HomeMy WebLinkAboutCity Council Resolution 21-041 Library GO BondRESOLUTION NO.21-041
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SARATOGA
ESTABLISHING THE FY 2021/22 PROPERTY TAX ASSESSMENT RATE
FOR DEBT SERVICE PAYMENTS ON THE LIBRARY GENERAL OBLIGATION BOND
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 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 FY
2021/22 Property Tax Levy rate for debt service on the Library General Obligation Bonds be
established at $.0044 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 16"' day of June 2021 by the following vote:
AYES: Mayor Yan Zhao, Vice Mayor Tina Walia, Council Members Mary -Lynne
Bernald, Kookie Fitzsimmons, Rishi Kumar
NOES:
:: 301DIN
ABSTAIN:
Yan iao, Mayor
ST•
DATE:
A6X zv ?
qfeftVBretsteneider, CMC, City Clerk