HomeMy WebLinkAboutCity Council Resolution 17-041 - Establishing FY 201718 Tax Assessment Rate for Debt Services Payments on Library GO BondRESOLUTION 17-041
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2017/18 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 re-
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
2017/18 Property Tax Levy rate for debt service on the Library General Obligation Bonds be
established at $.0056 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 5th day of July 2017 by the following vote:
AYES: Mayor Emily Lo, Vice Mayor Mary -Lynne Bernald, Council Members E. Manny
Cappello, Howard A. Miller, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
1 Bothelio, City Clerk
Emily Lo, Mayor
City of Saratoga
2011 Series General Obligation Bonds
Debt Schedule
August August February Fiscal Year Bond
Fiscal Interest Annual Interest Interest Annual Debt Principal
Year Rate Principal Payment Payment Interest Service Balance @ YE
Bond Refunding Date - August 1, 2011 - 11,995,000
2011/12 2.000% 228,211 228,211 228,211 11,995,000
2012/13 2.000% 455,000 208,518 203,968 412,485 867,485 11,540,000
2013/14 2.000% 485,000 203,968 199,118 403,085 888,085 11,055,000
2014/15 2.000% 495,000 199,118 194,168 393,285 888,285 10,560,000
2015/16 2.000% 500,000 194,168 189,168 383,335 883,335 10,060,000
2016/17 3.000% 475,000 189,168 182,043 371,210 846,210 9,585,000
2017/18 3.000% 485,000 182,043 174,768 356,810 841,810 9,100,000
2018/19 4.000% 500,000 174,768 164,768 339,535 839,535 8,600,000
2019/20 4.000% 525,000 164,768 154,268 319,035 844,035 8,075,000
2020/21 4.000% 545,000 154,268 143,368 297,635 842,635 7,530,000
2021/22 3.000% 565,000 143,368 134,893 278,260 843,260 6,965,000
2022/23 4.000% 580,000 134,893 123,293 258,185 838,185 6,385,000
2023/24 4.000% 610,000 123,293 111,093 234,385 844,385 5,775,000
2024/25 4.000% 630,000 111,093 98,493 209,585 839,585 5,145,000
2025/26 3.500% 655,000 98,493 87,030 185,523 840,523 4,490,000
2026/27 3.500% 685,000 87,030 75,043 162,073 847,073 3,805,000
2027/28 3.700% 705,000 75,043 62,000 137,043 842,043 3,100,000
2028/29 4.000% 730,000 62,000 47,400 109,400 839,400 2,370,000
2029/30 4.000% 760,000 47,400 32,200 79,600 839,600 1,610,000
2030/31 4.000% 790,000 32,200 16,400 48,600 838,600 820,000
2031/32 4.000% 820,000 16,400 - 16,400 836,400
TOTALS
11,995,000 2,601,993 2,621,686 5,223,678 17,218,678
Total Bond Principal 11,995,000
Total Bond Interest 5,223,678
Total Cost of Bond 17,218,678