HomeMy WebLinkAboutCC RESO 2021-111RESOLUTION NO. 2021 - 111
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA AUTHORIZING THE PROPERTY TAX RATE FOR THE LIBRARY
GENERAL OBLIGATION BOND FOR THE FISCAL YEAR 2022 TO 0.59 CENT PER
$100 OF ASSESSED VALUATION
WHEREAS, in the special municipal election held on March 5, 2002, more than
two-thirds of City of National City's ("City") 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 2022, the calculated property tax rate is 0.59 cents per
$100 of assessed value.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, DOES RESOLVE, DECLARE, DETERMINE, AND ORDER AS
FOLLOWS:
Section 1: Authorizes the property tax rate for bonded indebtedness for the
Fiscal Year 2022 to remain at 0.59 cents per $100 (0.0059%) of assessed valuation.
Section 2: The City Clerk shall certify the passage and adoption of this
Resolution and enter it into the book of original Resolutions.
Resolution No. 2021 —111
Page Two
PASSED and ADOPTED this 17th day of August op
J .fip
Al
(116
- andra Sote o-Solis, Mayor
ATTEST:
Luz Malina'iCity Clerk
APPROVED AS TO FORM:
Charles E. Bell Jr., C. ttorney
Passed and adopted by the City Council of the City of National City, California, on
August 17, 2021, by the following vote, to -wit:
Ayes: Sotelo-Solis, Rodriguez, Bush, Morrison, Rios.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
BY:
Mayor of the City of National City, California
LUZ MOLINA
City Clerk of the City of National City, California
Shelley Chapel, MMC. uty City Clerk
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2021-111 of the City of National City, California, passed and
adopted by the City Council of said City on August 17, 2021.
Luz Molina,! ity Clerk