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07-14-2009 CC RPT 35
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7/10/2009 9:20:56 AM
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07-14-2009 CC RA AGENDA
(Superseded by)
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\City Council Agendas\2000-2009\2009
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ATTACHMENT 1 <br />1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />27 <br />28 <br />CIT1 ?.TDFNE1'5 OFFICE <br />3900 I\I_-1EV STREET <br />RIB-IISIDE, C?. 92572 <br />(07 826-556' <br />RESOLUTION NO. <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF RIVERSIDE, <br />CALIFORNIA, ASCERTAINING AND FIXING THE AMOUNT OF <br />REVENUE FROM PROPERTY TAXES NECESSARY TO SUPPORT THE <br />DEBT SERVICE REQUIREMENTS OF THE CITY OF RIVERSIDE FOR <br />FISCAL YEAR 2009-10 FOR THE CITY OF RIVERSIDE ELECTION OF <br />2003 GENERAL OBLIGATION BONDS, SERIES 2004. <br />WHEREAS, on November 4, 2003, voters of the City of Riverside approved Measure <br />"G" authorizing the City to issue $20 million in general obligation bonds; and <br />WHEREAS, the issuance of these bonds, designated as "City of Riverside Election of <br />2003 General Obligation Bonds, Series 2004" (the `Bonds"), funded the replacement of <br />inadequate and outdated fire facilities; and <br />WHEREAS, the Bonds were issued in June, 2004, with payment of the debt service for <br />the Bonds beginning February, 2005; and <br />WHEREAS, the authorizing ballot measure limited the supplemental tax rate for payment <br />of the debt service on the Bonds to not more than $12 per $100,000, ($.012 per every $100) of <br />assessed valuation for a period of not more than thirty years; and <br />WHEREAS, the Bonds were issued as a 20-year obligation and the tax rate is projected to <br />be less than the authorized maximum of $12 per $100,000 ($.012 per $100) of assessed <br />valuation; and <br />WHEREAS, each year the City Council must adopt two resolutions in order to place the <br />supplemental taxes for bonded debt service on the County roll; and <br />WHEREAS, the first resolution determines the specific amount of debt service to be paid <br />over the next year and the second resolution approves the actual rate of taxes to be levied for the <br />bonded debt; and <br />WHEREAS, the amount of debt service for the Bonds required for the next fiscal year is <br />$1,182,383 representing principal and interest; and <br />WHEREAS, the calculation of the tax rate to be applied uses assessed value information <br />provided by the County Auditor-Controller specifically for this purpose; and <br />1 <br />35-3 <br />
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