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Home My WebLink AboutRESO 9910 1 Resolution No. 9910 Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2021 Property Tax Levy of $9.56 Per $100,000 of Secured and $10.62 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. 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 2021 in the amount of $0.00956 per $100 in assessed value for the secured and utility tax roll and $0.01062 per $100 in assessed value for the unsecured tax roll based on the calculations set forth in the attached Exhibit "A". SECTION 2. The City’s Director of Administrative Services shall cause a certified copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for entry in the assessment book of the respective sums in dollars and cents, to be paid as established by this Resolution. DocuSign Envelope ID: 50B956DF-F02E-47AC-A521-C4F499256979 2 SECTION 3. The Council finds that this is not a project under the California Environmental Quality Act and, therefore, no environmental impact assessment is necessary. INTRODUCED AND PASSED: August 10, 2020 AYES: CORMACK, DUBOIS, FILSETH, FINE, KNISS, KOU, TANAKA NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM: APPROVED: Assistant City Attorney City Manager Director of Administrative Services DocuSign Envelope ID: 50B956DF-F02E-47AC-A521-C4F499256979 A) Assessed Valuations (AV) 1 ) 2020-21 Taxable Secured Assessed Valuation (AV)40,159,310,703$ 2 ) 2020-21 Taxable Unsecured AV 2,194,615,259$ 3 ) Less: Estimated Delinquency 0.00%-$ 4 ) Net Taxable Unsecured AV 2,194,615,259$ 5 )Total Assessed Valuation (AV)42,353,925,962$ B) Tax Levy Requirement 5 ) 2020-21 Debt Service Payments 6 ) 2010 GO Bonds - February 1,2021 990,746.88$ 7 ) 2010 GO Bonds - August 1, 2021 2,385,746.88 3,376,494 8 ) 2013 GO Bonds - February 1,2021 311,200.00$ 9 ) 2013 GO Bonds - August 1, 2021 776,200.00 1,087,400.00 10 )Total Calendar Year 2021 Debt Service Payments 4,463,893.76 11 ) Excess Funds on Hand Applied Toward Debt Service (400,000.00) 12 ) Sub-total 4,063,893.76 13 ) Santa Clara County Administration Fee (0.25% of Principal & Interest)10,159.73 14 )Total 2020-21 Annual Debt Service Requirement 4,074,053.49 C) Secured and Unsecured Tax Rate 15 )2020-21 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate) 0.01062$ 16 )2020-21 Unsecured Tax Rate per $100,000 of Unsecured AV 10.62$ 17 ) 2020-21 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 12)233,068.14$ 18 ) 2020-21 Estimated Revenue from Secured AV (line 11 minus line 13)3,840,985.35 19 ) Total 2020-21 Annual Debt Service Requirement 4,074,053.49$ 20 )2020-21 Secured Tax Rate per $100 of Secured AV (line 14 divided by line 1*100)0.00956$ 21 )2020-21 Secured Tax Rate per $100,000 of Secured AV (line 14 divided by line 1 times 100,000)9.56$ Exhibit A City of Palo Alto General Obligation (GO) Bonds, Election of 2008, Series 2010 and 2013 Tax Rate Calculation Based on 2020-21 Assessed Values DocuSign Envelope ID: 50B956DF-F02E-47AC-A521-C4F499256979 Certificate Of Completion Envelope Id: 50B956DFF02E47ACA521C4F499256979 Status: Completed Subject: Please DocuSign: RESO 9910 Establishing FY 2020-21 Property Tax Levy.docx, RESO 9910 Exhibit A ... Source Envelope: Document Pages: 3 Signatures: 5 Envelope Originator: Certificate Pages: 2 Initials: 0 Kim Lunt AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 250 Hamilton Ave Palo Alto , CA 94301 kimberly.lunt@cityofpaloalto.org IP Address: 199.33.32.254 Record Tracking Status: Original 8/11/2020 3:09:56 PM Holder: Kim Lunt kimberly.lunt@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 Sandra Lee Sandra.Lee@CityofPaloAlto.org Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 73.202.225.230 Sent: 8/11/2020 3:13:13 PM Viewed: 8/18/2020 7:27:27 AM Signed: 8/18/2020 7:27:44 AM 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: 174.193.134.230 Sent: 8/18/2020 7:27:46 AM Resent: 8/20/2020 11:49:01 AM Resent: 9/1/2020 4:58:19 PM Resent: 9/4/2020 8:47:51 AM Viewed: 9/4/2020 12:28:39 PM Signed: 9/4/2020 12:29:21 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: 9/4/2020 12:29:23 PM Viewed: 9/7/2020 3:38:55 PM Signed: 9/7/2020 3:39:01 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Adrian Fine adrian.fine@cityofpaloalto.org Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 108.228.10.70 Signed using mobile Sent: 9/7/2020 3:39:04 PM Viewed: 9/7/2020 4:22:01 PM Signed: 9/7/2020 4:22:15 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Signer Events Signature Timestamp Beth Minor Beth.Minor@CityofPaloAlto.org City Clerk City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 174.85.125.228 Signed using mobile Sent: 9/7/2020 4:22:18 PM Viewed: 9/7/2020 6:00:17 PM Signed: 9/7/2020 6:02:13 PM 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 Witness Events Signature Timestamp Notary Events Signature Timestamp Envelope Summary Events Status Timestamps Envelope Sent Hashed/Encrypted 9/7/2020 4:22:18 PM Certified Delivered Security Checked 9/7/2020 6:00:18 PM Signing Complete Security Checked 9/7/2020 6:02:13 PM Completed Security Checked 9/7/2020 6:02:13 PM Payment Events Status Timestamps