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Home My WebLink AboutRESO 100611 Resolution No. Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2023 Property Tax Levy of $8.16 Per $100,000 of Secured and $9.26 Per $100,000 of Unsecured Assessed Valuations for the City’s General Obligation Bond Indebtedness (Measure N Library Projects) R E C I T A L S A. At 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. 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. In June 2022, the Series 2010A was refinanced with a tax-exempt Series 2022A and the Series 2013A was partially refinanced with a taxable Series 2022B. As a result, there are three general obligation bonds series outstanding, the Series 2013A portion that wasn’t refinanced and the refinanced Series 2022A and 2022B bonds. 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 2023 in the amount of $0.00816 per $100 in assessed value for the secured and utility tax roll and $0.00926 per $100 in assessed value for the unsecured tax roll based 10061 DocuSign Envelope ID: 29063B46-EF63-41F2-B985-AF4580B12BC4 2 on the calculations set forth in the attached Exhibit "A". SECTION 2. The City’s Director of Administrative Services shall cause a certified copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for entry in the assessment book of the respective sums in dollars and cents, to be paid as established by this Resolution. SECTION 3. The Council finds that this is not a project under the California Environmental Quality Act and, therefore, no environmental impact assessment is necessary. INTRODUCED AND PASSED: AYES: NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM: APPROVED: Assistant City Attorney City Manager Director of Administrative Services August 8, 2022 BURT, CORMACK, DUBOIS, FILSETH, KOU, STONE, TANAKA DocuSign Envelope ID: 29063B46-EF63-41F2-B985-AF4580B12BC4 A) Assessed Valuations (AV) 1 ) 2022-23 Taxable Secured Assessed Valuation (AV)44,434,380,962$ 2 ) 2022-23 Taxable Unsecured AV 2,088,552,009$ 3 ) Less: Estimated Delinquency 0.00%-$ 4 ) Net Taxable Unsecured AV 2,088,552,009$ 5 ) Total Assessed Valuation (AV)46,522,932,971$ B) Tax Levy Requirement 5 ) 2023 Calendar Year Debt Service Payments 2013 (Tax-Exempt) GO Bonds - February 1,2023 234,650.00$ 2013 (Tax-Exempt) GO Bonds - August 1, 2023 739,650.00 974,300.00 6 ) 2022A (Tax-Exempt) GO Bonds - February 1,2023 1,076,093.75$ 7 ) 2022A (Tax-Exempt) GO Bonds - August 1, 2023 1,965,875.00 3,041,968.75 8 ) 2022B (Taxable) GO Bonds - February 1,2023 52,750.00$ 9 ) 2022B (Taxable) GO Bonds - August 1, 2023 42,200.00 94,950.00 10 )Total Calendar Year 2023 Debt Service Payments 4,111,218.75 11 ) Excess Funds on Hand Applied Toward Debt Service (300,000.00) 12 ) Sub-total 3,811,218.75 13 ) Santa Clara County Administration Fee (0.25% of Principal & Interest)9,528.05 14 )Total 2022-23 Annual Debt Service Requirement 3,820,746.80 C)Secured and Unsecured Tax Rate 15 )2022-23 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate)0.00926$ 16 )2022-23 Unsecured Tax Rate per $100,000 of Unsecured AV 9.26$ 17 ) 2022-23 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 12)193,399.92$ 18 ) 2022-23 Estimated Revenue from Secured AV (line 11 minus line 13)3,627,346.88 19 ) Total 2022-23 Annual Debt Service Requirement 3,820,746.80$ 20 )2022-23 Secured Tax Rate per $100 of Secured AV (line 14 divided by line 1*100)0.00816$ 21 )2022-23 Secured Tax Rate per $100,000 of Secured AV (line 14 divided by line 1 times 100,000)8.16$ Exhibit A City of Palo Alto General Obligation (GO) Bonds, Election of 2008, Series 2013, 2022A and 2022B Tax Rate Calculation Based on 2022-23 Assessed Values DocuSign Envelope ID: 29063B46-EF63-41F2-B985-AF4580B12BC4 Certificate Of Completion Envelope Id: 29063B46EF6341F2B985AF4580B12BC4 Status: Completed Subject: Please DocuSign: RESO 10061 - Adoption of a Resolution Establishing FY 2023 Property Tax Levy f... Source Envelope: Document Pages: 3 Signatures: 5 Envelope Originator: Certificate Pages: 2 Initials: 0 Mahealani Ah Yun AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 250 Hamilton Ave Palo Alto , CA 94301 Mahealani.AhYun@CityofPaloAlto.org IP Address: 199.33.32.254 Record Tracking Status: Original 8/9/2022 4:48:09 PM Holder: Mahealani Ah Yun Mahealani.AhYun@CityofPaloAlto.org Location: DocuSign Security Appliance Status: Connected Pool: StateLocal Storage Appliance Status: Connected Pool: City of Palo Alto Location: DocuSign Signer Events Signature Timestamp Molly Stump molly.stump@cityofpaloalto.org City Attorney City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 199.33.32.254 Sent: 8/9/2022 4:51:10 PM Viewed: 8/9/2022 5:14:55 PM Signed: 8/9/2022 5:15:08 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Kiely Nose kiely.nose@cityofpaloalto.org Director, Administrative Services/CFO City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 174.194.209.11 Sent: 8/9/2022 5:15:09 PM Viewed: 8/11/2022 1:57:00 PM Signed: 8/11/2022 1:57:23 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Ed Shikada ed.shikada@cityofpaloalto.org Ed Shikada, City Manager City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 199.33.32.254 Sent: 8/11/2022 1:57:24 PM Viewed: 8/11/2022 3:29:43 PM Signed: 8/11/2022 3:29:48 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Patrick Burt pat@patburt.org Mr Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 98.37.159.0 Sent: 8/11/2022 3:29:49 PM Viewed: 8/11/2022 7:35:19 PM Signed: 8/11/2022 7:37:09 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Signer Events Signature Timestamp Lesley Milton Lesley.Milton@CityofPaloAlto.org City Clerk Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 199.33.32.254 Sent: 8/11/2022 7:37:10 PM Viewed: 8/12/2022 11:38:47 AM Signed: 8/12/2022 11:38:55 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign In Person Signer Events Signature Timestamp Editor Delivery Events Status Timestamp Agent Delivery Events Status Timestamp Intermediary Delivery Events Status Timestamp Certified Delivery Events Status Timestamp Carbon Copy Events Status Timestamp Vinhloc Nguyen Vinhloc.Nguyen@CityofPaloAlto.org Administrative Associate III City of Palo Alto Security Level: Email, Account Authentication (None) Sent: 8/12/2022 11:38:56 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 8/9/2022 4:51:10 PM Certified Delivered Security Checked 8/12/2022 11:38:47 AM Signing Complete Security Checked 8/12/2022 11:38:55 AM Completed Security Checked 8/12/2022 11:38:56 AM Payment Events Status Timestamps