HomeMy WebLinkAboutCity Council Resolution 15-032 - Establish Property Tax Levy for Debt Service Payments on Library General Obligation BondsRESOLUTION NO. 15-032
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2015/16 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 April 24, 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 2015/16 Property Tax Levy rate for debt
service on the Library General Obligation Bonds be established at $.0065 per $100 of assessed
valuation.
The above and foregoing resolution was passed and adopted at an adjourned meeting of the
Saratoga City Council held on the 3rd day of June 2015 by the following vote:
AYES: Mayor Howard A. Miller, Vice Mayor Manny Cappello, Council Member Emily
Lo, Mary -Lynne Bernald, Rishi Kumar
NOES:
ABSENT:
ABSTAIN: 11f
/ofw
ATTEST:
AtthQ,UU
1 Bothelio, City Clerk
1 -toward A. Miller, Mayor
DATE: (0f (-4DOIS