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HomeMy WebLinkAbout8952 - Tax StatementFRS:pw 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