Resolution Number 08-08-05-09L'
RESOLUTION NO. 08-08-05- og
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN JUAN
CAPISTRANO, CALIFORNIA, APPROVING THE TAX STATEMENTS
FOR THE OPEN SPACE, NATURAL AREAS, AND CLEAN WATER
PROTECTION AND PRESERVATION MEASURE PURSUANT TO
ELECTIONS CODE SECTIONS 9400-9404.
WHEREAS, a General Municipal Election is to be held in the City of San Juan
Capistrano, California, on November 4, 2008, at which there will be submitted to the
voters the following measure:
OPEN SPACE, NATURAL AREAS, and CLEAN WATER
PROTECTION and PRESERVATION MEASURE
To acquire and improve land to protect and
preserve open space, natural areas, creeks and
streams, historic areas, undeveloped hillsides and YES
natural ridges from potential residential and
commercial development and to provide
additional recreational amenities such as bike and
walking trails, equestrian facilities, parks and
sports fields, shall the City of San Juan
Capistrano issue 30 million dollars in bonds, at NO
legal rates, with guaranteed annual independent
audits, public expenditure review and no money
for City administrators' salaries?
WHEREAS, pursuant to Elections Code Sections 9400-9404 the City is required
to prepare tax statements which shall be mailed to the voters with the sample ballot.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of San
Juan Capistrano hereby approves the tax statements for the Open Space, Natural
Areas, and Clean Water Protection and Preservation Measure attached hereto as
Exhibit A.
BE IT FURTHER RESOLVED that the tax statements be printed in the voter
pamphlet.
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PASSED, APPROVED AND ADOPTED this "kay of Aggust, 2008.
JOE
ATTGCT-
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EXHIBIT A
' TO BE PRINTED IN THE VOTER PAMPHLET
TAX RATE STATEMENT
MEASURE
OPEN SPACE, NATURAL AREAS, AND CLEAN WATER PROTECTION AND
PRESERVATION MEASURE
An election will be held in the City of San Juan Capistrano (the "City") on November 4,
2008, to authorize the sale of up to $30,000,000 in bonds of the City to finance land
acquisition and/or improvements for open space as described in the proposition. If the
bonds are approved, the City expects to sell the bonds in one series. Principal and
interest on the bonds will be payable from the proceeds of tax levies made upon the
taxable property in the City. The information presented in numbered paragraphs 1-3
below is provided in compliance with Sections 9400-9404 of the Elections Code of the
State of California, assuming the bonds are issued in one series.
1. The best estimate of the tax which would be required to be levied to fund this bond
' issue during the first fiscal year after the sale of the first series of bonds, based on
estimated assessed valuations available at the time of filing of this statement, is
3.504 cents per $100 ($35.04 per $100,000) of assessed valuation in fiscal year
2009-2010.
2. The best estimate of the tax rate which would be required to be levied to fund this
bond issue during the first fiscal year after the sale of the last series of bonds,
based on estimated assessed valuations available at the time of filing of this
statement, is 3.504 cents per $100 ($35.04 per $100,000) of assessed valuation in
fiscal year 2011-2012.
3. The best estimate of the highest tax rate which would be required to be levied to
fund this bond issue, based on estimated assessed valuations available at the
time of filing of this statement, is 3.504 cents per $100 ($35.04 per $100,000) of
assessed valuation in fiscal year 2009-2010.
Voters should note that the estimated tax rates are based on the ASSESSED VALUE of
taxable property in the City as shown on the County's official tax rolls, not on the
property's market value. Property owners should consult their own property tax bills to
determine their property's assessed value and any applicable tax exemptions.
The foregoing information is based upon the City's projections and estimates only. The
' actual tax rates and the years in which they will apply may vary from those presently
estimated, due to variations from these estimates in the timing of bond sales, the amount
of bonds sold and market interest rates at the time of each sale, and actual assessed
valuations over the term of repayment of the bonds. The dates of sale, the number of
series of bonds, and the amount of bonds sold at any given time will be determined by
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the City based on its need for acquisition and/or improvement funds and other factors.
The actual interest rates at which the bonds will be sold will depend on the bond market
at the time of each sale. Actual future assessed valuation will depend upon the amount
and value of taxable property within the City as determined by the County Assessor in the
annual assessment and the equalization process.
Dated: August 5, 2008
�Y&C
s/Cindy Rell,
Treasurer of the City of San Juan Capistrano
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STATE OF CALIFORNIA )
COUNTY OF ORANGE ) ss.
CITY OF SAN JUAN CAPISTRANO )
I, MARGARET R. MONAHAN, appointed City Clerk of the City of San Juan Capistrano, do hereby
certify that the foregoing Resolution No. 08-08-05-09 was duly adopted by the City Council of the
City of San Juan Capistrano at a Regular meeting thereof, held the 5th day of August 2008, by the
following vote:
AYES:
COUNCIL MEMBERS:
Allevato, Nielsen, Hribar, Uso and Mayor Soto
NOES:
COUNCIL MEMBER:
None
ABSENT:
COUNCIL MEMBER:
None
0
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City