HomeMy WebLinkAboutCity Council Resolution 25-035, FY 25-26 Tax Levy Library Series 2011 GOB debt Service RESOLUTION NO. 25-035
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FISCAL YEAR 2025-26 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 $0.0036 per
$100 of assessed valuation for Fiscal Year 2025-26 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 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
Belal Y. 20ab, N&yc6
ATTEST:
Britt Avrit, MMC, City Clerk
Resolution No. 25-035
Page 2
Exhibit A
City of Saratoga
Library Series 2011 General Obligation Bonds
Fiscal Year 2025-26 Property Tax Levy
A. Series 2011 General Obligation (GO) Bonds FY2025-26 debt service requirements:
Principal $ 655,000
Interest $ 185,523
Paying Agent fees $ 1,000
Other costs $ 750
Total Debt Service Requirements $ 842,273
B. Reduction to GO Bond Fund Balance $ (42,273)
C. Adjusted Assessment $ 800,000
D. City of Saratoga Total Secured Assessed Value $ 22,410,006,508
E. Total Secured Assessed Value per$100 of $ 224,100,065
valuation
F. Library Series 2011 General Obligation Bonds $ 0.0036
Per$100 of secured assessed value