HomeMy WebLinkAboutResolution No. 1971-37RESOLUTION NO. 71 -37
A RESOLUTION ADOPTING 1971 -1972 VALUA'T'ION 01'
PROH11TIF.S, 1'011 PURPOSES OF STORM DRAINAGE AD
VALOREM TAXATION; SETTING AND PRESCRIBING RATE
OF AD VALOREM TAXATION IN SUPPORT 01' THE STORM
DRAINAGE PROGRAM; PROVIDING AN EFFECTIVE DATE.
WHEREAS, heretofore the City of Cape Canaveral, pursuant
to law,has sold and delivered Storm Drainage General Obligation
Bonds, Series of 1966, and
WHEREAS, pursuant to the requirement of said Bond issue
it is the dirty and incumbent upon this Council to prescribe the tax
millage to be assessed against all non- exempt real property within
the City for the purpose of financing the debt service, principal
payments and other proper costs of said Storm Drainage General
Obligation Bonds, Series of 1966, and
MILREAS, the City's fiscal agent, WILLIAM It. HOUGH AND
COMPANY, duly notified the City that the sum of $82,207.50 is necessary
to defra }• the February 1, 1972 interest payment; the August 1, 1972
interest payment; the principal payment of August 1, 1972; and the
collection and delinquency expenses in regard to such ad valorem tax
requirement; and
B'IIIi1WAS, the Tax Assessor for llrern•d County, Florida having
been previously authorized and appointed as the 'fax Assessor of the
City of Cape Canaveral, Florida, advises that the non- exempt taxable
property located within the City of Cape Canaveral is in the :uaount of
$28,406,089.00, and
h'IIEREAS, in order to defray the total expenses of $32,207.50,
it is necessary to levy an ad valorem tax in the amount of 3 mills.
NOB', THEREFORE, be it Resolved by the City Ca ncil of the
I City of Cape Canaveral, Florida, as follows:
SECTION 1. The Valuation of all the real properties located
within the City of Cape Canaveral, Florida, as shall he prepared by the
office of the Tax Assessor of lirevard County, Florida, is hereby
adopted and declared the official tax valuation for the City. The said
valuation of all real properties as before mentioned is hereby designated
as the fax Roll for the City of Cape Canaveral, Florida, for the tax
year of 1971 through 1972.
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SECTION 2 . There shall be and is hereby assessed against
all non-exempt real taxable property located within the City of Cape
Canaveral , Florida, an ad valorem tax in the amount of 3 mills , for
the City' s taxable year 1971-1972 .
SECTION 3 . The Tax Assessor and Tax Collector of Brevard
County, Florida, who have been previously appointed and commissioned
as the Tax Assessor and Tax Collector of the City of Cape Canaveral ,
Florida, are hereby authorized and directed to assess such ad valorem
I tax in such amount as authorized in Section 2 hereof and collect the
,} same .
SECTION 4 . This Resolution shall take effect immediately
upon its adoption.
ADOPTED this 5th day o October 1971 .
11
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ATTEST:
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Cis Clerk
Y
OVED AS, T'O FORM:
40
City Attor ey
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PAGE / OFR,
William R. Hough & Co. ,„1111•. K. Hw9h
I I Nc.R RRA Ba D.Ad J. Fh,4,
924 FIRST FEDERAL BVILOINO F,P4 1. SM1Rbmeier
• ST. PETEPSBUR G, FLOPIOA 33]3, AIN dC. SI.,,d
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charier D. SmIlh
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September 29, 1971
R. HP.Lim
Miss Anita Ostrom
Cl ty Clerk and Treasurer
City Hall
Cape Canaveral, Florida 32920
Re: Miilage Required to Service General Obligation Bonds
Dear Miss Ostrom:
It Is approaching that time of year when the City must determine the amount
of mlllage It must levy to provl de for the required payments on Its outstand-
ing General Obligation Bonds. I respectfully submit below the computation of
the amount of mlllage whcih the City must levy this year:
Not Taxable Assessed Valuation $28,406,089.00
Required Debt Service Payments $82,207.50
Less Cash In Sinking Fund 1.240.50
Net Debt Service Payments $80,967.00
Plus Tax Collection Expense 0 ,254
Plus Allowance for Delinquencies Q 5.004
5.25T 4.251.00
Net Levy Required $85,218.00
Millage Required = $85,218.00 s $28,406,089 = 2.999 mills
We recommend rounding to 3.0 mills
If you have any questions regarding these computations, I would appreciate your
call at your convenience.
With best regards,
Yours very truly,
' WILLIAM R. HOUGH CO.,
Zjjf --
• Frank J. Strahsmo ier
FJS /ess
MUNICIPAL BOND DEALERS AND CONSULTANTS