The URL can be used to link to this page

Home My WebLink AboutRESO 101191 Resolution No. 10119 Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2024 Property Tax Levy of $8.07 Per $100,000 of Secured and $8.16 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 2024 in the amount of $0.00807 per $100 in assessed value for the secured and utility tax roll and $0.00816 per $100 in assessed value for the unsecured tax roll based DocuSign Envelope ID: BAB25D6A-14D2-4C33-9436-2EB16AF7404F 2 on the calculations set forth in the attached Exhibit "A". SECTION 2. The City’s Director of Administrative Services shall cause a certified copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for entry in the assessment book of the respective sums in dollars and cents, to be paid as established by this Resolution. SECTION 3. The Council finds that this is not a project under the California Environmental Quality Act and, therefore, no environmental impact assessment is necessary. INTRODUCED AND PASSED: August 7, 2023 AYES: BURT, KOU, LAUING, LYTHCOTT-HAIMS, STONE, TANAKA, VEENKER NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM: APPROVED: Assistant City Attorney City Manager Director of Administrative Services DocuSign Envelope ID: BAB25D6A-14D2-4C33-9436-2EB16AF7404F A) Assessed Valuations (AV) 1 ) 2023-24 Taxable Secured Assessed Valuation (AV) 47,091,331,443$ 2 ) 2023-24 Taxable Unsecured AV 2,331,457,644$ 3 ) Less: Estimated Delinquency 0.00% -$ 4 ) Net Taxable Unsecured AV 2,331,457,644$ 5 ) Total Assessed Valuation (AV)49,422,789,087$ B) Tax Levy Requirement 5 ) 2024 Calendar Year Debt Service Payments 2013 (Tax-Exempt) GO Bonds - February 1,2024 224,550.00$ 2013 (Tax-Exempt) GO Bonds - August 1, 2024 749,550.00 974,100.00 6 ) 2022A (Tax-Exempt) GO Bonds - February 1,2024 833,250.00$ 7 ) 2022A (Tax-Exempt) GO Bonds - August 1, 2024 2,213,250.00 3,046,500.00 8 ) 2022B (Taxable) GO Bonds - February 1,2024 42,200.00$ 9 ) 2022B (Taxable) GO Bonds - August 1, 2024 42,200.00 84,400.00 10 ) Total Calendar Year 2024 Debt Service Payments 4,105,000.00 11 ) Excess Funds on Hand Applied Toward Debt Service (125,000.00) 12 ) Sub-total 3,980,000.00 13 ) Santa Clara County Administration Fee (0.25% of Principal & Interest) 9,950.00 14 )Total 2023-24 Annual Debt Service Requirement 3,989,950.00 C)Secured and Unsecured Tax Rate 15 )2023-24 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate) 0.00816$ 16 )2023-24 Unsecured Tax Rate per $100,000 of Unsecured AV 8.16$ 17 ) 2023-24 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 12) 190,246.94$ 18 ) 2023-24 Estimated Revenue from Secured AV (line 11 minus line 13) 3,799,703.06 19 ) Total 2023-24 Annual Debt Service Requirement 3,989,950.00$ 20 )2023-24 Secured Tax Rate per $100 of Secured AV (line 14 divided by line 1*100) 0.00807$ 21 )2023-24 Secured Tax Rate per $100,000 of Secured AV (line 14 divided by line 1 times 100,000) 8.07$ Exhibit A City of Palo Alto General Obligation (GO) Bonds, Election of 2008, Series 2013, 2022A and 2022B Tax Rate Calculation Based on 2023-24 Assessed Values DocuSign Envelope ID: BAB25D6A-14D2-4C33-9436-2EB16AF7404F Certificate Of Completion Envelope Id: BAB25D6A14D24C3394362EB16AF7404F Status: Completed Subject: DocuSign: Resolution 10119 Source Envelope: Document Pages: 3 Signatures: 5 Envelope Originator: Certificate Pages: 2 Initials: 0 Vinhloc Nguyen AutoNav: Enabled EnvelopeId Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) 250 Hamilton Ave Palo Alto , CA 94301 Vinhloc.Nguyen@CityofPaloAlto.org IP Address: 199.33.32.254 Record Tracking Status: Original 8/9/2023 3:58:53 PM Holder: Vinhloc Nguyen Vinhloc.Nguyen@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 Caio Arellano Caio.Arellano@CityofPaloAlto.org Chief Assistant City Attorney City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Uploaded Signature Image Using IP Address: 98.224.106.205 Sent: 8/9/2023 4:01:00 PM Viewed: 8/9/2023 4:53:24 PM Signed: 8/9/2023 4:53:35 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: 174.195.80.179 Sent: 8/9/2023 4:53:36 PM Resent: 8/16/2023 9:34:35 AM Viewed: 8/17/2023 9:09:05 AM Signed: 8/17/2023 9:09:11 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign Ed Shikada Ed.Shikada@CityofPaloAlto.org Ed Shikada City of Palo Alto Security Level: Email, Account Authentication (None) Signature Adoption: Pre-selected Style Using IP Address: 199.33.32.254 Sent: 8/17/2023 9:09:13 AM Viewed: 8/17/2023 11:39:09 AM Signed: 8/17/2023 11:42:43 AM Electronic Record and Signature Disclosure: Not Offered via DocuSign Lydia Kou Lydia.kou@cityofpaloalto.org Council Member Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 98.207.160.72 Sent: 8/17/2023 11:42:44 AM Viewed: 8/17/2023 12:58:41 PM Signed: 8/17/2023 12:59:27 PM Electronic Record and Signature Disclosure: Not Offered via DocuSign Signer Events Signature Timestamp Mahealani Ah Yun Mahealani.AhYun@CityofPaloAlto.org Acting City Clerk Security Level: Email, Account Authentication (None)Signature Adoption: Pre-selected Style Using IP Address: 199.33.32.254 Sent: 8/17/2023 12:59:28 PM Viewed: 8/21/2023 6:21:51 PM Signed: 8/21/2023 6:22:30 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 8/9/2023 4:01:00 PM Certified Delivered Security Checked 8/21/2023 6:21:51 PM Signing Complete Security Checked 8/21/2023 6:22:30 PM Completed Security Checked 8/21/2023 6:22:30 PM Payment Events Status Timestamps