HomeMy WebLinkAboutRESO 9700170719 th 0140182 1
Resolution No. 9700
Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2018 Property
Tax Levy of $11.77 Per $100,000 of Secured and $12.90 Per $100,000 of Unsecured
Assessed Valuations for the Bond Indebtedness (Measure N
Library Projects)
R E C I T A L S
A. T 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 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 rates), 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
201718 in the amount of $0.01177 per $100 in assessed value for the secured and utility tax
roll and $0.01290 per $100 in assessed value for the unsecured tax roll based on the
calculations set forth in the attached Exhibit "A".
SECTION 2. 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.
DocuSign Envelope ID: D4D616FB-E4A4-4EC0-B1CD-3B493A464261
170719 th 0140182
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 14, 2017
AYES: DUBOIS, FILSETH, FINE, HOLMAN, KNISS, KOU, SCHARFF, TANAKA, WOLBACH
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
City Attorney City Manager
Director of Administrative Services
DocuSign Envelope ID: D4D616FB-E4A4-4EC0-B1CD-3B493A464261
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