HomeMy WebLinkAboutCC RESO 2019-129RESOLUTION NO. 2019 — 129
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 2020 FROM
0.73 CENT PER $100 OF ASSESSED VALUATION TO 0.67 CENT,
A DECREASE OF 8.74%
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 which mature August 1st of each
of the years from 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; 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; and
WHEREAS, for Fiscal Year 2020, the calculated property tax rate is 0.67
cent per $100 of assessed value, which is a 8.74% reduction from prior year rate of 0.73
cent and the 9th 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 2020 from 0.73 cent per $100 (0.0073%) of assessed
valuation to 0.67 cent per $100 (0.0067%) of assessed valuation.
2020 GENERAL OBLIGATION BONDS: 0.67 per $100 ASSESS . D
PASSED and ADOPTED this 3rd day of S
ATT
Al andryor
7-r Michael FC. Dalla, City Clerk
APPROVED AS TO FORM:
offis-Jones, City
Passed and adopted by the Council of the City of National City, California, on
September 3, 2019 by the following vote, to -wit:
Ayes: Councilmembers Cano, Morrison, Quintero, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
City Clerk of the City of National City, California
By:
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2019-129 of the City of National City, California, passed and
adopted by the Council of said City on September 3, 2019.
City Clerk of the City of National City, California
By:
Deputy