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Home My WebLink AboutRESO 102411 Resolution No. Resolution of the Council of the City of Palo Alto Establishing Fiscal Year 2026 Property Tax Levy of $7.45 Per $100,000 of Secured and $7.61 Per $100,000 of Unsecured Assessed Valuations for the Citys General Obligation Bond Indebtedness (Measure N Library Projects) R E C I T A L S A.At the City of Palo Altos (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 wasnt 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 $0.00745 per $100 in assessed value for the secured and utility tax roll and $0.00761 per $100 in assessed value for the unsecured tax roll based 2 on the calculations set forth in the attached Exhibit "A". SECTION 2. The Citys Director of Administrative Services shall cause a certified copy of this Resolution to be delivered to the Auditor of the County of Santa Clara for entry in the assessment book of the respective sums in dollars and cents, to be paid as established by this Resolution. SECTION 3. The Council finds that this is not a project under the California Environmental Quality Act and, therefore, no environmental impact assessment is necessary. INTRODUCED AND PASSED: AUGUST 11, 2025 AYES: NOES: ABSENT: ABSTENTIONS: ATTEST: City Clerk Mayor APPROVED AS TO FORM:APPROVED: Assistant City Attorney City Manager Director of Administrative Services A) Assessed Valuations (AV) 1 ) 2025-26 Taxable Secured Assessed Valuation (AV) 51,809,035,097$ 2 ) 2025-26 Taxable Unsecured AV 2,365,273,961$ 3 ) Less: Estimated Delinquency 0.00% -$ 4 ) Net Taxable Unsecured AV 2,365,273,961$ 5 ) Total Assessed Valuation (AV)54,174,309,058$ B) Tax Levy Requirement 5 ) 2026 Calendar Year Debt Service Payments 2013 (Tax-Exempt) GO Bonds - February 1,2026 211,425.00$ 2013 (Tax-Exempt) GO Bonds - August 1, 2026 211,425.00 422,850.00 6 ) 2022A (Tax-Exempt) GO Bonds - February 1,2026 762,625.00$ 7 ) 2022A (Tax-Exempt) GO Bonds - August 1, 2026 2,282,625.00 3,045,250.00 8 ) 2022B (Taxable) GO Bonds - February 1,2026 32,300.00$ 9 ) 2022B (Taxable) GO Bonds - August 1, 2026 552,300.00 584,600.00 10 ) Total Calendar Year 2026 Debt Service Payments 4,052,700.00 11 ) Excess Funds on Hand Applied Toward Debt Service (25,000.00) 12 ) Sub-total 4,027,700.00 13 ) Santa Clara County Administration Fee (0.25% of Principal & Interest) 10,069.25 14 )Total 2025-26 Annual Debt Service Requirement 4,037,769.25 C)Secured and Unsecured Tax Rate 15 )2025-26 Unsecured Tax Rate per $100 of Unsecured AV (Prior Year's Secured Tax Rate) 0.00761$ 16 )2025-26 Unsecured Tax Rate per $100,000 of Unsecured AV 7.61$ 17 ) 2025-26 Estimated Revenue from Unsecured AV (line 4 divide by 100 times by line 15) 179,997.35$ 18 ) 2025-26 Estimated Revenue from Secured AV (line 14 minus line 17)3,857,771.90 19 ) Total 2025-26 Annual Debt Service Requirement 4,037,769.25$ 20 )2025-26 Secured Tax Rate per $100 of Secured AV (line 18 divided by line 1 times 100) 0.00745$ 21 )2025-26 Secured Tax Rate per $100,000 of Secured AV (line 18 divided by line 1 times 100,000) 7.45$ Exhibit A City of Palo Alto General Obligation (GO) Bonds, Election of 2008, Series 2013, 2022A and 2022B Tax Rate Calculation Based on 2025-26 Assessed Values docusign Certificate Of Completion Envelope Id: 1 CBF0123-F427-40F2-8CC4-F63AE5AD64DA Subject: Complete with Docusign: RESO 10241.pdf Source Envelope: Document Pages: 3 Certificate Pages: 2 AutoNav: Enabled Envelopeld Stamping: Enabled Time Zone: (UTC-08:00) Pacific Time (US & Canada) Signatures: 5 Initials: 0 Status: Completed Envelope Originator: Francesca Reyes 250 Hamilton Ave Palo Alto , CA 94301 Francesca.Reyes@CityofPaloAlto.org IP Address: 2601:647:4800:2 Record Tracking Status: Original 8/12/2025 1:42:18 PM Security Appliance Status: Connected Storage Appliance Status: Connected Holder: Francesca Reyes Francesca.Reyes@CityofPaloAlto.org Pool: StateLocal Pool: City of Palo Alto Location: DocuSign Location: Docusign Signer Events Signature Timestamp Caio Arellano Caio.Arellano@paloalto.gov Chief Assistant City Attorney City of Palo Alto Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via Docusign David Ramberg David.Ramberg@paloalto.gov Asst. Director City of Palo Alto Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via Docusign Ed Lauing Ed.Lauing@paloalto.gov Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via Docusign Ed Shikada Ed.Shikada@paloalto.gov Ed Shikada City of Palo Alto Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via Docusign ,-DocuSigned by: '-81C299FA3B9340E... Signature Adoption: Uploaded Signature Image Using IP Address: 170.85.54.125 (-DocuSigned by: 1`h aeo p _ '-00B75E74739743B.._ Signature Adoption: Uploaded Signature Image Using IP Address: 198.44.134.36 (—Signed by: '-880C20B663824E6... Signature Adoption: Pre -selected Style Using IP Address: 73.158.105.71 (—DocuSigned by: 51 k I4 '—F2DCA19CCC8D4F9_. Signature Adoption: Pre -selected Style Using IP Address: 199.33.32.254 Sent: 8/12/2025 1:50:16 PM Viewed: 8/12/2025 1:58:44 PM Signed: 8/12/2025 1:58:54 PM Sent: 8/12/2025 1:50:15 PM Viewed: 8/12/2025 5:45:51 PM Signed: 8/12/2025 5:46:33 PM Sent: 8/12/2025 1:49:08 PM Viewed: 8/12/2025 4:33:22 PM Signed: 8/12/2025 4:33:56 PM Sent: 8/12/2025 1:50:14 PM Resent: 8/13/2025 9:18:07 AM Resent: 8/13/2025 10:05:47 AM Viewed: 8/14/2025 7:54:18 AM Signed: 8/14/2025 7:54:33 AM Signer Events Signature Timestamp Mahealani Ah Yun Mahealani.AhYun@paloalto.gov Security Level: Email, Account Authentication (None) Electronic Record and Signature Disclosure: Not Offered via Docusign Signed by: iluktAtaiki '-6F2B313F18434B0... Signature Adoption: Pre -selected Style Using IP Address: 2601:640:8e80:6e70:1d2d:3d0a:ce8a:acf4 Sent: 8/12/2025 1:50:16 PM Resent: 8/13/2025 9:18:07 AM Resent: 8/13/2025 10:05:48 AM Resent: 8/14/2025 8:00:49 AM Viewed: 8/14/2025 8:01:35 AM Signed: 8/14/2025 8:01:45 AM 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 Certified Delivered Signing Complete Completed Hashed/Encrypted Security Checked Security Checked Security Checked 8/12/2025 1:50:16 PM 8/14/2025 8:01:35 AM 8/14/2025 8:01:45 AM 8/14/2025 8:01:45 AM Payment Events Status Timestamps