HomeMy WebLinkAbout2025-101 - Setting the Fiscal Year 2026 Secured Property Tax Rate for the Library General Obligation Bonds RESOLUTION NO. 2025 - 101
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, SETTING THE FISCAL YEAR 2026 SECURED PROPERTY TAX RATE
FOR THE LIBRARY GENERAL OBLIGATION BONDS AT 0.266 CENT (0.00266%) PER
$100 OF ASSESSED VALUATION.
WHEREAS, in the Special Municipal Election held on March 5, 2002, more than
two-thirds of the 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 of 2003, the City issued the Library General Obligation
Bonds in the aggregate principal amount of$6 million, which mature on August 1st of
each of the years from 2004 through 2028 (the "Bonds"); 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 a special property tax levy; and
WHEREAS, each year the City must establish the secured property tax rate
that is needed to raise the revenue required to service its annual bonded indebtedness;
and
WHEREAS, for Fiscal Year 2026, staff recommends setting the secured
property tax rate at 0.266 cent(0.00266%) 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 secured property tax
rate for bonded indebtedness for Fiscal Year 2026 to be set at 0.266 cent
(0.00266%) per$100 of secured assessed valuation.
Section 2: That the City Clerk shall certify as to the passage and adoption of this
Resolution and enter it into the book of original Resolutions.
PASSED and ADOPTED this 19th day of August, 2025.
Ron Morrson, Mayor
ATTEST:
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Shelle apel, MMC, City Clerk
APPROVED AS TO FORM:
Barry J. S d City Attorn
Passed and adopted by the City Council of the City of National City, California, on
August 19, 2025 by the following roll-call vote, to-wit:
Ayes: Molina, Rodriguez, Yamane, Bush, Morrison
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: Ron Morrison
Mayor of the City of National City, California
Shelley Chapel
City Clerk of the City of National City, California
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BY:
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Shelley a el, MMC, City Clerk