HomeMy WebLinkAboutCity Council Resolution 20-036 Arrowhead BondRESOLUTION 20-036
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2020/21 PROPERTY TAX LEVY
FOR THE ARROWHEAD COMMUNITY FACILITY DISTRICT BOND DEBT SERVICE
WHEREAS, the City Council conducted proceedings to form the City of Saratoga Community
Facilities District No. 2016-1 (the "Arrowhead District'), to authorize the levy of special taxes upon the
land within the Arrowhead District, and to issue bonds secured by the special taxes to finance water
infrastructure improvements; and
WHEREAS, an election was held within the District on May 2, 2017 and the qualified electors
approved the incurrence of the bonded debt, the establishment of the appropriations limit for the District,
and the levy of the special tax by unanimous vote; and
WHEREAS, On November 21, 2018, the City Council adopted a resolution authorizing issuance
of Special Tax Bonds for Arrowhead Community Facility District through a private placement sale; and
WHEREAS, a Private Placement Bond Sale was conducted on December 12, 2018 on behalf of
twenty-four participating property owners within the Arrowhead Community Facilities District; and
WHEREAS, two of the property parcel owners have paid off their share of the bond liability,
leaving twenty-two properties participating in the bond liability, and;
WHEREAS, it is necessary for the City Council of the City of Saratoga to establish an annual
Property Tax Levy on the participating property owners to provide sufficient funds for the debt service
payments and administrative expenditures during the fiscal year;
NOW, THEREFORE, be it resolved by the City Council of the City of Saratoga hereby establishes the
FY 2020/21 Property Tax Levy for debt service on the Arrowhead Community Facility District Bonds at
$6,000 per parcel.
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga City
Council held on the 17" day of June 2020 by the following vote:
AYES: Mayor Howard A. Miller, Vice Mayor Mary -Lynne Bernald, Council Members E.
Manny Cappello, Yan Zhao, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
Howard A. Miller, Mayor
City of Saratoga
A E T:
DATE:
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