HomeMy WebLinkAboutCC RESO 2016-121RESOLUTION NO. 2016 — 121
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE REDUCTION OF THE PROPERTY TAX RATE
FOR THE LIBRARY GENERAL OBLIGATION BOND FOR
FISCAL YEAR 2017 FROM 0.92 CENTS PER $100 OF
ASSESSED VALUATION TO 0.88 CENTS, DECREASE OF 4.55%
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 Public Library; and
WHEREAS, in April, 2003, the City issued the Library General Obligation Bonds in
the aggregate principal amount of $6 million. Those bonds mature on August 1st of each of the
years 2004 through 2028; and
WHEREAS, in 2012, the City refinanced the bonds to lower the interest rate on
the bonds and to decrease the tax burden required for repayment. 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 2017,
the calculated property tax rate is 0.88 cents per $100 of assessed value. This is a 4.55%
reduction from prior year rate of 0.92 cents and the 6th consecutive tax rate reduction since
Fiscal Year 2011.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City National City hereby authorizes the reduction of the property tax rate for bonded
indebtedness for Fiscal Year 2017 from 0.92 cents per $100 (0.0092%) of assessed valuation to
0.88 cents per $100 (0.0088%) of assessed valuation.
2012 GENERAL OBLIGATION BONDS: 0.88 per $100 ASSESSED VALUE (0.0088%)
PASSED and ADOPTED this 16th day of Augu 16.
ATTEST:
Michael R. Dalla, C' y Clerk
APROVED AS TO FOR
ICIk,,,A 4 3
CI media Gacitua
City Attorney
on Morrison,
Passed and adopted by the Council of the City of National City, California, on August
16, 2016 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Morrison, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
1241Af
City C erk of the City o National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2016-121 of the City of National City, California, passed and
adopted by the Council of said City on August 16, 2016.
City Clerk of the City of National City, California
By:
Deputy