HomeMy WebLinkAboutCity Council Resolution 99-64 RESOLUTION NO. 99-64
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
DETERMINING THAT THE PUBLIC INTEREST AND NECESSITY DEMAND
THE ACQUISITION, CONSTRUCTION AND COMPLETION OF CERTAIN
MUNICIPAL IMPROVEMENTS AND THEIR FINANCING THROUGH THE
ISSUANCE OF GENERAL OBLIGATION BONDS
BE IT RESOLVED, by the City Council of the City of Saratoga, California (the "City") that:
WHEREAS, the City is authorized to issue general obligation bonds to finance municipal
improvements pursuant to the provisions of Article 1, commencing with section 43600, of Chapter 4 of
Division 4 of Title 4 of the California Government Code or, in the alternative, pursuant to Article 4.5,
commencing with section 53506, of Chapter 3 of Part 1 of Division 2 of Title 5 of the California
Government Code (the "Act");
WHEREAS, the City intends to issue general obligation bonds under and pursuant to the Act to
finance the expansion and remodeling of the Saratoga Library (the "Improvements"); and
WHEREAS, in order to initiate proceedings under the Act to provide for the financing of the
Improvements, this Council must make certain findings and determinations;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of Saratoga as
follows:
Section 1. The public interest and necessity demand, and it is the intention of this Council to
require the acquisition, construction and completion of the Improvements and to issue general obligation
bonds of the City to finance the cost thereof, subject to completion of the proceedings required by the
Act.
Section 2. The estimated cost of the Improvements is not to exceed fifteen million dollars
($15,000,000). Said estimated costs include provision for legal and other fees, and the cost of printing of
bonds and other costs and expenses incidental to or connected with the issuance and sale of general
obligation bonds to finance the costs of the Improvements.
Section 3. This Council hereby finds and determines that the costs of the Improvements require an
expenditure by the City greater than the amount allowed for it by the annual tax levy of the City. The
principal amount of general obligation bonds of the City to be issued for the Improvements will not
exceed the estimated cost set forth above for the Improvements.
Section 4. This resolution is adopted, and general obligation bonds of the City are to be issued,
pursuant to the Act.
Section 5. This resolution shall take effect upon its adoption by two-thirds of all members of the
City Council of the City of Saratoga.
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Reso. 99-64
The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga City
Council held on the 17th day of November, 1999, by the following vote:
AYES: Councilmembers Waltonsmith, Baker, Streit, llehaffey, Vice MayorBogosian
NOES: None
ABSENT: None
ABSTAIN: None
M~yor
ATTEST:
City Clerk
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