HomeMy WebLinkAboutCity Council Resolution 22-023, Setting FY 23 Property Tax Levy Rate for Arrowhead CFD 2018 BondRESOLUTION NO. 22-023
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FISCAL YEAR 2023 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, five of the property parcel owners have paid off their share of the bond
liability, leaving nineteen 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 Fiscal Year 2023 Property Tax Levy for debt service on the Arrowhead Community
Facility District Bonds at $6,000 per parcel.
Resolution 22-023
Page 2
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga
City Council held on the 15th day of June 2022 by the following vote:
AYES: COUNCIL MEMBERS BERNALD, KUMAR, ZHAO, VICE MAYOR
FITZSIMMONS, MAYOR WALIA
NOES:
NONE
ABSENT:
NONE
ABSTAIN:
NONE
Tina Walia, Mayor
ATTEST:
Britt Avrit, MMC, City Clerk
Resolution 22-023
Page 3
Exhibit A
City of Saratoga
2018 Arrowhead CommunityFaciliri• District Bond
Debt Schedule
August
August
February
Fiscal Year
Less
Bond
Fiscal
Interest
Annual
Interest
Interest
Annual
Debt
Bond Debt
Principal
Year
Rate
Principal
P*m2ent
Pa�•ment
Interest
Senice
Pavotis
Balance ^Z 11
BottdlssueDate: December 1MIS
S 2498848
2013:19
6.050%
-
-
33.176
33,176
33,176
2,498,843
N19r20
6.05Mo
89,531
75,590
69,S45
145:435
234,966
100,3SS
2,308,929
2020 21
6.050%
31,090
69,845
53,33'
123,177
154,267
514,797
1,763.042
2021:"
6.050P/o
25,520
53,332
45;393
98,725
124,245
236;934
1;500;533
2022123
6.050%
23,374
45,393
44,686
90,079
113,453
-
1,477,214
20?3:24
6.OSOP/P
24,737
44,686
43.936
88,622
113,409
1.45'.427
202425
6.050%
26,287
43,936
43,141
87,077
113,364
1,426;140
2025:26
6.05Mo
27:878
43,141
42:297
85,438
113,316
1.393,262
2026-27
6.05Mo
29,564
42,297
41,403
83,701
113,265
1,368,693
202728
6.050P/o
31,353
41,403
40:455
81,85E
113,211
1:337:345
2025.29
6.050P/o
33,250
40,455
39,449
797904
113,154
1,304,095
2029-30
6.050%
35,261
39,449
33;332
77,831
113,092
-
1,268,S34
203031
6.050P/o
37,394
3 8.38 2
37,251
75,633
113,027
-
1,2317440
203132
6.050%
39,657
37,251
36:051
73,302
112,959
-
I,191,733
2032:33
6.050%
42056
36.051
34:779
70,331
112,887
-
1,149,727
203334
6.050%
44,601
34,779
33,430
63,209
112,810
-
1,105,126
2034.35
6.050P/6
47,299
33,430
31,999
65:429
112,728
-
1,057,327
203536
6.050%
50,160
31,999
30,482
62,481
112,641
-
1,007,667
2036:37
6.050%
53.195
30,482
23,S73
59,355
112,550
-
954,472
2037,38
6.050%
56,413
24373
27,166
56,039
112,452
-
393,059
2033 39
6.050P/e
59,326
27,166
25,357
51523
112,349
838,233
2039440
6.050P/o
63,446
25,357
23,437
48,794
112,240
-
774,787
2040:41
6.050%
67,294
23,437
21,402
44,339
112,123
-
107,503
204142
6.050%
71,355
21.402
19,243
40,645
112,000
-
636114S
2042.43
6.050%
7 5.6 72'
19,243
16:954
36,198
111,870
-
560,476
.04344
6.050P/o
30,250
16,954
14,527
31,481
111,731
-
4S01226
2044:45
6.050%
35;105
14,527
11,952
26,479
111,584
-
395,L1
2045:46
6.OSC°io
90;254
11,952
9,222
21,175
111,429
304,567
2046 47
6.050%
95.715
9,222
6,327
15,549
111,264
-
209,152
204748
6.050°io
101.505
6,327
3.256
9,583
111,088
107,647
2043 49
6.050%
107.647
3.256
0
3.256
110903
0
TOTALS
1.646.729
989.619
947.205
L936.S-74
3.583553
S52119
Total BotidAin cipd
S 2,493,S13
Taal Bond Interest
1.936.824
Taal Cost ojBond
S 4.435.672