HomeMy WebLinkAboutRESO 9081Resolution No. 9081
Resolution of the Council of the City of Palo Alto Establishing
the Fiscal Year 2010-11 Property Tax Levy of $17.11 per
$100,000 of Assessed Valuation for the City's General
Obligation Bond Indebtedness (Measure N Library Projects)
WHEREAS, at the City of Palo Alto's ("City") general election held on November 4,
2008, more than two thirds of voters approved Measure N, authorizing the issuance of general
obligation bonds in the amount not to exceed $76,000,000 (the "Authorization") to fund
construction of a new Mitchell Park Library and Community center and renovation and
improvements to Downtown and Main libraries; and
WHEREAS, pursuant to the Authorization, the City issued one series (Series 201OA)
of general obligation bonds in June 2010 that yielded $58.5 million for project needs; and
WHEREAS, the City is obligated to levy ad valorem taxes on all property within the
City subject to taxation by the City, without limitation on rate or amount (except with respect to
certain personal property which is taxed at limited rates), for the payment of the debt service on
the Bonds; and
WHEREAS, the City is obligated to direct the County of Santa Clara to collect such
ad valorem taxes in such amounts and at such times as is necessary to ensure the timely payment
of debt service on the Bonds; and
WHEREAS, the amount of the annual ad valorem tax levied by the City to repay the
Bonds is determined by the relationship between the assessed valuation of taxable property in the
City and the amount of debt service due on the bonds.
NOW, THEREFORE, the Council of the City of Palo Alto does RESOLVE as
follows:
SECTION 1. Pursuant to the Authorization, an ad valorem property tax is hereby
established to be levied on all land and improvements in the City of Palo Alto during fiscal year
2010-2011 in the amount of $0.01711 per $100 in assessed value for the secured and utility tax
rolland 0.0 per $100 in assessed value for the unsecured tax roll based on the calculations set
forth in the attached Exhibit "A".
SECTION 2. The City's Director of Administrative Services shall cause a
certified copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for
entry in the assessment book of the respective sums in dollars and cents
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