1978-12 CRA - Laserfiche WebLink

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,1 5 6 7 8 8 10 11 12 13 14 15 16 17 18 19 20 21 22 8~: 25 28 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 8: 46 47 48 48 50 51 52 53 54 55 56 57 56 59 60 61 62 63 e;: 66 67 68 68 70 71 72 73 74 76 Proof of Fobrua" 16. 1978 SANTA ANA-7923 Bowne of San Francisco, Inc., 981-7882 GALLEY 11 - or the rates set by the enabling statute of the par- ticular taxing entity" Tax rate limits may be raised by any amount which is approved by a majority vote of the electorate" Tax rates may also be in- creased under an inflation or "cost-of-living" for- mula incorporated in the legislation, This legislation does not restrict tax rates levied for certain limited purposes, e,g" general obligation bonds or for voter approved pension plans, Certain exemptions from property taxes have been granted to specific classes of property located in Cal- ifornia, Revenues lost by local taxing agencies from two of these exemptions (the homeowners' property tax exemption and the business inventories exemp- tion, which are discussed under the section "City Financial Data" in this official statement) are reim- bursed by the State and are allocated to eligible redevelopment agencies in the same manner as lo- cally collected taxes" Revenues lost as a result of other types of exemptions are not reimbursed, but assessed valuations of such exempt property are not reflected in either the frozen base roll or subsequent years' rolls, There is no assurance that additional tax rate limitations or exemptions will not be ap- proved, nor is there any assurance that revenues lost will continue to be reimbursed to local taxing agencies or allocated to redevelopment agencies. To the extent that such limitations or exemptions are approved, and reimbursement and allocation of lost revenues are not made, the security of the Bonds could be adversely affected, Redevelopment agencies in California do not have the power to levy or collect property taxes, but must rely upon the taxes levied on property within a project by other taxing agencies for the production of Tax Revenues, The 1977178 aggregate tax rate for all purposes currently applicable to all property. located within the Project is at least $8.2870 per $100 assessed valuation" In addition a tax rate of at least $.3845/$100 A,V, on land and improvements only is applicable to the Project. This rate is in addition to the aforementioned $8"2870 on all prop- erty, For the purposes of this official statement, projections of Tax Revenues to be received in or for 1977/78 and subsequent years are based upon these 1977/78 tax rates. The present California system of levying taxes and applying funds for public school purposes has been held unconstitutional under provisions of the California Constitution by the California Supreme Court in Ihe case entitled Serrano v, Priest, 18 Cal. 3d 728 (1976)" The decision requires that a new system for financing California primary and second- ary schools must be implemented by September 3, 1980. The Superior Court judgment as affirmed by the California Supreme Court contains a statement that the existing public school financing system shall con-