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RESOLUTION NO. 8952
RESOLUTION OF THE CITY COUNCIL OF
CITY OF NEWPORT BEACH, CALIFORNIA
APPROVING THE TAX STATEMENT TO BE
MAILED TO VOTERS WITHIN THE CITY
• WHEREAS, an election is to be held in the City of Newport
Beach on March 8, 1977, at which there will be submitted to
the qualified electors within said City the following City
measure:
Shall the City of Newport Beach acquire
land for open space and make minimum improve-
ments on park sites by incurring a bonded
indebtedness in the principal sum of Seven
Million One Hundred Thousand Dollars of which
approximately 90% would be used for land acqui-
sition and the remainder for park improvements,
and all expenses incidental to or connected
with the authorization, issuance and sale of
the bonds?
NOW, THEREFORE, this City Council does hereby approve the
tax statement, attached hereto as EXHIBIT "A ", and by this
reference made a part hereof, to be mailed to the voters within
the City as required by Section 5301 of the Elections Code.
ADOPTED, SIGNED AND APPROVED this 13th Day of December,
1976.
(SEAL)
ATTEST:
ity Clerk, City o ewport Beach
CERTIfIED AS THc M, GINAL
•CITY CLERK OF THE CITY OF NE \h'fORT E =ACH
DATES DEC 1 5 1976
-1-
STATE OF CALIFORNIA )
) ss.
COUNTY OF ORANGE )
I, DORIS GEORGE, 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
at a regular meeting of said City Council held on the 13th
day of December, 1976, and that it was so adopted by the
following vote:
(SEAL)
•
AYES: COUNCILMEN
NOES: COUNCILMEN
ABSENT: COUNCILMEN
'City Clerk, City of dewport Beach
-2-
j
9
•
STATEMENT IN COMPLIANCE WITH
ELECTIONS CODE SECTIONS 5300 TO 5304
A special election will be held in the City of Newport
Beach on March 8, 1977, for the purpose of submitting to the
voters of the City the question of authorizing the incurrence
of a bonded indebtedness in the amount of $7,100,000 for the
acquisition of open space and construction of park improvements.
If these bonds are authorized and sold, it is anticipated
that the bond principal and interest will be payable primarily
from property tax levies. The City contemplates selling all of
the bonds in 1977. It is also anticipated that the bonds will
mature over a twenty -year period, bearing interest at an esti-
mated rate of six percent (6%) per annum. The maturity schedule
will provide for approximately equal annual debt service over the
life of the bonds; thus the tax rate required to service bonds
will decrease annually in proportion to estimated increases in.
assessed valuations.
Based upon such projections and estimates, the following
statements are made in compliance with Section 5301 of the
Elections Code:
1. The best estimate is that a tax rate of .088¢
per $100 of assessed valuation will be required to be levied
to fund the bond issue during the first fiscal year after the
sale of the bonds (1977 -1978) based on estimated assessed valua-
tions at that time.
2. The best estimate is that a tax rate of .088¢
per $100 of assessed valuation will be the highest tax rate
which will be required to be levied to fund the bond issue,
which will occur in the fiscal year 1977 -1978 based on estimated
assessed valuations at that time.
Attention of all voters is directed to the fact that the
foregoing information is based upon projections and estimates
only which are not binding upon the City. The actual timing of
sale of said bonds and the amount sold at any given time will be
governed by the needs of the City, the then applicable state of
the bond market, and other, factors. The actual interest rate
which bonds sold will bear will depend upon the bond market at
the time of sale. The actual assessed values during the several
future years will depend upon the then amount of taxable property
within the City and the value thereof as determined in the assess-
ment and the equalization process. Hence, the actual tax rates
and the years in which the same are applicable may vary from
those presently estimated as above stated.
The foregoing statement has been approved by and is
submitted by order of the City Council of the City of Newport
Beach.
EXHIBIT "A"
STATE OF CALIFORNIA )
) ss.
COU14TY OF ORANGE )
I, DORIS GEORGE, 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.
8952 , of said City Council, and that the same has not
been amended or repealed.
DATED: December 13 1976.
(SEAL)
0
ity Clerk, City o ewport Beach