HomeMy WebLinkAbout3244_CCv0001.pdf RESOLUTION NO. 3244
RESOLUTION OF THE CITY COUNCIL
OF CITY OF REDLANDS, CALIFORNIA,
APPROVING THE TAX STATEMENT TO
BE MAILED TO VOTERS WITHIN THE
CITY
WHEREAS , an election is to be held in the City of
Redlands on June 8 , 1976 , at which there will be submitted
to the qualified electors within said City the following
City measure:
Shall the City of Redlands incur a bonded
indebtedness in the principal sum of $960,000
for the acquisition and construction by said
City of a certain municipal improvement, to-wit:
an addition to the A. K. Smiley Public Library ,
including 'the acquisition of equipment, furnish-
ings, fixtures and property and the construction
of such improvements to the existing library
building as may be necessary or convenient
therefor and all expenses incidental to or con-
nected with the authorization, issuance and sale
of the bonds?
NOW, THEREFORE, this City Council does hereby approve
the tax statement, 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 March
1976.
-4t
rmaypt y
lan
(SEAL)
ATTEST:
y
,;�erk, 'M�E of RpAi:-ands
STATE OF CALIFORNIA
) ss.
COUNTY OF SAN BERNARDINO )
I, PEGGY A. MOSELEY, City Clerk of the City of Redlands,
California, do hereby certify that the foregoing resolution
was duly adopted by the City Council of said City at a
regular meeting of said City Council held on the 16th day of,
March 1976 , and that it was so adopted by the following
vote:
AYES: COUNCILMEbMERS Knudsen, Miller, Grace,
Elliott, Mayor DeMirjyn
NOES: COUNCILMEN None
ABSENT: COUNCILMEN None
CI fy City t6f Redl
(SEAL)
STATE OF CALIFORNIA
) ss.
COUNTY OF SAN BERNARDINO )
I, PEGGY A. MOSELEY, City Clerk of the City of
Redlands, California, do hereby certify that the above and
foregoing is a full, true and correct copy of Resolution No.
3244 , of said City Council, and that the same has
not been amended or repealed.
DATED: 1976
City City ?f Redle)Os
(SEAL)
ST4TEMENT IN COMPLIANCE WITH ELECTION CODE SECTION 5300 TO 5304
As shown on the enclosed sample ballot an election will be held in the City of
Redlands on June 8, 1976, for the purpose of submitting to the electorate of the City
the question of incurring a bonded indebtedness of up to $960,000 for the purpos,e
of financing library improvements.
If such bonds are authorized and sold the bond principal and interest will be
payable from the proceeds of tax levies made upon the taxable property in the City
of Redlands and from other revenues of the City.
The following information regarding tax rates is given to comply with Section
5300 to 5304 of the Election Code. Such information is based upon the best esti-
mates and projections presently available from official sources and upon experience
within the City or other demonstrable factors.
If said bonds are authorized, the present projection is that the entire $960,000
principal amount will be sold on or about September 7, , 1976, will be
dated on or about October 1 1976, and will bear interest at
an estimated rate of 7% per annum.
Based upon such projections and estimates, the following statement is made in
compliance with Paragraphs (1) . (2) and (3) of Subdivision (a) of Section 5301 of
the Election Code.
The first fiscal year after the sale of the bonds and the fiscal year
in which the highest tax rate is anticipated to be required to fund
said bond issue is estimated to be the fiscal year 1976/77. Based
upon the foregoing estimates and projections, the tax rate which
would be required to fund said bond issue during such fiscal year
1976/77 would be 8.36 cents per $100 of assessed valuation.
Attention of all voters is directed to the fact that the foregoing information is
based upon projections and estimates only, which are not binding upon the City.
The actual times of sales of said bonds and the amount sold at any given time will
be governed by the needs of the City, the state of the bond market and other fac-
tors. The actual interest rate which bonds sold will bear will depend upon the
bond market at the time of sale. The actual assessed values during the several
future years will depend upon the then amount of taxable property within the City
and the value thereof as determined in the assessment and equalization process.
Hence, the actual tax rates and the years in which the same are applicable may
vary from those presently estimated as above stated.
The foregoing statement has been approved by the City Council of the City of
Redlands,
EXHIBIT A
Reotution No. 3244