HomeMy WebLinkAboutCC RESO 2017-164RESOLUTION NO. 2017 — 164
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 2018 FROM 0.88 CENT PER $100 OF ASSESSED
VALUATION TO 0.79 CENT, A DECREASE OF 10.2%
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 2018, the calculated property tax rate is 0.79 cent per $100 of assessed value. This is a
10.2% reduction from prior year rate of 0.88 cent and the 7th 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 2018 from 0.88 cent per $100 (0.0088%) of assessed valuation to
0.79 cent per $100 (0.0079%) of assessed valuation.
2012 GENERAL OBLIGATION BONDS: 0.79 per $100 ASSESSED VALUE (0.0079%)
PASSED and ADOPTED this 15th day of August, 2017.
on Morrison, Mayor
ATTEST:
Ii.
Michael R. Dalla, ity Clerk
APPROVED AS • ORM:
_ 11
gil Pam- rrris-Jone
City j.. rney
Passed and adopted by the Council of the City of National City, California, on August
15, 2017 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
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City irk 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. 2017-164 of the City of National City, California, passed and
adopted by the Council of said City on August 15, 2017.
City Clerk of the City of National City, California
By:
Deputy