HomeMy WebLinkAboutCC RESO 2020-148RESOLUTION NO. 2020 - 148
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 2021 FROM
0.67 CENT PER $100 OF ASSESSED VALUATION TO 0.59 CENT
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 2021, the calculated property tax rate is 0.59 cent per
$100 of assessed value, which is a 10.41% reduction from prior year rate of 0.67 cent
and the 10th 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 2021 from 0.67 cent per $100 (0.0067%) of assessed
valuation to 0.59 cent per $100 (0.0059%) of assessed valuation.
2021 GENERAL OBLIGATION BONDS: 0.59 per $100 ASSESSED VALUE (0.0059%)
PASSED and ADOPTED this 4th day of Au
Alejandra Sotelo-Solis, Mayor
ATTEST:
Michael R. Della, City Clerk
APPROVED AS O FORM:
^� Mo is -Jo e
Passed and adopted by the Council of the City of National City, California, on August 4,
2017 by the following vote, to -wit:
Ayes: Councilmembers Cano, Quintero, Rios, Sotelo-Solis.
Nays: None.
Absent: None.
Abstain: Councilmember Morrison.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
City Clerk of the City f National City, California
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2020-148 of the City of National City, California, passed and
adopted by the Council of said City on August 4, 2020.
City Clerk of the City of National City, California
By:
Deputy