HomeMy WebLinkAboutRES NO 62-76FRS:pw
815/76
RESOLUTION NO. 62-76
RESOLUTION OF THE CITY COUNCIL OF
CITY OF BAKERSFIELD, CALIFORNIA,
APPROVING THE TAX STATEMENT TO
BE MAILED TO VOTERS WITHIN THE
CITY
WHEREAS, an election is to be held in the City of
Bakersfield on November 2, 1976, at which there will be
submitted to the qualified electors within said City the
ty of Bakersfield incur a bonded
indebtedness in the principal sum of $15,500,000
West, Inc., Kern Island Water Company and Kern
River Canal and Irrigating Company described in
the AcqUisition Agreement entered into by the City
as of April 12, 1976, and all expenses incidental
to or connected with the authorization, issuance
and sal~ of the bonds?
NOW, THEREFORE, this City Council does hereby approve
the tax st te ent,
a m 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 16th day of August,
1976.
Ci~Cl~~kersfield
-1-
EXHIBIT "A"
The best estimate of the tax rate to be levied to fund a bond
issue of $15,500,000 during the first fiscal year after the
first sale of bonds, after the last sale of bonds, and the
best estimate of the highest tax rate of any year, is forty-
six cents ($-.46) per one hundred dollars of assessed valuation.
Because of contracts for water deliveries with North Kern
Water District, Cawelo Water District, Rag Gulch Water District,
Kern Tulare Water District and Rosedale Rio-Bravo Water District~---
the City Council of the City of Bakersfield, as a matter of
policy, proposes to utilize the revenues from the above-mentioned
contracts to fund the bond issue.
Bond service requires an annual estimated expenditure of
$1,126,060 and the estimated revenues are in excess of $1,400,000
over the period of length of the bonds. Since the revenue
exceeds the bond service requirements, there will be no reason
to use ad-valorem taxes to pay for bond service.
STATE OF CALIFORNIA
COUNTY OF KERN
ss.
I, H. E. BERGEN, City Clerk of the City Of Bakersfield,
California, do hereby certify that the foregoing resolution
was duly adopted by the City Council of said City at an
adjourned regular meeting of said City Council held on the 16th
day of August, 1976, and that it was so adopted by the
following vote:
AYES:
COUNCILMEN
NOES: COUNCILMEN
ABSENT: COUNCILMEN
City~erk~,C~field
-2-
STATE OF CALIFORNIA
COUNTY OF KERN
ss.
I, H. E. BERGEN, City Clerk of the City of Bakersfield,
California, do hereby certify that the above and foregoing
is a full, true and correct copy of Resolution No. 6~2-76
of said City Council, and that the same has not been amended
or repealed.
DATED: August 18, , 1976
Ci Bakersfield
EXHIBIT '~"
The best estimate of the tax rate to be levied to fund a bond
issue of $15,500,000 during the first fiscal year after the
first sale of bonds, after the last sale of bonds, and the
best estimate of the highest tax rate of any year, is forty-
six cents ($.46) per one hundred dollars of assessed valuation.
Because of contracts for water deliveries with North Kern
Water District, Cawelo Water District, Rag Gulch Water District,
Kern Tulare Water District and Rosedale Rio-Bravo Water District,
the City Council of the City of Bakersfield, as a matter of
policy, proposes to utilize the revenues from the above-mentioned
contracts to fund the bond issue.
Bond service requires an annual estimated expenditure of
$1,126,060 and the estimated revenues are in excess of $1,400',000
over the period of length of the bonds. Since the revenue
exceeds the bond service requirements, there will be no reason
to use ad valorem taxes to pay for bond service.