HomeMy WebLinkAboutCity Council Resolution 16-046 - Library General Obligation BondRESOLUTION 16-046
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2016/17 PROPERTY TAX 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 the construction of
the Library; and
WHEREAS, the general obligation bonds were originally sold on April 24, 2001; and
WHEREAS, the original 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 the debt service payments and related expenditures during the
fiscal year,
NOW, THEREFORE, be it resolved by the City Council of the City of Saratoga that the FY 2016/17
Property Tax Levy rate for debt service on the Library General Obligation Bonds be established at $.0060
per $100 of assessed valuation.
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga City
Council held on the 6th day of July 2016 by the following vote:
AYES: Mayor E. Manny Cappello, Vice Mayor Emily Lo, Council Member Mary -Lynne
Bernald, Howard A. Miller, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
AT EST:
ry .1 Bothelio, City Clerk
DATE: %
y Cappello, Mayor
Y)(2.0 ( y)