HomeMy WebLinkAboutCC RESO 2011-164RESOLUTION NO. 2011 — 164
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
REDUCING THE PROPERTY TAX RATE FOR LIBRARY GENERAL
OBLIGATION BONDED INDEBTEDNESS FOR FISCAL YEAR 2011-2012
FROM 1.42 CENTS PER $100 OF ASSESSED VALUATION TO 1.37 CENTS
WHEREAS, at the special municipal election held on March 5, 2002, more than
two-thirds of National City's eligible voters approved the issuance of General Obligation Bonds
to fund the construction of the new National City Public Library; and
WHEREAS, in April, 2003, the City issued the Library General Obligation Bond in
the aggregate principal amount of $6 Million. Those bonds mature on August 1st of each of the
years 2004 through 2028; and
WHEREAS, the amount of principal and interest that become due every year will
be paid from the proceeds of property taxes received from the County of San Diego; and
WHEREAS, each year the City establishes the property tax rate that will be
necessary to raise the revenue required to service its annual bonded indebtedness; and
WHEREAS, the total net taxable secured assessed valuation of the City is now
at $2,756,175,000 full value; and
WHEREAS, the amount of revenue to be raised from the tax base for Fiscal Year
2011-2012 is $ 399,457, according to the voter -approved bonded indebtedness, thereby
establishing the rate of property tax required; and
WHEREAS, for Fiscal Year 2011-2012, the calculated property tax rate is 1.37
cents per $100 of assessed value, which is a 3.5% reduction from Fiscal Year 2010-2011 rate of
1.42 cents.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby establishes the Library General Obligation Bond property tax rate for Fiscal
Year 2011-2012 at 1.37 cents (.0137%) per $100 of assessed value, which is a 3.5% reduction
from Fiscal Year 2010-2011's rate of 1.42 cents.
2002 GENERAL OBLIGATION BONDS:
0.0137% PER $100 ASSESSED VALUE
PASSED and ADOPTED this 19th day of July,
ATTEST:
Michael R. Dalla it
Clerk y
on Morrison, Mayor
ROV I AS TO FORM:
, City Attorney
Passed and adopted by the Council of the City of National City, California, on July 19,
2011 by the following vote, to -wit:
Ayes: Councilmembers Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
City rk of the City of National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2011-164 of the City of National City, California, passed and
adopted by the Council of said City on July 19, 2011.
City Clerk of the City of National City, California
By:
Deputy