HomeMy WebLinkAboutCity Council Resolution 19-032 Library GO BondRESOLUTION 19-032
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2019/20 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
2019/20 Property Tax Levy rate for debt service on the Library General Obligation Bonds be
established at $.0040 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 19"' day of June 2019 by the following vote:
AYES: Mayor E. Manny Cappello, Vice Mayor Howard Miller, Council Members Rishi
Kumar, Mary -Lynne Bernald, Yan Zhao
NOES:
ABSENT:
ABSTAIN:
DATE: 471 0 / y
D`ebbie Bretschneider, City Clerk