HomeMy WebLinkAboutCity Council Resolution 25-033, Arrowhead Tax Levy RESOLUTION NO. 25-033
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
2025-26 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 18th day of June 2025 by the following vote:
AYES: COUNCIL MEMBERS FITZSIMMONS, WALIA, ZHAO, VICE MAYOR PAGE,
MAYOR AFTAB
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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Bela] Y. A4ab, M o
ATTEST:
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Britt Avrit,MMC,City Clerk
Resolution No. 25-033
Page 2
Exhibit A
City of Saratoga
2018Arrowhead Community Facility District Bond
Debt Schedule
September September March 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 88,622 111,096 76,443 1,375,984
2024/25 6.050% 26,287 41,624 40,828 82,452 108,739 - 1,349,697
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 1,864,098 3,432,071 928,562
Total Bond Principal $ 2,498,848
Total Bond Interest 1,864,098
Total Cost of Bond $ 4,362,946