HomeMy WebLinkAboutRESO 98541
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Resolution No. 9854
Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2020
Property Tax Levy of $10.62 Per $100,000 of Secured and $11.06 Per $100,000 of
(Measure N Library Projects)
R E C I T A L S
A. At t
more than two thirds of voters approved Measure N, authorizing the issuance of general
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 201920 in the amount of $0.01062 per $100 in assessed value for the secured and
utility tax roll and $0.01106 per $100 in assessed value for the unsecured tax roll based on
the calculations set forth in the attached Exhibit "A".
SECTION 2
copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for entry
in the assessment book of the respective sums in dollars and cents.
DocuSign Envelope ID: F22A6E63-8F2F-4BFB-9BFA-0ECD58E76012
2
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SECTION 3. The Council finds that this is not a project under the California Environmental
Quality Act and, therefore, no environmental impact assessment is necessary.
INTRODUCED AND PASSED: August 12, 2019
AYES: CORMACK, DUBOIS, FILSETH, FINE, KNISS, KOU, TANAKA
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
City Attorney City Manager
Director of Administrative Services
DocuSign Envelope ID: F22A6E63-8F2F-4BFB-9BFA-0ECD58E76012
A) Assessed Valuations (AV)
1)2019-20 Taxable Secured Assessed Valuation (AV)37,338,780,063$
2)2019-20 Taxable Unsecured AV 1,946,679,944$
3 ) Less: Estimated Delinquency 0.00%-$
4 ) Net Taxable Unsecured AV 1,946,679,944$
5 ) Total Assessed Valuation (AV)39,285,460,007$
B) Tax Levy Requirement
5)2019-20 Debt Service Payments
6)2010 GO Bonds - February 1,2020 1,023,996.88$
7)2010 GO Bonds - August 1, 2020 2,353,996.88 3,377,994
8)2013 GO Bonds - February 1,2020 320,200.00$
9)2013 GO Bonds - August 1, 2020 770,200.00 1,090,400.00
10 )Total Calendar Year 2020 Debt Service Payments 4,468,393.76
11 ) Excess Funds on Hand Applied Toward Debt Service (300,000.00)
12 ) Sub-total 4,168,393.76
13 ) Santa Clara County Administration Fee (0.25% of Principal & Interest)10,420.98
14 )Total 2019-20 Annual Debt Service Requirement 4,178,814.74
C) Secured and Unsecured Tax Rate
15 )2019-20 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate)0.01106$
16 )2019-20 Unsecured Tax Rate per $100,000 of Unsecured AV 11.06$
17 )2019-20 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 12) 215,302.80$
18 )2019-20 Estimated Revenue from Secured AV (line 11 minus line 13) 3,963,511.94
19 )Total 2019-20 Annual Debt Service Requirement 4,178,814.74$
20 )2019-20 Secured Tax Rate per $100 of Secured AV (line 14 divided by line 1*100) 0.01062$
21 )2019-20 Secured Tax Rate per $100,000 of Secured AV (line 14 divided by line 1 times 100,000) 10.62$
Exhibit A
City of Palo Alto
General Obligation (GO) Bonds, Election of 2008, Series 2010 and 2013
Tax Rate Calculation Based on 2019-20 Assessed Values
DocuSign Envelope ID: F22A6E63-8F2F-4BFB-9BFA-0ECD58E76012
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