HomeMy WebLinkAboutRESO 9617160718 jb 0131538 1
Resolution No. 9617
Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2017 Property
Tax Levy of $12.90 Per $100,000 of Secured and $14.77 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
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
201617 in the amount of $0.01290 per $100 in assessed value for the secured and utility tax
roll and $0.01477 per $100 in assessed value for the unsecured tax roll based on the
calculations set forth in the attached Exhibit "A".
SECTION 2.
copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for entry in
the assessment book of the respective sums in dollars and cents.
DocuSign Envelope ID: 59599984-12F7-4A3D-9240-8893C08B1871
160718 jb 0131538 2
SECTION 3. The Council finds that this is not a project under the California
Environmental Quality Act and, therefore, no environmental impact assessment is necessary.
INTRODUCED AND PASSED: August 15, 2016
AYES: BERMAN, BURT, DUBOIS, FILSETH, HOLMAN, KNISS, SCHARFF, SCHMID,
WOLBACH
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
Senior Asst. City Attorney City Manager
Director of Administrative Services
DocuSign Envelope ID: 59599984-12F7-4A3D-9240-8893C08B1871
A) Assessed Valuations (AV)
1 )2016-17 Taxable Secured Assessed Valuation (AV)30,150,913,436.00$
2 )2016-17 Taxable Unsecured AV 1,803,467,979.00$
3 ) Less: Estimated Delinquency 0.00%-
4 ) Net Taxable Unsecured AV 1,803,467,979.00
5 ) Total Assessed Valuation (AV)31,954,381,415.00$
B) Tax Levy Requirement
5 )2016-17 Debt Service Payments
6 )2010 GO Bonds - February 1,2017 1,104,834.38$
7 )2010 GO Bonds - August 1, 2017 2,274,834.38 3,379,668.76
8 )2013 GO Bonds - February 1,2017 345,200.00$
9 )2013 GO Bonds - August 1, 2017 745,200.00 1,090,400.00
10 )Total Calendar Year 2017 Debt Service Payments 4,470,068.76
11 ) Excess Funds on Hand Applied Toward Debt Service (325,000.00)
12 ) Sub-total 4,145,068.76
13 ) Santa Clara County Administration Fee (0.25% of Principal & Interest)10,362.67
14 )Total 2016-17 Annual Debt Service Requirement 4,155,431.43
C) Secured and Unsecured Tax Rate
15 )2016-17 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate)0.01477$
16 )2016-17 Unsecured Tax Rate per $100,000 of Unsecured AV 14.77$
17 )2016-17 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 12) 266,372.22$
18 )2016-17 Estimated Revenue from Secured AV (line 11 minus line 13) 3,889,059.21
19 )Total 2016-17 Annual Debt Service Requirement 4,155,431.43$
20 )2016-17 Secured Tax Rate per $100 of Secured AV (line 14 divided by line 1*100) 0.01290$
21 )2016-17 Secured Tax Rate per $100,000 of Secured AV (line 14 divided by line 1 times 100,000) 12.90$
Attachment B
City of Palo Alto
General Obligation (GO) Bonds, Election of 2008, Series 2010 and 2013
Tax Rate Calculation Based on 2016-17 Assessed Values
DocuSign Envelope ID: 59599984-12F7-4A3D-9240-8893C08B1871
'IVXMJMGEXI3J'SQTPIXMSR
)RZIPSTI-H *%( ' & 7XEXYW 'SQTPIXIH
7YFNIGX 4PIEWI(SGY7MKRXLIWIHSGYQIRXW 6)73 *=+3&SRH)PIGXMSR8E\6EXI0IZ]THJ6)73 )
7SYVGI)RZIPSTI
(SGYQIRX4EKIW 7MKREXYVIW )RZIPSTI3VMKMREXSV
'IVXMJMGEXI4EKIW -RMXMEPW /MQ0YRX
%YXS2EZ )REFPIH
)RZIPSTI-H7XEQTMRK )REFPIH
8MQI>SRI 98'
4EGMJMG8MQI 97
'EREHE
,EQMPXSR%ZI
4EPS%PXS'%
OMQFIVP]PYRX$GMX]SJTEPSEPXSSVK
-4%HHVIWW
6IGSVH8VEGOMRK
7XEXYW 3VMKMREP
%1
,SPHIV /MQ0YRX
OMQFIVP]PYRX$GMX]SJTEPSEPXSSVK
0SGEXMSR (SGY7MKR
7MKRIV)ZIRXW 7MKREXYVI 8MQIWXEQT
'EVE7MPZIV
GEVEWMPZIV$GMX]SJTEPSEPXSSVK
7IRMSV%WWMWXERX'MX]%XXSVRI]
'MX]SJ4EPS%PXS
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7MKRIHYWMRKQSFMPI
7IRX %1
:MI[IH 41
7MKRIH 41
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
%GGITXIH 41
-( IHHJJ GJ JIFE I
0EPS4IVI^
0EPS4IVI^$'MX]SJ4EPS%PXSSVK
'LMIJ*MRERGMEP3JJMGIV
'MX]SJ4EPS%PXS
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7MKRIHYWMRKQSFMPI
7IRX 41
:MI[IH 41
7MKRIH 41
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
2SX3JJIVIHZME(SGY7MKR
-(
.EQIW/IIRI
NEQIWOIIRI$GMX]SJTEPSEPXSSVK
'MX]1EREKIV
'MX]SJ4EPS%PXS
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7IRX 41
:MI[IH %1
7MKRIH %1
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
%GGITXIH 41
-( JIEE GFFH EG I
4EXVMGO&YVX
TEXVMGOFYVX$GMX]SJTEPSEPXSSVK
1E]SV
'MX]SJ4EPS%PXS
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7MKRIHYWMRKQSFMPI
7IRX %1
:MI[IH %1
7MKRIH %1
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
2SX3JJIVIHZME(SGY7MKR
-(
7MKRIV)ZIRXW 7MKREXYVI 8MQIWXEQT
&IXL1MRSV
&IXL1MRSV$'MX]SJ4EPS%PXSSVK
'MX]'PIVO
'MX]SJ4EPS%PXS
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7IRX %1
:MI[IH %1
7MKRIH %1
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
2SX3JJIVIHZME(SGY7MKR
-(
-R4IVWSR7MKRIV)ZIRXW 7MKREXYVI 8MQIWXEQT
)HMXSV(IPMZIV])ZIRXW 7XEXYW 8MQIWXEQT
%KIRX(IPMZIV])ZIRXW 7XEXYW 8MQIWXEQT
-RXIVQIHMEV](IPMZIV])ZIRXW 7XEXYW 8MQIWXEQT
.ERIX&MPPYTW
.ERIX&MPPYTW$'MX]SJ4EPS%PXSSVK
'PEMQW-RZIWXMKEXSVW
'MX]SJ4EPS%PXS
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7IRX %1
'SQTPIXIH %1
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
%GGITXIH %1
-( HJI J JFFJ G
.ERMGI7ZIRHWIR
.ERMGI7ZIRHWIR$'MX]SJ4EPS%PXSSVK
.ERMGI7ZIRHWIR
7IGYVMX]0IZIP )QEMP%GGSYRX%YXLIRXMGEXMSR
2SRI
9WMRK-4%HHVIWW
7IRX 41
'SQTPIXIH %1
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI
2SX3JJIVIHZME(SGY7MKR
-(
'IVXMJMIH(IPMZIV])ZIRXW 7XEXYW 8MQIWXEQT
'EVFSR'ST])ZIRXW 7XEXYW 8MQIWXEQT
2SXEV])ZIRXW 8MQIWXEQT
)RZIPSTI7YQQEV])ZIRXW 7XEXYW 8MQIWXEQTW
)RZIPSTI7IRX ,EWLIH)RGV]TXIH %1
'IVXMJMIH(IPMZIVIH 7IGYVMX]'LIGOIH %1
'SQTPIXIH 7IGYVMX]'LIGOIH %1
)PIGXVSRMG6IGSVHERH7MKREXYVI(MWGPSWYVI