HomeMy WebLinkAboutCity Council Resolution 06-052RESOLUTION NO. 06-052
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
AUTHORIZING THE ADMINISTRATIVE SERVICES DIRECTOR TO
ESTABLISH THE PROPERTY TAX LEVY FOR THE DEBT SERVICE
REQUIREMENTS OF THE LIBRARY GENERAL OBLIGATION BOND FOR
FY 2006-07 AT $.00955 PER $100 OF ASSESSED VALUATION
WHEREAS, in March 2000, the citizens 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, and
WHEREAS, the general obligation bonds were sold on Apri124, 2001, and
WHEREAS, it is necessary for the City Council of the City of Saratoga to
establish an annual property tax levy to provide funds for the debt service and related
expenditures due in FY 2006-07.
NOW, THEREFORE, BE IT RESOLVED that the property tax levy for FY
2005-06 for debt service on the Library general obligation bonds be set at $.00955 per
$100 of assessed valuation.
The above and foregoing resolution was passed and adopted at an adjourned meeting of
the Saratoga City Council held on the 19`h day of July 2006 by the following vote:
AYES: Councilmembers Kathleen King, Nick Streit, Ann Waltonsmith,
Vice Mayor Aileen Kao, Mayor Norman Kline
NOES:
ABSENT:
ABSTAIN: