HomeMy WebLinkAbout7505 - Tax Rate Data StatementRESOLUTION NO. 7505
A RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH, CALIFORNIA,. APPROVING TAX
RATE DATA STATEMENT
WHEREAS, a special election is to be held in the City
of Newport Beach on October 5, 1971, for the purpose of submitting
to the qualified voters of said City the proposition hereinafter
set forth of incurring indebtedness and issuing bonds of said City
therefor in the principal amount stated in the ballot proposition
hereinafter set forth, and for the object and purpose set forth in
said ballot proposition:
and
"Shall the City of Newport Beach incur a bonded
indebtedness in the principal sum of $6,935,000
for the acquisition and construction by said city
of the following municipal improvement, to wit:
a public facility to accommodate certain govern-
mental and administrative facilities and certain
police and public safety facilities, including
landscaping, furniture, equipment, and related
facilities and all other property and services
necessary therefor ? ";
WHEREAS, Section 5300 et seq. of the California Elections
Code requires preparation and distribution of a certain tax rate
data statement; and
WHEREAS, a tax rate data statement has been prepared and
is attached hereto as Exhibit "A ";
NOW, THEREFORE, the City Council of the City of Newport
Beach, California, DOES HEREBY RESOLVE, DETERMINE AND ORDER, as
follows:
1. Said statement is hereby approved by this City Council,
and shall be distributed with relevant election material, as required
by law.
ADOPTED this 9th day of August, 1971.
.ATTEST: Mayor
S) &`( /
City Clerk
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�Q COMPIED AS THE ORIGINAI 8/5/71
CITY CLERKOF THE CITT OF 9JPCR7 9ACH
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'. :r• _'.: :. '.. :. ''_ . '.. _ STATEMENT IN IN COMPLIANCE WITH
ELECTIONS CODE SECTIONS 5300 TO 5304 �.
As shown on the enclosed sample ballot, an election will be held in
the City of Newport Beach on October 5, 1971 for the purpose of submitting'
to the electors of said City the question of incurring a bonded indebtedness
of said City in the principal amount of $6,935,000. If such bonds are auth €
orized and sold, the principal thereof and interest thereon will be payable
from the proceeds of tax levies made upon the taxable. property ,in said City.
The following information regarding tax rates is given to comply with Sections
5300 to 5304 of the Elections Code. Such information is based upon the best
estimates and projections presently available from official sources, upon
experience within said City, and other demonstrable factors.. . .
If said bonds are authorized, the present projection is the entire auth
orization will be sold in September 1972. The bonds would be dated October
1, 1972, Principal payments on the bonds would be due on October 1, 1974
and annually thereafter through October 1,I 1997. Interest on the entire issue,
estimated at six percent, would be payable annually on October 1, 1973 and II,
semiannually thereafter on April 1 and October 1. The maturity schedule
would provide for annual payments of principal and interest so'as to stabilize
the City's tax rate for debt service. -
. All of the bonds would be sold in fiscal year 1972/73. It is estimated
that the City's assessed valuation in 1972/73 will be approximately
$338,000,000. It is further estimated that the City's assessed valuation
in 1973/74, the first fiscal year after the last sale of bonds, will be ap-
proximately $358,000,000.
Based upon the financing plan outlined above and said projections of
the City's assessed valuations, the estimated tax rates necessary to ser
vice the debt are as follows:
(1) Year of sale (1972/73). • . . . $0.1369
(2) First year after last sale of bonds (1973/74) $0.1316
(3) Highest annual rate during the entire period of
Indebtedness (1972/73) . . . . . . . . .,.'..$0.1369
After the fiscal year 1973/74 the annual tax rate needed to service the
•x bonds is expected to decline in proportion to realized annual increases in
the city's assessed valuations.
Attention of all voters is directed to the fact that the foregoing infor-
oration is based upon projections and estimates only, which are not binding
(W
40
STATE OF CALIFORNIA )
County of Orange ) SS
City of Newport Beach)
I, Doris M. George Deputy City Clerk of the
City of Newport Beach, California, DO HEREBY CERTIFY that the
foregoing resolution was duly adopted by the City Council of said
city and was approved by the Mayor of said city at a
regular meeting of said City Council held on the 9th day of
_SAugust , 1971, and that it was so adopted as follows:
AYES: Councilmen McInnis, Kyrala, Rogers, Hirth,
Dostal, Parsons
NOES: Councilmen None
ABSENT: Councilmen
10,0�-17 Y)--' Ld�. �b,6-2�-4
City Clerk of the i y of
Newport Beach, California
STATE OF CALIFORNIA )
County of Orange ) SS
City of Newport Beach)
I, Doris M. George Deputy City Clerk of the
City of Newport Beach, California, DO HEREBY CERTIFY that the above
and foregoing is a full, true and correct copy of Resolution
No. 75n5 , and that the same has not been amended or repealed.
DATED: August 16 . 1971.
- A L,---, &A"
City Clerk of Ue Cibq, of
Newport Beach, California