Resolution No. 467671
RESOLUTION NO. 4676
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CYPRESS,
CALIFORNIA, APPROVING THE TAX RATE STATEMENT TO BE MAILED TO
VOTERS WITHIN THE CITY
WHEREAS, an election is to be held in the City of Cypress,
California on November 5, 1996, at which there will be submitted to
the voters at the Municipal Election the following question:
Shall the City of Cypress issue an estimated $10 million in
General Obligation Bonds for the purpose of constructing and
upgrading City wide storm drain facilities to provide
additional storm drain protection to Cypress residents?
and;
WHEREAS, pursuant to Government Code Section 43607, the City
Council of the City of Cypress, does determine that the public
interest or necessity demands the construction or completion of the
said flood control facilities.
NOW, THEREFORE, BE IT RESOLVED, DETERMINED AND ORDERED that
the tax rate 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 9401 of the Elections Code be and is
hereby approved.
PASSED AND ADOPTED by the City Council of the City Council of
the City of Cypress at a special meeting held on the 8th day of
August 1996.
r
MAYOR OF THE C TY OF CYPRESS
ATTEST:
CITY CLERK OF THE CITY OF CYPRESS
STATE OF CALIFORNIA )
COUNTY OF ORANGE ) SS
I, LILLIAN M. HAINA, City Clerk of the City of Cypress, DO
HEREBY CERTIFY that the foregoing Resolution was duly adopted at a
regular meeting of the said City Council held on the 8th day of
August 1996; by the following roll call vote:
AYES: 4 COUNCIL MEMBERS: Age, Jones, Kerry and Bowman
NOES: 0 COUNCIL MEMBERS: None
ABSENT: 1 COUNCIL MEMBERS: Carroll
CITY CLERK OF THE CITY OF CYPRESS
72
EXHIBIT "A"
CITY OF CYPRESS
STATEMENT IN COMPLIANCE WITH ELECTIONS CODE SECTIONS 9400 TO 9404
As shown on the enclosed sample ballot, an election will be
held within the City of Cypress, California, on November 5, 1996,
for the purpose of submitting to the voters at the Municipal
Election the question of incurring a bonded indebtedness of the
City of Cypress in the principal amount of $10,000,000. If such
bonds are authorized and sold, the principal thereof and interest
thereon will be payable from the proceeds of tax levies made upon
the taxable property in said City. The following information
regarding tax rates is given to comply with Sections 9400 to 9404
of the Elections Code. Such information is based upon the best
estimates and projections presently available from official sources
and upon experience within said City or other demonstrable factors.
If said bonds are authorized the present projections is that
said $10,000,000 of bonds will be sold on or about March 15, 1997.
Based upon the projected debt service requirements, the
following statement is made in compliance with paragraphs (1), (2)
and (3) of subdivision (a) of Section 9401 of the Elections Code:
(1) The first fiscal year after the sale of the bonds will be
the fiscal year 1997/98. It is presently estimated that the
assessed value of all taxable property in the City, as shown on the
assessment roll for fiscal year 1995/96, will be $2,726,059,933.
Based upon the foregoing estimates and projections, the tax rate
which would be required to fund said bond issue during said fiscal
year 1997/98 would be $0.0288 per $100.00 of such assessed
valuation.
(2) All the authorized bonds are projected to be sold at one
time.
(3) The highest tax rate which will be required to fund the
subject bond issue would be that described in Section (1) above set
forth as $0.0288 per $100.00 of the said assessed valuation for
fiscal year 1997/98.
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 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 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 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 Cypress.
Lillian Haina
City Clerk of the City of Cypress