HomeMy WebLinkAboutCity Council Resolution 18-039 Establishing the arrowhead FY 2018/19 Special Tax Assessment for the Debt ServiceRESOLUTION 18-039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2018/19 SPECIAL TAX ASSESSMENT
. FOR DEBT SERVICE PAYMENTS ON
THE 2018 ARROWHEAD COMMUNITY FACILITY DISTRICT BONDS
WHEREAS, in May of 2017, owners of the 39 residential properties in Saratoga's Arrowhead
Community Facility District unanimously approved Measure L to allow for the issuance of a bond and the
levy of taxes for debt service to generate the funds needed to improve the District's water system and
connect to San Jose Water Company's water infrastructure; and
WHEREAS, the property owners of the Arrowhead Community Facilities Districts' 39 residential
parcels were provided an option to prepay their full share of the infrastructure improvement costs, or to
participate in the debt service, administration, and origination costs of the bond issuance; and
WHEREAS, the 2018 Arrowhead Community Facility District's Special Tax Assessment Bonds
are scheduled to be sold late October, 2018; and
WHEREAS, it is necessary for the City Council of the City of Saratoga to establish an annual
Special Tax Assessment tax levy to provide funds for the debt service payments and administrative
expenditures during the fiscal year; and
WHEREAS, the Special Tax Assessment tax levy is to be assessed only against those parcel
owners who do not prepay their full share of the construction cost by the deadline of July 31, 2018; and
NOW, THEREFORE, be it resolved by the City Council of the City of Saratoga that the FY 2018/19
Special Tax Assessment Levy for debt service on the 2018 Arrowhead Community Facility District's
Special Assessment Bonds shall be established at $9,542 per parcel.
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga City
Council held on the 1" day of August 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:
ATT
DATE:
Nora Pimentel, City Cler
11 AT._ _, AAL IMAM
;� ,
8/2/2018