HomeMy WebLinkAboutCity Council Resolution 04-059RESOLUTION NO. 04-059
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING A PROPERTY TAX LEVY TO FUND DEBT SERVICE
PAYMENTS FOR THE LIBRARY GENERAL OBLIGATION BONDS FOR
FISCAL YEAR 2004-2005
WHEREAS, the Citizens of the City of Saratoga approved an increase in their
property tax rate to pay for the debt service and other expenses of the general obligation
bonds for construction of the Library in March 2000, and
WHEREAS, said general obligation bonds were sold on April 24, 2001 and,
WHEREAS, is is necessary for the City Council of the City of Saratoga to
establish the property tax levy to provide funds for debt service due February 1, 2005,
and August 1, 2005 based on the FY2004-2005 net secured property tax assessment for
the City of Saratoga as calculated by the Santa Clara Tax Collector's office, and
WHEREAS, said net secured property tax assessment for the City of Saratoga is
$7,354,075,812 and the amount to be collected for debt service and other expenses is
$1,091,186,
NOW, THEREFORE, BE IT RESOLVED, that the property tax levy for
FY2004-2005 for debt service on the Library general obligation bonds be set at $.01484
per $100 of assessed valuation.
The above and foregoing resolution was passed and adopted at a regular meeting of the
Saratoga City Council held on the 2151 day of July, 2004 by the following vote:
AYES: Councilmembers Stan Bogosian, Norman Kline,
Vice Mayor Kathleen King, Mayor Ann Waltonsmith
NOES: None
ABSENT: Councilmember Nick Streit
ABSTAIN: None
Ann Waltonsmith, Mayor