Resolution No. 104526
RESOLUTION NO. 1045
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS
CALIFORNIA APPROVING THE TAX STATEMENT TO BE MAILED TO
VOTERS WITHIN THE CITY.
WHEREAS, an election is to be held in the City of Cypress on April 14, 1970
at which there will be submitted to the qualified electors of said City the
following City measure:
Shall the City of Cypress incur a bonded indebtedness in
the principal sum of $1,250,000 for the acquisition and con-
struction by said City of a certain municipal improvement, to
wit: the acquisition of land and development thereof for public
parks and the development of existing park sites, including
equipment, landscaping, lighting, walks, parking and other works,
property or structures necessary or convenient for any of the
foregoing and all expenses incidental to or connected 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 made a part hereof, to be mailed to the
voters within the City as required by Section 5301 of the Elections Code.
PASSED AND ADOPTED by the City Council of the City of Cypress, at an
adjourned regular meeting held on the 16th day of February, 1970.
MAYOR OF THE CITY OF CYPRESS
ATTEST:
CITY-/CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA) SS
COUNTY OF ORANGE )
I, Darrell Essex, City Clerk of the City of Cypress, DO HEREBY
CERTIFY that the foregoing Resolution was adopted at an adjourned regular
meeting of the said City Council held on the 16th day of February, 1970 by
the following vote:
AYES: 5 COUNCILMEN: Bowen, Harvey, Kanel, Noe and Kanode
NOES: 0 COUNCILMEN: None
ABSENT: 0 COUNCILMEN: None
dY
CITY "CLERK
TiE CI OF CYPRESS
EXHIBIT "A"
CITY OF CYPRESS
STATEMENT IN COMPLIANCE WITH ELECTIONS CODE SECTIONS 5300'to 5304
2.6
As shown on the enclosed sample ballot, a0.'election will be held within
the City of Cypress, County of Prange, on April'14, 197t, for the purpose of
submitting to the electors of said . City of Cypress the question of incurring
a bonded indebtedness of the City of Cypress in the principal amount of
$1,250,000. If such bonds are authorized and sold, the principal thereof and
interest thereon will be payable frowthe proceeds -Of tax levies made upon the
taxable property in said City. The following information regarding tax rates
is given to comply with Sections 5300 to 5304 of the Elections Code. Such infor-
mation is based upon the best estimates and projections presently available from
official sources and upon experience within said City or other demonstrable fac-
tors.
If said bonds are authorized the present projections is that said
$1,250,000 of bonds will be sold in one series as follows:
(a) On or about September 15, 1970, dated on or about October 15, 1970,
maturing on the anniversary of their date, $5,000 in each of the years 1971 and
1972; $10,000 in each of the years 1973 and 1974: $15,000 in each of the years
1975 and 1976: $25,000 in each of the years 1977 and 1978; $30,000 in each of the
years 1979 and 1980: $35,000 in each of the years 1981 and 1982; $40,000 in each
of theyears 1983 and 1984; $45,000 in each of the years 1985 and 1986; $50,000
in each of the years 1987 and 1988; $55,000 in each of the years 1989 through
1992; $60,000 in each of the years 1993 and 1994: $65,000 in each of the years
1995 through 1998; $70,000 in each of the years 1999 and 2000, and bearing
interest at an estimated rate of 6 3/4% 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 Elections Code:
(1) The first fiscal year after the first sale of the bonds will be the
fiscal year 1971 -72. It is presently estimated that the assessed value of all
taxable property in the said City,as shown on the assessment roll for such fiscal
year, will be $61,40C,N0 Based upon the foregoing estimates and projections,
the tax rate which would he required to fund said bond issue during such fiscal
year 1971 -72 would be $0.22 per $100.00 of such assessed valuation.
(2) The fiscal year in which the highest tax rate required to fund said
bond issue will be levied is estimated to be the fiscal year 1971 -72. It is
presently estimated that the assessed value of all taxable property in the said
City, shown on the assessment roll for such fiscal year will be X61 100000
Based upon the foregoing estimates and projections the tax rate which would be
required to fund said bond issue during such fiscal year 1971 -72 would be $04.22
per $100.00 of such assessed valuation.
The estimates of bond sales and estimated tax rates as set forth above
are the best estimates available at this time.
Attention of all voters is directed to the fact that the foregoing infor-
mation 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 then applicable debt
limit, the state of the bond market and other factors. 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 said City and the value there-
of 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, City of
Cypress.
Darrell Essex
City Clerk