Item 8 - Tax Rates for Bond Interest & Redemption for FY 92-93
~GENDA REPORT
-
CITY OF POW A Y
TO: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Man~
INITIATED BY: Peggy A. Stewart, Director of Administrative Services
Christine Tsung, Finance Manager ~
DATE: August 25, 1992
SUBJECT: Tax Rates for Bond Interest and Redemption for Fiscal Year
1992-1993 Tax Rolls
ABSTRACT
In order to have the bond principal and interest for fiscal year 1992-1993
collected on the tax roll, it is necessary for the City Council to approve
the rates for the bond issues and to notify the County of San Diego of the
amount to be levied.
BACKGROUND
The City of poway has two (2) existing General Obligation Bond issues--the
Poway Sewer Improvement District and Poway Municipal Water District.
In order to collect the amount necessary to pay the principal and interest on
these bonds, the Council is required to annually set a property tax rate for
these issues. Staff has calculated the rates necessary to collect the proper
amounts on the 1992-1993 tax roll as noted on the attached schedule.
FINDINGS
The tax rate necessary to collect sufficient funds to pay the debt service for
fiscal year 1992-1993 is:
6075-52 poway Sewer Improvement District
6075-53 & 6660-50 Poway Municipal Water District
= 0.00821
= 0.06059
ACTION:
~
1 of 4
."G "'QC~ iT~M ?
:.. -.) ''''.....~ 1;;..
Agenda Report - Tax Rates - FY 92-93
August 25, 1992
Page 2
PUBLIC NOTIFICATION AND CORRESPONDENCE
Standard distribution.
RECOlt4ENDATlON
It is recommended that the City Council adopt the attached resolution
establishing tax rates for bonded indebtedness for 1992-1993.
JLB:PAS:CT:eg
Attachments:
1) Schedule of Bond Principal and Interest Payments
2) Proposed Resolution
6/A/Taxl-3
2 of 4
AUG 2 5 1992 ITEM 8
3 of 4
i
~
~
-
u
I
I
-
I
i
-
~
-
s:
I
~
i
i
i
..
..
!
i
-
...
..
:.
'"
en
,
N ..
en ..
>-1;1-:;:
"-.... '"
'"
en
"" ,
"N
.... en
.... ..
C .. >-
" f"-
.Lc,l:
... ~
0""
c_
:icl!~
......
. .. ..
1:1 :B....
:0:>-.5
.. ..
"...
Cl _ ""
..... C
o;aL-~
.... ..
0>...
....00
g>
'E ~
c c
_.c..
i' ::: ..
mum
""
..
....
o U
"'.... ..
en
, ....-
N C 0
en:>u
itj~
~]i
~I
~ ~l
i
o
o
o
o
Cl
.0
..
..
....
..
....
-
....
-
....
U
..
....
..
c
......
.. c
~ "
on al
>
"'0
.. ..
~ 1t
I>. _
N
'"
,
'"
"
o
'"
en
'"
~
o
o
'"
8
.,;
o
o
..
....
'"
..
o
:il
.,;
'"
'"
o
..
en
....
'"
N
","
..
....
'"
....
'"
'"
..
'"
'"
g;
N
..
'"
..
-
o
o
o
<XI
..
..
U')
o
o
U')
o
..
..
-
o
o
o
<XI
..
..
'"
o
o
U')
o
..
..
-
<i....
I>.U
u~
- ....
" ..
" -
:::EO
",..
.. "
" ....
o '"
1>.3
'" 0
U') '"
, "C ,
"'''0
"..'"
o '"
'" '"
;'iJG Z 5 '992 ITE:l'
ov,
Q
v
RESOLUTION NO. 92-
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
ESTIMATING THE AMOUNT NECESSARY TO BE RAISED
BY TAXATION FOR THE FISCAL YEAR 1992-1993
FOR IMPROVEMENT DISTRICTS OF THE CITY
FORMERLY KNOWN AS POWAY MUNICIPAL WATER DISTRICT
AND POMERADO COUNTY WATER DISTRICT
WHEREAS, the terms and conditions of the Poway Reorganization provided for the
City Counci 1 to "determine each year the amount of money needed to make annual
payments of the principal and interest of the outstanding voter-approved bonded
indebtedness of the improvement di stri cts" and provide the i nformati on to the
Board of Supervisors.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES HERERBY RESOLVE,
ORDER AND DETERMINE AS FOLLOWS:
Section 1: Fund 6075-52 - Poway Sewer Improvement District, the sum of $118,000,
a rate of 0.00821 is required to be raised by taxation for the purpose of payment
of principal and interest on said bonds at maturity for this fiscal year.
Section 2: Fund 6075-53 and Fund 6660-50 - poway City, poway Municipal Water
District, the combined sum of $1,105,005, a rate of 0.06059 each is required to be
raised by taxation for the purpose of payment of principal and interest on said
bonds at maturity for this fiscal year.
Section 3: The City Clerk 15 instructed to forward a certified copy of this
resolution to the ClerK of the Board of Supervisors of the County of San Diego
and to the Auditor of the County of San Diego, San Diego, California.
PASSED, ADOPTED AND APPROVED, by the Ci ty Council of the City of Poway,
California, at a regular meeting thereof this 25th day of August, 1992.
Jan Goldsmith, Mayor
ATTEST:
MarjorieK. Wahlsten, City ClerK
4 of 4
AUG 2 5 1992. ITEM 8