HomeMy WebLinkAbout2026-105 - Setting the FY 2027 Property Tax Rate for Library General Obligation Bonds RESOLUTION NO. 2026 - 105
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY,
CALIFORNIA, SETTING THE FISCAL YEAR 2027 SECURED PROPERTY TAX RATE
FOR THE LIBRARY GENERAL OBLIGATION BONDS AT 0.263 CENT (0.00263%) 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 $6 million which mature on 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 funding source for the annual principal and interest payments
on the bonds is property taxes 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 2027, staff recommend setting the secured
property tax rate at 0.263 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 secured property tax
rate for bonded indebtedness for Fiscal Year 2027 to be set at 0.263 cent
(0.00263%) per $100 of secured assessed valuation.
Section 2: 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 18t' day of Augus , 026.
•• on Morrison, Mayor
ATTEST:
tali Shelley apel, MMC, City Clerk
APPROVED AS TO FORM:
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Heidi Skinner, City Attorney
Passed and adopted by the City Council of the City of National City, California, on
August 18, 2026 by the following roll-call vote, to-wit:
Ayes: Bush, Rodriguez, Yamane, Molina, Morrison
Nays: None.
Absent: None.
Recused: None.
AUTHENTICATED BY: Ron Morrison
Mayor of the City of National City, California
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Shelley Chapel
c� City Clerk of the City of National City, California
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OF cs0 BY:
Shelley apel, MMC, City Clerk