HomeMy WebLinkAboutResolutionRESOLUTION NO. 2013 —
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING THE REDUCTION OF THE PROPERTY TAX RATE
FOR LIBRARY GENERAL OBLIGATION BONDED INDEBTEDNESS
FOR FISCAL YEAR 2014 FROM 1.32 CENTS PER $100
OF ASSESSED VALUATION TO 1.19 CENTS
WHEREAS, at 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 Bond in
the aggregate principal amount of $6 Million. Those bonds mature on August 1st of each of the
years 2004 through 2028; and
WHEREAS, the amount of principal and interest that become due every year will
be paid from the proceeds of property taxes received from the County of San Diego; and
WHEREAS, each year the City establishes the property tax rate that will be
necessary to raise the revenue required to service its annual bonded indebtedness; and
WHEREAS, in 2012, the City refinanced the bonds to lower the interest rate and
to decrease the tax burden; and
WHEREAS, the total net taxable secured assessed valuation of the City is now
at $2,969,951,081 full value; and
WHEREAS, the amount of revenue to be raised from the tax base for Fiscal Year
2014 is $349,869 according to the voter -approved bonded indebtedness, thereby establishing
the rate of property tax required; and
WHEREAS, for Fiscal Year 2014, the calculated property tax rate is 1.19 cents
per $100 of assessed value, which is a 9.8% reduction from Fiscal Year 2013 rate of 1.32 cents.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby establishes the Library General Obligation Bond property tax rate for Fiscal
Year 2014 at 1.19 cents (.0119%) per $100 of assessed value, which is a 9.8% reduction from
Fiscal Year 2013's rate of 1.32 cents.
2002 GENERAL OBLIGATION BONDS: 0.0119% PER $100 ASSESSED VALUE
PASSED and ADOPTED this 6'h day of August, 2013.
Ron Morrison, Mayor
ATTEST: APPROVED AS TO FORM:
Michael R. Dalla, City Clerk Claudia Gacitua Silva
City Attorney