HomeMy WebLinkAboutA200 Reduction property tax (Finance)CITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: August 6, 2013
ITEio TITLE:
Resolution of the City Council of the City of National City authorizing reduction the property tax rate for
bonded indebtedness for Fiscal Year 2014 from 1.32 cents per $100 of assessed valuation to 1.19
cents.
AGENDA ITEM NO.
PREPARED BY: Tina Norrdin, FSO
PHONE: 619-336-4331
EXPL j ATION:
In the special municipal election held on March 6, 2002, more than two-thirds of National City's eligible
voters approved the issuance of General Obligation Bonds to fund the construction of the new National
City Library. in April 2003, the City issued the General Obligation Bonds in the aggregate principal
amount of $6 million. The bonds mature on August 1 in each of the years 2004 through 2028.
In 2012, the City refinanced the bonds to lower the interest rate on the bonds and to decrease the tax
burden required for repayment. The amount of principal and interest to be paid each year is generated
through the proceeds of property taxes received from the County of San Diego.
Each year the City must establish the property tax rate that is needed to raise the revenue required to
service its annual bonded indebtedness. For the Fiscal year 2014, the calculated property tax rate is
1.19 cents per $100 of assessed value. This is a 9.8% reduction from prior year rate of 1.32 cents.
DEPARTMENT: Finan
APPROVED BY: u
FINANCIAL STATEMENT:
ACCOUNT NO. N/A
APPROVED:
APPROVED:
ENVIRONMENTAL REVIEW:
This is not a project and, therefore, not subject to environmental review.
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Approve and File
BOARD ! COMMISSION RECOMMENDATION:
ATTACHMENTS:
1. Resolution
2. General Obligation Bond Tax Rate Computation for FY 2013-2014.
Finance
MIS