HomeMy WebLinkAboutCity Council Resolution 24-039, Arrowhead Tax LevyRESOLUTION NO. 24-039
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FISCAL YEAR 2024-25 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, twenty-one of the property parcel owners have paid off their share of the bond
liability, leaving eighteen 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
2024-25 Property Tax Levy for debt service on the Arrowhead Community Facility District Bonds at
$6,500 per parcel.
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 2024 by the following vote:
AYES: COUNCIL MEMBERS FITZSIMMONS, PAGE, WALIA, VICE MAYOR
AFTAB, MAYOR ZHAO
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
Yan Zhao, Mayor
ATTEST:
Britt Avrit, MMC, City Clerk
Resolution No. 24-039
Page 2
Exhibit A
City of Saratoga
2018 Arrowhead Community Facility District Bond
Debt Schedule
August
August
February
Fiscal Year
Less
Bond
Fiscal
Interest
Annual
Interest
Interest
Annual
Debt
Approx
Principal
Year
Rate
Principal
Payment
Payment
Interest
Service
Bond Debt
Balance @ YE'
Bond Issue
Date: December 1, 2018
-
-
$ 2,498,848
2018/ 19
6.050%
-
-
33,176
33,176
33,176
-
2,498,848
2019/20
6.050%
89,531
75,590
69,845
145,435
234,966
100,388
2,308,929
2020/21
6.050%
31,090
69,845
53,332
123,177
154,267
514,797
1,763,042
2021/22
6.050%
25,520
53,332
45,393
98,725
124,245
236,934
1,500,588
2022/23
6.050%
23,374
45,393
44,686
90,079
113,453
1,477,214
2023/24
6.050%
24,787
44,686
41,624
86,309
111,096
76,443
1,375,984
2024/25
6.050%
26,287
41,624
40828
82,452
108,739
-
1,349697
2025/26
6.050%
26,383
40,828
40,030
80,859
107,242
1,323,314
2026/27
6.050%
27,979
40,030
39,184
79,214
107,193
-
1,295,335
2027/28
6.050%
29,672
39,184
38,286
77,470
107,142
-
1,265,663
........_.
2028/29
6.050%
31,468
38,286
37,334
75,621
107,089
-
1,234,195
2029/30
6.050%
33,371
37,334
36,325
73,659
107,030
-
1,200,824
2030/31
6.050%
35,390
36,325
35,254
71,579
106,969
-
1,165,434
2031/32
6.050%
37,531
35,254
34,119
69,373
106,904
-
1,127,903
2032/33
6.050%
39,802
34,119
32,915
67,034
106,836
-
1,088,101
2033/34
6.050%
42,210
32,915
31,638
64,553
106,763
-
1,045,891
2034/35
6.050%
44,763
31,638
30,284
61,922
106,685
-
1,001,128
2035/36
6.050%
47,472
30,284
28,848
59,132
106,604
-
953,656'
2036/37
6.050%
50,344
28,848
27,325
56,173
106,517
-
903,312
2037/38
6.050%
53,389
27,325
25,710
53,035
106,424
-
849,923
2038/39
6.050%
56,620
25,710
23,997
49,708
106,328
793,303
2039/40
6.050%
60,045
23,997
22,181
46,178
106,223
-
733,258
2040/41
6.050%
63,678
22,181
20,255
42,436
106,114
-
669,580
2041/42
6.050%
67,531
20,255
18,212
38,467
105,998
-
602,049
2042/43
6.050%
71,616
18,212
16,046
34,258
105,874
-
530,433
2043/44
6.050%
75,948
16,046
13,748
29,794
105,742
-
454,485
2044/45
6.050%
80,543
13,748
11,312
25,060
105,603
373,942
2045/46
6.050%
85,416
11,312
8,728
20,040
105,456 ?
288,526
2046/47
6.050%
90,584
8,728
5,988
14,716
105,300
197,942
2047/48
6.050%
96,064
5,988
3,082
9,070
105,134
101,878
2048/49
6.050%
101,878
3,082
3,082
104,960
TOTALS
1,570,286
952,100
909,685
1,861,785
3,432,071
928,562
Total Bond Principal $ 2,498,848
Total Bond Interest 1,861,785
Total Cost of Bond S 4.360.633