HomeMy WebLinkAboutCC RESO 2023-121RESOLUTION NO. 2023 - 121
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONALCITY, CALIFORNIA,
SETTING THE PROPERTY TAX RATE FOR THE LIBRARY GENERAL OBLIGATION BOND
FOR FISCAL YEAR 2024 AT 0.518 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 million which mature August 1 st 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 t _le property tax rate that is needed to
raise the revenue required to service its annual bonded indebtedness; and
WHEREAS, for Fiscal Year 2024, the calculated property tax rate is 0.518 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: That the City Council hereby authorizes the property tax rate for bonded
indebtedness for Fiscal Year 2024 to be reflected as 0.518 cent per 100 0.0051 % of
valuation.
assessed
Section 2: 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 15th day of A 2023.
on Morrison, Mayor
ATTEST:
(4/ Shelley C116 ,MMC, City Clerk
APPROVED AS TO FORM:
644,
Barry J. Schi"ult,�,�City Attorney
Passed and adopted by the City Council of the City of National City, California, on
August 15, 2023 by the following vote, to -wit:
Ayes: Bush, Rodriguez, Yamane, Molina, Morrison
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON '1ORRISO
Mayor of the City of National City, California
Shelley Chapel
City Clerk of the City of National City, California
Shelley Cha�, MMC, City Clerk