Item 7 - Tax Rates for Bond Interest and Redemption for Fiscal Year 95-96
_ AGENDA REPORT SUMMARY -
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'0: Honorable Mayor and Members of the City Council
FROM: James L. Bowersox, City Ma~ .'
INITIATED BY: John D. Fitch, Assistant City Manage~it
Peggy A. Stewart, Director of Administrative sevice~
DATE: August 22, 1995
SUBJECl': Tax Rates for Bond Interest and Redemption for Fiscal Year 1995-1996
Tax Rolls
ABSTRACl'
In order to have the bond principal and interest for fiscal year 1995-1996 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.
ENVIRONMENTAL REVIEW
~
This agenda item is not subject to CEQA review.
FISCAL IMPACl'
Tax rates are set to cover pre-Proposition 13 General Obligation Bond debt service
payment. No fiscal impact on general operations is expected.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
Published in the Poway News Chieftain August 10 and August 17, 1995.
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing tax
rates for bonded indebtedness for 1995-1996.
ACTION
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~ AGENDA REPOR'l
CITY OF POW A Y
TO: Honorable Mayor and Members of the City Council
FROM: James L, Bowersox, City Ma~ .
INITIATED BY: John D. Fitch, Assistant City Managerct)\
Peggy A. Stewart, Director of Administrative Services
DATE: August 22, 1995
SUBJECT: Tax Rates for Bond Interest and Redemption for
Fiscal Year 1995-1996 Tax Rolls
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 1995-1996 tax
roll as noted on the attached schedule. The cash balance available for the sewer
bond will be used to reduce the tax rate, leaving a zero cash balance upon maturity.
FINDINGS
The tax rate necessary to collect sufficient funds to pay the debt service for
fiscal year 1995-1996 is:
6075-52 Poway Sewer Improvement District . 0.00203
6075-53 & 6660-50 Poway Municipal Water District . 0.06022
FISCAL IMPACT
Tax rates are set to cover pre-Proposition 13 General Obligation Bond debt service
payment. No fiscal impact on general operations is expected.
ADDITIONAL PUBLIC NOTIFICATION AND CORRESPONDENCE
Published in the Poway News Chieftain August 10 and August 17, 1995.
ACTION: l
2 of 5 j
AUG 2 2 1995 ITEM 7 ..,
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- Agenda Report
August 22, 1995
Page 2
RECOMMENDATION
It is recommended that the City Council adopt the attached resolution establishing
tax rates for bonded indebtedness for 1995-1996.
JLB:JDF:PAS:eg
Attachments:
1 ) Schedule of Bond Principal and Interest Payments
2) Proposed Resolution
c:\data\wpf;les\taxrates.agn
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AUG 2 2 1995 ITEM 7 I
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- RESOLUTION NO. 95-
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF POWAY, CALIFORNIA,
ESTIMATING THE AMOUNT NECESSARY TO BE RAISED
FOR TAXATION FOR THE FISCAL YEAR 1995-1996
FOR IMPROVEMENT DISTRICTS OF THE CITY
FORMERLY KNOWN AS POWAY MUNICIPAL WATER DISTRICT
AND POHERADO COUNTY WATER DISTRICT
WHEREAS, the terms and conditions of the Poway reorganization provided
for the City Council 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 districts" and provide the
information to the Board of Supervisors.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF POWAY DOES HEREBY
RESOLVE, ORDER AND DETERMINE AS FOLLOWS:
Section 1: Fund 6075-52 - Poway Sewer Improvement District, the sum of
$31,000, a rate of 0.00203 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 6660-60 - Poway City, Poway Municipal
Water District, the combined sum of $1,191,477, a rate of 0,06022 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 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 to the Auditor of the County of San Diego, San Diego,
California.
PASSED, ADOPTED AND APPROVED, by the City Council of the City of Poway,
California, at a regular meeting thereof this 22nd day of August, 1995.
Don Higginson, Mayor
ATTEST:
Marjorie K. Wahlsten, City Clerk
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