07-05-2022 CC RPT 18 - Laserfiche WebLink

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City Council Memorandum TO:HONORABLE MAYOR AND CITY COUNCILDATE: JULY 5, 2022 FROM: FINANCEDEPARTMENTWARDS: ALL SUBJECT:ANNUAL TAX RATE FOR CITY OF RIVERSIDE ELECTION OF 2003 GENERAL OBLIGATION BONDS SERIES 2004 FOR FISCAL YEAR 2021-2022 RESOLUTIONS ISSUES: AdoptaResolution authorizing the City of Riversidetoascertainand fix the amount of property tax revenue necessary to support the debt service requirements for Fiscal Year 2022-2023for the City of Riverside Election of 2003 General Obligation Bonds, Series 2004 (Fire Bonds),and adopt a Resolution authorizingthe City of Riverside to fix the rate of property taxes to be levied for Fiscal Year 2022-2023for said debt servicerequirements. RECOMMENDATIONS: That the City Council: 1.Adopt a Resolutionauthorizingthe City of Riverside to ascertainand fix the amount of property taxrevenuenecessary to support the debt service requirements for Fiscal Year 2022-2023for the City of Riverside Election of 2003 General Obligation Bonds, Series 2004 (Fire Bonds); and 2.Adopt a Resolution authorizingthe City of Riverside to fix the rate of property taxes to be levied for debt service requirements for Fiscal Year 2022-2023for the City of Riverside election of 2003 General Obligation Bonds, Series 2004 (Fire Bonds). BACKGROUND: On November 4, 2003, voters the City to issue $20 million of General Obligation bonds to fund the replacement of inadequate and outdated fire facilities. The City issued the Fire Bonds in June 2004,with debt service payments commencing in February 2005.The bonds are a 20-year obligation, maturing August 1, 2024. Each year the City Council must adopt tworesolutions to set an annual supplemental tax rate on the County tax roll to pay the debt service for the General Obligation Fire Bonds. The first resolution determines the amount of funds required to pay debt service on the bonds for the next calendar year. The second resolution approves the tax rate needed to generate the amount of