HomeMy WebLinkAboutCC RESO 2015-115RESOLUTION NO. 2015 — 115
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
REDUCING THE PROPERTY TAX RATE FOR THE LIBRARY
GENERAL OBLIGATION BOND FOR FISCAL_ YEAR 2016 FROM
0.96 CENTS PER $100 OF ASSESSED VALUA i 1ON TO 0.92 CENTS
WHEREAS, in 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 Library; and
WHEREAS, in April 2003, the City issued the General Obligation Bonds in the
aggregate principal amount of $6 million, which mature on August 15' of each of the years 2004
through 2028; and
WHEREAS, the City refinanced the bonds in 2012 to lower the interest rate on
the bonds and to decrease the tax burden required for repayment; and
WHEREAS, the amount of principal and interest to be paid each year is
generated through the proceeds of property taxes received from the County of San Diego; and
WHEREAS, each year the City must establish the property tax rate that is
needed to raise the revenue required to service its annual bonded indebtedness. For Fiscal
Year 2016, the calculated property tax rate is 0.92 cents per $100 of assessed value, a 4.17%
reduction from the prior year rate of 0.96 cents, and the 5th consecutive tax rate reduction since
Fiscal Year 2011.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby authorizes the reduction of the property tax rate for bonded indebtedness
for Fiscal Year 2016 from to 0.96 cents (.0096%) per $100 of assessed valuation to 0,92 cents
(.0092%) per $100 of assessed valuation.
PASSED and ADOPTED this 4th day of August, 2015.
ATT EST:
Michael R. Della, C Clerk
ROVED AS TO FOR
5n f+77forrison, Mayor
Passed and adopted by the Council of the City of National City, California, on August 4,
2015 by the following vote, to -wit:
Ayes: Councilmembers Cano, MendNll, i'W orriso; , Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
1G�
Al L
City erk of the City al City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2015-115 of the City of National City, Californio., passed and
adopted by the Council of said City on August 4, 2015.
City Clerk of the City of National City, California
By:
Deputy