HomeMy WebLinkAboutRESO 9446Resolution No. 9446
Resolution of the Council of the City of Palo Alto Establishing the Fiscal Year 2014-15
Property Tax Levy of $15.94 Per $100,000 of Secured and $17.72 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 (11City") 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.
B. Pursuant to the Authorization, the City issued two series (Series 2010A and
2013A) of general obligation bonds in June 2010 and June 2013 that yielded $75.8 million for
project needs.
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 ratesL for the payment of the debt service
on the Bonds.
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.
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 of the 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
2014:..15 in the amount of $0.01594 per $100 in assessed value for the secured and utility tax
roll and $0.01772 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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SECTION 3. The Council finds that this is not a project under the California
Environmental Quality Act and, therefore, no environmental impact assessment is necessary.
INTRODUCED AND PASSED: August 4, 2014
AYES: BERMAN, BURT, HOLMAN, KLEIN, KNISS, PRICE, SCHARFF, SCHMID, SHEPHERD
NOES:
ABSENT:
ABSTENTIONS:
City Clerk
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A)
B)
C)
Exhibit A
City of Palo Alto
General Obligation Bonds, Election of 2008, Series 2010 and 2013
Tax Rate Calculation Based on 2014-15 Assessed Values
Assessed Valuations (AVl
1 ) 2014-15 Taxable Secured Assessed Valuation (AV) $ 25,575,490,664.00
2) 2014-15 Taxable Unsecured AV $ 1 ,622,636,368.00
3) Less: Estimated Delinquency 0.00%
4) Net Taxable Unsecured AV 1 ,622,636,368.00
5) Total Assessed Valuation $ 27,198,127,032.00
Tax Levy Requirement
5) 2014-15 Debt Service Payments
6) 2010 Bonds February 1,2015 $ 1 ,211 '734.38
7) 2010 Bonds August 1 .. 2015 2,281,734.38 3,493,468. 76
8) 2013 Bonds February 1 ,2015 $ 411,300.00
9) 2013Bonds August 1, 2015 786,300.00 1,197,600.00
10) Total Calendar Year 2013 Debt Service Payment 4,691 ,068. 76
11 ) Excess Funds on Hand Applied Toward Debt Servce (336,984.64)
12) Sub-total 4,354,084.12
13) Sant~ Clara County Administration Fee (0.25% of Principal & Interest) 10,885.21
14) Total 2014-15 Annual Debt Service Requirement 4,364,969.33
Secured and Unsecured Tax Rate
15) 2014-15 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate) $ 0.01772
16) 2014-15 Unsecured Tax Rate per $100,000 of Unsecured AV $ 17.72
17) 2014-15 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 12) $ 287,531.16
18) 2014-15 Estimated Revenue from Secured AV (line 11 minus line 13) 4,077,438.17
19) Total2014-15 Annual Debt Service Requirement $ 4,364,969.33
20) 2014-15 Secured Tax Rate per $100 of Secured AV (line 14 divided by line 1*100) $ 0.01594
21 ) 2014-15 Secured Tax Rate per $100,000 of Secured AV (line 14 divided by line 1 times 100,000) $ 15.94