HomeMy WebLinkAboutCity Council Resolution 14-051 - Establishing FY 201415 Property Tax Levy Assessment Rate for Debt Serviecs Payments on the Library GO Bond RESOLUTION NO. 14-051
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2014/15 PROPERTY TAX LEVY ASSESSMENT RATE
FOR DEBT SERVICE PAYMENTS ON THE
LIBRARY GENERAL OBLIGATION BOND
WHEREAS, in March 2000, the citizens of Saratoga approved an increase in their
property tax rate to pay for the debt service and other expenses of the general obligation bonds
for construction of the Library, and
WHEREAS, the general obligation bonds were originally sold on Apri124, 2001, and
WHEREAS, the general obligation bonds were refunded on August 1, 2011, and
WHEREAS, it is necessary for the City Council of the City of Saratoga to establish an
annual property tax levy rate to provide funds for debt service payments and related expenditures
during the fiscal year,
NOW, THEREFORE, BE IT RESOLVED that the FY 2014/15 Property Tax Levy rate for
debt service on the Library General Obligation Bonds be established at $.0070 per $100 of
assessed valuation.
The above and foregoing resolution was passed and adopted at a special meeting of the Saratoga
City Council held on the 16t�' day of July 2014 by the following vote:
AYES: Mayor Emily Lo, Vice Mayor Howard Miller, Council Member Manny
Cappello, Jill Hunter
NOES: None
ABSENT: Council Member Chuck Page
ABSTAIN: None \.
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Emily Lo, Mayor
ATTEST:
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r���othelio, City Clerk • .