Item 5 - Tax Rates for Bond Interest and Redemption for Fiscal Year 1986-1987 Tax RollsAGEANTDA REPORT
CITY OF POWAY
Honorable Mayor and Members of the City Council
FRQM: James L. Bowersox, City Manag-
INITIATED By: John D. Fitch, Assistant City Man-•
DATE: August 19, 1986
SUBJECT: Tax Rates for Bond Interest and Redemption For Fiscal Year
1986-1987 Tax Rolls
ABsIRAC
In order to have the bond principal and interest for fiscal year 1986-1987
collected on the tax roll, it is necessary for the City Council to approve of
the rates for the bond issues and to notify the County of San Diego of the
amount to be levied.
BACEGROUNID
The City of Poway has three. (3) existing General Obligation Bond issues: the
Poway Sewer Improvement District; Poway Municipal Water District; and Poway
Municipal Water Dmprovanent District No. 4. In order to collect the amount
necessary to pay the principaland interest on these bonds, the city 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 1986-1987 tax roll as noted
on the attached schedule.
As indicated on the schedule, it will not be necessary to establish a rate for
the Poway Municipal. Water Improvement District No. 4 for fiscal year 1986-1987.
This is because the water district collected more money than was necessary and
the overage is being returned by lowering the amount collected over the
remaining life of the bond, and the Poway Municipal Water Improvement District
No. 1 General Obligation Bond was paid off in 1985-1986.
ACTION:
1of 4
AUG 19 1986 ITEM
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RESOLUTION NO. 86-^".
A RESOLUTIONOF THE. CITY COUNCIL
OF THE CITY OF POWAYs CALIFORNIA,
ESTIMATING THE AMUNT NECESSARY TO BE RAISED
BY TAXATION FOR THE FISCAL YEAR 1986-1987
FOR. JMPROVEHENT'DISTRICTS OF THE CITY
FORMERLY KNOWN AS POWAY MUNICIPAL WATER DISTRICT
AND POMERADO COUNTY WATER DISTRICT
W EREAS,. the terms and conditions of the Poway Reorganization provided for
the City Council to "determine each year the amount of money needed to male
annual payments of the principal and interest of the outstanding voter approved
bonded indebtedness of the improvement. districts" and provide the information: to
the Board of Supervisors`.
NOW, ARE', THE CITY' COUNCIL OF THE CITY OF POWAY DOES HERERBY` RESOLVE,
ORDER AND, D KW= AS FOLLOWS
Section l: Fund 6075-52 - Poway Sewer Improvement District, and stint: $165,000, a
rate: of 0..01664, is required for principal and interest; Fund 6075-55 Poway
City, Poway Municipal, Water Improvement District 2, the sum: of $0`.,00, a rate of
a percent is required to be raised by taxation for the purpose of the; payment
for payment of principal; and. interest on outstanding bonds ; Fund 6075-56 Poway
City, Poway Municipal, Water Tirprovm t District 4, the sum of $0.00,r a rate of
0 percent is required to be raised by taxation for the purpose of the payment of
principal andinterest on outstanding bonds'. Sufficient monies are available: in
appropriated funds for the purpose of Debt Service for this fiscal year.
Section.2 Fund 6075-53 and :Fund 6660-50` - Poway City, Poway Municipal Water
District the. combined, sum of $1,068,892, a rate of 0..09022 each is ;required to
be raised by taxation for thepurpose of` payment of principal and interest on
said bonds at maturity for this fiscal year.
Section.3: Fund 6075-54, Poway City, Poway MunicipalWater Improvement
District 1, the sum. of $0.00, a rate of 0 percent is required to be raisedby
taxation for.: the purpose of payment of principal and interest on said bonds at
maturity for this fiscal year.
Section 4: The City Cleric is instructed to forward a certified copy of this
resolution to the Clerk: of the Board of Supervisors of. the County of San Diego
and,toi the. Auditor of the County of San Diego, :San Diego,. California.
PASSED, ADOPTED AND APPROVEDr by the City Council. of the City of Poway,:
California, at a regular meeting thereof this 19 day of August, 1986.
Carl R. Kruse, Mayor
ATTEST:
Marjorie K. Wahlsten, City Cleric
4 of 4 AUG 19; 1986 tTEN0 5
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