HomeMy WebLinkAbout7667 - Tax Rate Data StatementRESOLUTION NO. `d 66 `X
A.RESOLUTION OF THE CITY COUNCIL OF THE CITY
OF NEWPORT BEACH, CALIFORNIA, APPROVING TAX
RATE DATA STATEMENT
• WHEREAS, a special consolidated election is to be held
in the City of Newport Beach on June 6, 1972, for the purpose of
submitting to the qualified voters of said City the propositions
hereinafter set forth of incurring indebtedness and issuing bonds
of said City therefor in the principal amounts stated in the bal-
lot propositions hereinafter set forth, and for the objects and
purposes set forth in said ballot propositions:
A. "Shall the City of Newport Beach incur a bonded
indebtedness in the principal sum of $3,560,000
for the purpose of acquisition of a certain munici-
pal improvement, to wit: a certain municipal im-
provement for park and recreational purposes,
including the acquisition of sites and provisions
for open space ?"
B. "Shall the City of Newport Beach incur a bonded
indebtedness in the principal sum of $2,425,000
for the purpose of acquisition of a certain munici-
pal improvement, to wit: a certain municipal im-
provement for the development of park and recreational
facilities, including all utilities, furnishings, and
equipment necessary or incidental thereto ?"
C. "Shall the City of Newport Beach incur a bonded
indebtedness in the principal sum of $3,000,000
for the purpose of acquisition of a certain munici-
pal improvement, to wit: a certain municipal im-
provement for park and recreational purposes,
including the future acquisition of sites and pro-
visions for open space ?"
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:
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1.- Said statement is hereby approved by this City
Council, and shall be distributed with relevant.election material,
as.required by law.
ADOPTED this 10th day of April 1972 .
ATTEST:
City Clerk
CE T:91D AS i;;L O ".'fr �lJ1Lr
CITY CLERK OF THE CITY OF NE IT B5ACH
APR IA-1972
DATES ..._..._.._._...._.._.
•
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Mayor
DON dm
4/7/72
STATEMENT 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 June 6, 1972 for the purpose of submitting to the
electors of the City three independent propositions of incurring bonded in-
debtedness in the principal amounts of $3, 560, 000 for park and land acquisi=
tion, $2, 425, 000 for park and recreation development and $3, 000, 000 for'
future recreation and open space acquisition. If the bond issues are authorized
and sold, the principal thereof and interest thereon will be payable from the
proceeds of tax levies made upon the taxable property in the, City. The
following information regarding tax rates is given to comply with Sections
5300 to 5304 of the Elections Code. This information is based"Upon the best
estimates and projections presently available from official sources., upon
experience within the City, and other demonstrable factors.
If the bonds are authorized it is anticipated that $3, 560, 000 park land acqui-
sition bonds may be sold in 1973/74; all or part of the $2, 425, 000 for park
improvement bonds would also be sold in 1973/74 and the $3; 000, 000 authorized
for future recreation and open space would not be sold until !squired.' However,
in order to establish a basis for an estimated tax it is assumed that all three
authorizations would be sold in 1973/74, the principal payments on the bonds
would be due beginning in fiscal year 1974/75 and thereafter annually through
fiscal year 2002/03. Interest estimated at six percent would be payable
semiannually. The maturity schedule would provide for annual payments of
principal and interest so as to stabilize the City's tax rate for debt service. The
City's assessed valuation in 1973/74 is estimated to be approximately $360, 000, 000.
It is further estimated that the City's assessed valuation in 1974/75, the first
• fiscal year after the last sale of bonds, will be $380, 000, 000.
EXHIBIT "A"
J�lI
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is
Based upon the financing plan outlined above and the projections of the City's
assessed valuations, the estimated tax rates to service the debt of each autho-
rization are as follows:
$ 3, 560,000 $ 2, 425, 000 $ 3, 000, 000 All
Land Acq. ImpvtS. Reserve Issues
Year of sale (1972/73) $0.059 $ 0. 040 $0.050 $ 0. 149
First year after last sale
of bonds (1973/74) 0.069 0.048 0.058 0.175
Highest annual rate during
entire period of indebted-
ness (1973/74) 0.069 0.048 0.058 0.175
Average 0.044 0.030 0.037 0.111
After the fiscal year 1973/74 the annual tax rate needed to service the 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 information is
based upon projections and estimates only, which are not binding upon the City.
The actual interest rate at which the bonds will be sold, not to exceed seven percent,
will depend upon the bond market at the time of sale. The actual assessed valuations
in the future years will depend upon the value of property within the City as deter-
mined in the assessment and 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 Mayor and City Council of the City of Newport Beach, California.
APR: 134.1972,
Date
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Ci y dieYk
City of Newport Beach