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<br /> <br />i <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br /> <br />I :: <br /> <br />24 <br />25 <br />28 <br />27 <br />28 <br />29 <br />30 <br />31 <br />32 <br />33 <br />34 <br />35 <br />36 <br />37 <br />38 <br />38 <br />40 <br />41 <br />42 <br />43 <br /> <br />8: <br /> <br />46 <br />47 <br />48 <br />49 <br />50 <br />51 <br />52 <br />53 <br />54 <br />55 <br />58 <br />57 <br />58 <br />59 <br />60 <br />61 <br />62 <br />63 <br /> <br />.64 <br />65 <br />86 <br />67 <br />68 <br />68 <br />70 <br />71 <br />72 <br />73 <br />74 <br />7S <br /> <br />'" <br /> <br />Proof ot Fobruarr 21, 1978 <br /> <br />SANTA ANA-7923 <br /> <br />Bowne of San Francisco, Ine., 981-7882 <br /> <br />GALLEY 37- <br /> <br />ESTIMATED TAX <br />REVENUES AND BOND <br />RETIREMENT <br />SCHEDULE <br /> <br />Estimated Tax Revenues <br />An Tax Revenues (as previously defined) derived <br />from the levy and collection of taxes on any increase <br />in the assessed valuation of land, improvements, <br />public utility and all other taxable property in Ihe <br />Project over and above the 1972/73 frozen base roll <br />for Ihe original area . and the 1974/75 frozen base <br />roll for the added area established by the county <br />for such property are to be deposited in the City of <br />Santa Ana Redevelopment Project Area Special <br />Fund on and after April I, 1978, and applied by <br />the Fiscal Agent to Ihe payment of interest and <br />principal on the Bonds, If on each succeeding De- <br />cember 31 the balance on deposit in the Special Fund <br />(excluding any retention from prior years' deposits) <br />exceeds 125% of Bond interest and principal pay- <br />ments coming due on the next April I and October <br />1, the Fiscal Agent may transfer such excess to the <br />Agency under the conditions specified in the Reso- <br />lulion and set forth in "The Bonds" section of Ihis <br />official statement. <br />"Each annual levy of property taxes is made at the <br />then applicable rate, bul for the purpose of esti- <br />mating future tax receipts and calculating an esti- <br />mated Bond retirement schedule, the projection of <br />Tax Revenues available for payment of Bond inler- <br />est and principal is based on the 1977/78 tax rates <br />applicable to the Project (at least $8,2870 per $100 <br />assessed valuation on all taxable property plus a <br />minimum of $,3845 per $100 assessed valuation on <br />land and improvements only), As discussed in the <br />preceding seclion of Ihis official statement, the incre- <br />mental assessed valuation in 1977/78 is $13,239,616 <br />($54,170,300 valuation for 1977/78, less base year <br />valuation of $40,930,684, both as reported by the <br />Orange County Auditor-Controller) , By applica- <br />tion of the above tax rates to the incremental as- <br />sessed valuation, the Project will generate approxi- <br />mately $1,167,000 of Tax Revenues in the current <br />1977/78 fiscal year, <br />"As disc' us sed in the preceding section of this <br />official statement, (see Table 2) it is anticipated that <br />Project incremental assessed valuation will increase <br />by ~t least $3,861,272 by 1980/81 due" to recent <br />completion of new developments or development in <br />progress within the Projecl, resulting in a total incre- <br />mental assessed valuation of $17,100,888 by 1980/ <br />81 and in each subsequent fiscal year. At this level, <br />and assuming continuation of the 1977/78 tax rates <br />