HomeMy WebLinkAboutResolutionRESOLUTION NO. 2014 —
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF NATIONAL CITY
AUTHORIZING REDUCTION OF THE PROPERTY TAX RATE
FOR BONDED INDEBTEDNESS FOR FISCAL YEAR 2015 FROM
1.19 CENTS PER $100 OF ASSESSED VALUATION TO 0.96 CENTS
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 Library; and
WHEREAS, in April 2003, the City issued the General Obligation Bonds in the
aggregate principal amount of $6 million. The bonds mature on August 1 in each of the years
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. 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. For the Fiscal
year 2015, the calculated property tax rate is 0.96 cents per $100 of assessed value, a 19.41
reduction from prior year rate of 1.19 cents.
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of
National City hereby authorizes the reduction of the property tax rate for bonded indebtedness
for Fiscal Year 2015 from 1.19 cents (.0119%) per $100 of assessed valuation to 0.96 cents
(.0096%) per $100 of assessed valuation: 2002 General Obligation Bonds: 0.0096% per $100
Assessed valuation.
PASSED and ADOPTED this 5th day of August, 2014.
ATTEST:
Michael R. Dalla, City Clerk
APPROVED AS TO FORM:
Claudia Gacitua Silva
City Attorney
Ron Morrison, Mayor