HomeMy WebLinkAboutCC RESO 2022-135RESOLUTION NO. 2022 135
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE SAME PROPERTY TAX RATE FOR THE LIBRARY GENERAL
OBLIGATION BOND FOR FISCAL YEAR 2023 TO 0.572 CENT PER $100 OF
ASSESSED VALUATION
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 S6 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 2023, the calculated property tax rate is 0.572 cent 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 Fiscal Year
2023to be reflected as 0.572 cent per $100 (0.00572%) of assessed valuation.
Section 2: That the City Clerk shall certify to the passage and adoption of this
Resolution and enter it into the book of original Resolutions.
PASSED and ADOPTED this 16th day of August 2022.
Alejandro So elo-Solis, Mayor
ATTEST:
APPROVED AS TO FORM:
Barry J. �h ., Interim G. Attorney
Passed and adopted by the City Council of the City of National City, California.. on
August 16, 2022 by the following vote, to -wit:
Ayes: Sotelo-Solis, Bush, Morrison, Rios, Rodriguez
Nays: None.
Absent: None.
Abstain: None,
AUTHENTICATED BY: ALEJANDRA SOTELO-SOLIS
Mayor of the City of National City, California
BY:
Luz Molina
City Clerk of the City of National City, California
Shelley Chap
C, Dputy City Clerk