HomeMy WebLinkAboutRESO 9275Resolution No. 9275
Resolution of the Council of the City of Palo Alto Establishing the Fiscal Year
2012-13 Property Tax Levy of $12.88 Per $100,000 of Secured and $15.51
Per $100,000 of Unsecured Assessed Valuations for the City's General
Obligation Bond Indebtedness (Measure N Library Projects)
RECITALS
A. 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
B. Pursuant to the Authorization, the City issued one series (Series 2010A) of
general obligation bonds in June 2010 that yielded $55.1 million for project needs; and
C. 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
D. 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
E. 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.
The Council ofthe City of Palo Alto RESOLVES 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
2012-13 in the amount of $0.01288 per $100 in assessed value for the secured and utility tax
roll and $0.01551 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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