HomeMy WebLinkAboutCity Council Resolution 18-035 Establishing the FY 2018-19 Property Tax Assessment RateRESOLUTION 18-035
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2018/19 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 2018/19
Property Tax Levy rate for debt service on the Library General Obligation Bonds be established at $.0046
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 20" day of June 2018 by the following vote:
AYES: Mayor Mary -Lynne Bernald, Vice Mayor E. Manny Cappello, Council
Members Howard A. Miller, Emily Lo, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
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Nora Pimentel, MMC
City Clerk