INTEREST 'RATES 3.T - 5,52 5,P5'i. 6.OZ
FINRL 60NDS MATURE ON A6/O1/99.. 04L15/,96' 04/15/00.
FY' 1991-91 DEBT SERVICE AN0
ADMINISTRAJIDN FEES -
BOND PRINC°IPAL °100,000'.00 6'0;000,.:00: 35,,000.;00
, 195,000,00
BOND INTEREST - _
35,070.00 17,250,00' 26,870:,00 19,,190,.00
PAYING AGENT fEE5 1:,000.00 1,00:0;:00. :1;.OD0.00 3,000.00
TOTAL. DEBT SERVICE. '& FEES 136'',470,00 1.8,150,.OD 61-,870'.00 277,T9.0,40
PRIOR YEAR F-.UNOS~ AVAILABLE
_ _.. ,.. -.
TO REDl1CE -CURRENT YEAR,
TAX RATE" (25,568;00) (12,587,:OOj (1,38b°, 00) (39,541.OD)
5X;ALLOHANCE FGR OEL~INQUENCY 6,803.°50 3,912.,.50." ~ 3.,143,..50 13,859,50
NET AMOUNT TO BE RAISED BY
TAXES IN FY 1991-91 117,305,;50 b9,575.,50. b4,617.50 251,508, 5Q
TAX-RATE~APPLI~ED TO Q. 00.55 0.0.033 0,0030 0,0118
ESTIMATED. ASSESSED -
VALUATI-0N '(DLU~IDED '
BY $100) _
.NET~TOTAL.ASSE5SED: ~ 11,,370,,91,:• '11,370.,3.47 21,,370;397 21,37b,397
VALUATION DIVIDED; ~ -
TDTAL AMOU.NT_OF TAX ~ 117,305.50!• 69,5.75,.5.0
' ~ b4,621,50 251,.508,50.
TD BE RRISED FOR __ ____ ____________ _______
_=______ ___=______ __=_____ _______________
DEBT SERVICE
(l;j' THE NE,T ASSE5SE0°'"VALUATION IS CRLCULATED 'AS FDLLOHS~', -
NET TAXABLErPRELIM`'RSSES SED URLUATION 2;185,811,124
.ADD HOhIEOYNERS ,EXEMPT .(~N OPTR,) ~ ' 61',990,1°16
LESS PCDC A;.:V, INCREMENT 'FROM ;BASE YEAR. ,(`211.,.76'1,633) .
NET TAXRBLE'; VALUATION~:FOR . DEBT SERVICE ~ ~- 1•;,T37,039,1i'9
d~D ~~~~~~ ~G•S ..
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C-ITY'OF fETALUMA _
ANNUAL. FEDUCTION OF OUTSTAND'fiNG
r,ENER'AL 'OBLIGATION 60ND DEBT
• AS OF JUNE 39,, 1-991 ~ ~ ~~
1966 1913:. 1:975 TOTAL
fRINCIFAL FRYMENT . aAT,ER POLLUiTION REFUNDING OF . tIBRARY ANNUAL PRINCIPAL
FI5CRL YEAR ENDIN~~JUNE 30 CONTROL 1970 MUNICIPAL ~ .~. ~• ALL 6DNOS
IMRROVEMENT~S
19?1-92 Y00,000 60',000 ~ •35,,.00.0. 1.95,000
1992.-93 .1.05;.000' 65,000 40,000 210,000 -
1993-94 1'-YO,,OOOI , ~7-0,000 40;000,_ 220,004
1994-95 1,10,000: 75;0.0:0 • 45.,000 230,000 A
1995-9b 11'5',00'0' 7.5,000 45,:000 235,000
199.6=97 `1'20,,,000' 50,000 110,000
1997-98 •125,040:'.. ,55,000 1.80,400 `
1"998-99 130,000'. ,55,,:ODO 185,000
199-00 ~ 60,000 60,.000
TOTAL OUTSTANDING BONDS 915,000 345.,`000 425,000 1,685`,000.
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CITY Of P ETALUMA'
_ NIN_E`Y_EAR SUMMRRY OF ASSESSED URLUATIDN
AND DEBT SERV ICE REQUIREMENT5
NET TAXABLE PERCENTAGE NET AMOUNT NEEDED ,PERCENTAGE DEBT SERVICE .PERCENTAGE
ASSESSED VALUATION CHANGE FROM TD BE RAISE-0 BY GHANGE FROM PROPERTY TAX CHANGE FROM
FOR DEBT SERV-:ICE * PRIORYEAR PROPERTY TAXES .. PRIOR YEAR RATE (Att.BDNDS) PRIOR YERR
FY 1991-92 2;131,039,719 k0,7i 251,.509 -2,5~ ~ 0..0118 -12,41
FY 19:90-9I 1,930,366;323 ll:.bi 258,082 -2.45 0.0134 -12,bi
FY 1989-90 1,730,154,908 6.4X 264,365 ~ 5.6X 0.0153 -O.bi
FY 1988-B9 1,626,,451,854. .~ 12, 4X 250.,349 -O.Oi 0.0154 -11.Oi
FY .19B1-B8 1,441,,425,789 ~ 1Z,5y 250,405 •, ~ -5,7X 0.0173 -Il,b
FY 1986-87 1,286.,830,113 11-a 265,529 11.~O 0,0210 5,Oi
FY 1985-86 ~ 1,:15L,580,111 11.J:~ . 239,185 15.1 0.0200 -4,8Z
FY 1984-85 978,055,218 15.31. '201,'960 12,41 0,0210 -4.5Y,
FY 1983-84 848,.190,480 7,PX 185,100 -53,OY, 0,0220 -39.02