BOE Min 1993-07-19 (2) - Laserfiche WebLink

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REPORT: Finance Director, July 19, 1993 Finance Director Ramchandani explained that under the terms of the - district formation and bond issues, the debt service must be paid solely from the special tax levied on the properties in the district. Each year the Director of Finance acting as District Assessor determines the property values for this purpose. The City council sitting as the Board of Equalization accepts or alters the roll as submitted. Appeals must be filed by September 15th and are heard on November 15th. Since the debt service amount remains constant during the life of the bonds, as the values of the properties increase or decrease either due to inflation, new construction, or recession, the tax rate is adjusted to compensate for such variations in values. The assessed value as determined by the City council (sitting as Equalization Board) can be used only for the district's property taxes and will have no bearing whatsoever on the general taxes collected by the County Tax Collector. S) Mayor Buchan declared the Public Hearing closed at 7:12 P.M. 6) M/S: GASPARINI/STEINFELD TO DECLARE THE ASSESSMENT ROLL FOR GID NO. 1-64 EQUALIZED AS SUBMITTED NOTING THAT THE DEADLINE FOR FILING APPEALS IS SEPTEMBER 15, 1993. CARRIED BY UNANIMOUS VOICE VOTE. MINUTE ORDER NO. 93-145A ------------------------------------------------------------------------------- 4. ADJOURNMENT - M/S: LA BERGE/SANFILIPO TO ADJOURN THE MEETING. CARRIED BY UNANIMOUS VOICE VOTE AND MEETING ADJOURNED AT 7:14 P.M. DJre~ Arlyn C. Jorgenson Board Secretary - MINUTE BOOK NO. 51 Page No. 468 --_..~- ...._--,,--_.~ 1