83-47 AUTHORIZING AND DIRECTING THE EXECUTION OF AN ESCROW AGREEMENT

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� (�n � qp� A . �n`+'f�' '�Y3..�� Selected Debt Ratios The following table sets forth selected debt ratios for the City as of the end of its five most recent fiscal years. RATIO OF BONDED DEBT TO EQIIALIZED ASSESSED VALIIATION AND BONDED DEBT PER CAFITA Equalized Ratio of Assessed Outstanding Valuation Bonded Debt Outstanding Outstanding of Taxable to Equalized Bonded Debt Date Population Bonded Debt Property(2) Ass.Valu.(2) Per Capita 4/30/78 91,357 $11,793,000 $443,549,419 2.659X $129.09 4/30/79 91,357 10,714,000 433,276,042 2.473X 117.28 4/30/80 90,414 9,665,000 515,290,515 1.876X 106.90 . 4/30/81 93,896 8,575,000 562,526,737 1.524X 91.32 4/30/82 93,846 18,165,000 566,282,350 3.208% 193.46 4/30/83 93,896 19,650,000 N/A N/A 209.27 (1) Estimated by the City (2) See "Property Taxes" PROPERTY TA%ES The City, as a home rule unit of local government under the Constitution of the State, has the power to levy ad valorem property taxes which are not limited as to rate or amount. The City has levied taxes on all taxable property in the , City sufficient to produce the amounts required to pay when due the principal of , and interest on the Bonds. The City's property tax levies are filed at the office of the County Clerk, who computes the rate and amount of taxes applicable to taxable property subject to the tax levies of the City. The County Clerk forwards such taxes by parcel ' to the County Treasurer, who is also Countq Collector, for extension (that is, billing to property owners). Taxes levied in one calendar year become due and payable in two installments during the next calendar year, normally on June 1 and September 1. More detailed information regarding the assessment, levy and collection of property taxes in the County is discussed below. Assessment of Taxable Property The County Supervisor of Assessments determines the assessed valuations of all taxable property in the County, except for railroad used for transportation purposes which is assessed directly by the State. The last Countywide reassessment of properties was made for 1980. Each year the Department of Revenue of the State establishes an adjustment factor intended to make assessed valuations uniform for all counties throughout the State. This factor, known as the "equalization factor," is applied to assessed valuations to compute the "equalized assessed valuations" of taxable property in the Country. The County Clerk adds the equalized assessed valuation of all properties assessed to the valuations of properties assessed directly by the State (to which the equalization factor is not applied) to arrive at the base amount (the "Assessment Base") used in determining annual tax rates and amounts. An annual Statewide homestead exemption providea that the equalized assessed valuation of certain property owned and used exclusively for residential purposes is reduced for 1979 and subsequent pears by the amount of 16