HomeMy WebLinkAboutCity Council Resolution 24-040, Tax Levy Rate - Library Series GORESOLUTION NO.24-040
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FISCAL YEAR 2024-25 TAX LEVY RATE FOR THE LIBRARY
SERIES 2011 GENERAL OBLIGATION BONDS DEBT SERVICE
WHEREAS, in March 2000, the citizens of Saratoga approved an increase in their property
tax rate to pay for the debt service and related expenditures 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
General Obligation 2011 Library Bonds property tax levy rate be established at $0.0040 per $100 of
assessed valuation for Fiscal Year 2024-25 as calculated in Exhibit A.
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga
City Council held on the 191h day of June 2024 by the following vote:
AYES: COUNCIL MEMBERS FITZSIMMONS, PAGE, WALIA, VICE MAYOR
AFTAB, MAYOR ZHAO
NOES: NONE
ABSENT: NONE
I" C II:1i010011MI-M!
Yan " hao, Mayor
ATTEST:
Britt Avrit, MMC, City Clerk
Resolution No. 24-040
Page 2
Exhibit A
City of Saratoga
Library Series 2011 General Obligation Bonds
Fiscal Year 2024-25 Property Tax Levy
A. Series 2011 General Obligation (GO) Bonds FY24 debt service requirements
Principal
$
630,000
Interest
$
209,585
Paying Agent fees
$
2,000
Other costs
$
1,000
Total Requirements
$
842,585
B. City of Saratoga Total Secured Assessed Value 21,074,741,623
C. Total Secured Assessed Value per $100 of valuation $ 210,747,416
A
Library Series 2011 General Obligation Bonds $ 0.0040
Per $100 of secured assessed value