HomeMy WebLinkAboutCC RESO 2018-132RESOLUTION NO. 2018 — 132
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 2019
FROM 0.79 CENT PER $100 OF ASSESSED VALUATION
TO 0.73 CENT, A DECREASE OF 7.58%
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 ($6,000,000) that 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 2019, the calculated property tax rate is 0.73 cent per $100 of assessed value. This is a
7.58% reduction from prior year rate of 0.79 cent and the 8th 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 2019 from 0.79 cent per $100 (0.0079%) of assessed valuation to 0.73 cent per
$100 (0.0073%) of assessed valuation.
2019 GENERAL OBLIGATION BONDS: 0.73 per $100 ASSESSED VALUE (0.0073%)
PASSED and ADOPTED this 18th day of July, 2018
ATTEST:
Michael R. ► - City Clerk
Albert Mendivil, Vide Mayor \
For Ron Morrison, Mayor
APPROVED AS TO FORM:
Angil P. Morris -Jones
City Attorney
By:
Nicole Pedone
Acting City Attorney
Passed and adopted by the Council of the City of National City, California, on
July 18, 2018 by the following vote, to -wit:
Ayes: Councilmembers Cano, Mendivil, Rios.
Nays: None.
Absent: Sotelo-Solis, Morrison.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Mayor of the City of National City, California
City Clerk of the City of National City, California
B
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2018-132 of the City of National City, California, passed and
adopted by the Council of said City on July 18, 2018.
City Clerk of the City of National City, California
By:
Deputy