HomeMy WebLinkAboutRESO 101811
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Resolution No. 10181
Resolution of the Council of the City of Palo Alto Establishing Fiscal Year
2025 Property Tax Levy of $7.61 Per $100,000 of Secured and $8.07 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 2025 in the amount of $0.00761 per $100 in assessed value for the secured and
Docusign Envelope ID: 9FE5075D-6EB4-4AA7-9971-D1A21DC15EE6
2
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utility tax roll and $0.00807 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.
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 5, 2024
AYES: BURT, KOU, LAUING, LYTHCOTT-HAIMS, STONE, TANAKA, VEENKER
NOES:
ABSENT:
ABSTENTIONS:
ATTEST:
City Clerk Mayor
APPROVED AS TO FORM: APPROVED:
City Attorney City Manager
Director of Administrative Services
Docusign Envelope ID: 9FE5075D-6EB4-4AA7-9971-D1A21DC15EE6
Certificate Of Completion
Envelope Id: 9FE5075D6EB44AA79971D1A21DC15EE6 Status: Completed
Subject: RESO 10181.pdf
Source Envelope:
Document Pages: 2 Signatures: 5 Envelope Originator:
Certificate Pages: 2 Initials: 0 Christine Prior
AutoNav: Enabled
EnvelopeId Stamping: Enabled
Time Zone: (UTC-08:00) Pacific Time (US & Canada)
250 Hamilton Ave
Palo Alto , CA 94301
Christine.Prior@CityofPaloAlto.org
IP Address: 199.33.32.254
Record Tracking
Status: Original
8/8/2024 12:47:00 PM
Holder: Christine Prior
Christine.Prior@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: 8/8/2024 12:48:31 PM
Viewed: 8/8/2024 1:38:58 PM
Signed: 8/8/2024 1:39:09 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Lauren Lai
Lauren.Lai@CityofPaloAlto.org
Director Administrative Services/CFO
COPA
Security Level: Email, Account Authentication
(None)
Signature Adoption: Drawn on Device
Using IP Address: 199.33.32.254
Sent: 8/8/2024 1:39:11 PM
Viewed: 8/9/2024 12:11:13 PM
Signed: 8/9/2024 12:11:50 PM
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: 8/9/2024 12:11:52 PM
Viewed: 8/12/2024 7:46:00 PM
Signed: 8/12/2024 7:46:06 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Greer Stone
Greer.Stone@CityofPaloAlto.org
Vice Mayor
Security Level: Email, Account Authentication
(None)Signature Adoption: Pre-selected Style
Using IP Address: 199.33.33.245
Sent: 8/12/2024 7:46:07 PM
Viewed: 8/12/2024 7:47:13 PM
Signed: 8/12/2024 7:47:26 PM
Electronic Record and Signature Disclosure:
Not Offered via DocuSign
Signer Events Signature Timestamp
Mahealani Ah Yun
Mahealani.AhYun@CityofPaloAlto.org
City Clerk
Security Level: Email, Account Authentication
(None)Signature Adoption: Pre-selected Style
Using IP Address: 199.33.32.254
Sent: 8/12/2024 7:47:28 PM
Viewed: 8/12/2024 8:53:15 PM
Signed: 8/12/2024 8:53:26 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 8/8/2024 12:48:31 PM
Certified Delivered Security Checked 8/12/2024 8:53:15 PM
Signing Complete Security Checked 8/12/2024 8:53:26 PM
Completed Security Checked 8/12/2024 8:53:26 PM
Payment Events Status Timestamps