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HomeMy WebLinkAboutCity Council Resolution 22-023, Setting FY 23 Property Tax Levy Rate for Arrowhead CFD 2018 BondRESOLUTION NO. 22-023 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA ESTABLISHING THE FISCAL YEAR 2023 PROPERTY TAX LEVY FOR THE ARROWHEAD COMMUNITY FACILITY DISTRICT BOND DEBT SERVICE WHEREAS, the City Council conducted proceedings to form the City of Saratoga Community Facilities District No. 2016-1 (the "Arrowhead District"), to authorize the levy of special taxes upon the land within the Arrowhead District, and to issue bonds secured by the special taxes to finance water infrastructure improvements; and WHEREAS, an election was held within the District on May 2, 2017 and the qualified electors approved the incurrence of the bonded debt, the establishment of the appropriations limit for the District, and the levy of the special tax by unanimous vote; and WHEREAS, On November 21, 2018, the City Council adopted a resolution authorizing issuance of Special Tax Bonds for Arrowhead Community Facility District through a private placement sale; and WHEREAS, a Private Placement Bond Sale was conducted on December 12, 2018 on behalf of twenty-four participating property owners within the Arrowhead Community Facilities District; and WHEREAS, five of the property parcel owners have paid off their share of the bond liability, leaving nineteen properties participating in the bond liability, and; WHEREAS, it is necessary for the City Council of the City of Saratoga to establish an annual Property Tax Levy on the participating property owners to provide sufficient funds for the debt service payments and administrative expenditures during the fiscal year; NOW, THEREFORE, be it resolved by the City Council of the City of Saratoga hereby establishes the Fiscal Year 2023 Property Tax Levy for debt service on the Arrowhead Community Facility District Bonds at $6,000 per parcel. Resolution 22-023 Page 2 The above and foregoing resolution was passed and adopted at a regular meeting of the Saratoga City Council held on the 15th day of June 2022 by the following vote: AYES: COUNCIL MEMBERS BERNALD, KUMAR, ZHAO, VICE MAYOR FITZSIMMONS, MAYOR WALIA NOES: NONE ABSENT: NONE ABSTAIN: NONE Tina Walia, Mayor ATTEST: Britt Avrit, MMC, City Clerk Resolution 22-023 Page 3 Exhibit A City of Saratoga 2018 Arrowhead CommunityFaciliri• District Bond Debt Schedule August August February Fiscal Year Less Bond Fiscal Interest Annual Interest Interest Annual Debt Bond Debt Principal Year Rate Principal P*m2ent Pa�•ment Interest Senice Pavotis Balance ^Z 11 BottdlssueDate: December 1MIS S 2498848 2013:19 6.050% - - 33.176 33,176 33,176 2,498,843 N19r20 6.05Mo 89,531 75,590 69,S45 145:435 234,966 100,3SS 2,308,929 2020 21 6.050% 31,090 69,845 53,33' 123,177 154,267 514,797 1,763.042 2021:" 6.050P/o 25,520 53,332 45;393 98,725 124,245 236;934 1;500;533 2022123 6.050% 23,374 45,393 44,686 90,079 113,453 - 1,477,214 20?3:24 6.OSOP/P 24,737 44,686 43.936 88,622 113,409 1.45'.427 202425 6.050% 26,287 43,936 43,141 87,077 113,364 1,426;140 2025:26 6.05Mo 27:878 43,141 42:297 85,438 113,316 1.393,262 2026-27 6.05Mo 29,564 42,297 41,403 83,701 113,265 1,368,693 202728 6.050P/o 31,353 41,403 40:455 81,85E 113,211 1:337:345 2025.29 6.050P/o 33,250 40,455 39,449 797904 113,154 1,304,095 2029-30 6.050% 35,261 39,449 33;332 77,831 113,092 - 1,268,S34 203031 6.050P/o 37,394 3 8.38 2 37,251 75,633 113,027 - 1,2317440 203132 6.050% 39,657 37,251 36:051 73,302 112,959 - I,191,733 2032:33 6.050% 42056 36.051 34:779 70,331 112,887 - 1,149,727 203334 6.050% 44,601 34,779 33,430 63,209 112,810 - 1,105,126 2034.35 6.050P/6 47,299 33,430 31,999 65:429 112,728 - 1,057,327 203536 6.050% 50,160 31,999 30,482 62,481 112,641 - 1,007,667 2036:37 6.050% 53.195 30,482 23,S73 59,355 112,550 - 954,472 2037,38 6.050% 56,413 24373 27,166 56,039 112,452 - 393,059 2033 39 6.050P/e 59,326 27,166 25,357 51523 112,349 838,233 2039440 6.050P/o 63,446 25,357 23,437 48,794 112,240 - 774,787 2040:41 6.050% 67,294 23,437 21,402 44,339 112,123 - 107,503 204142 6.050% 71,355 21.402 19,243 40,645 112,000 - 636114S 2042.43 6.050% 7 5.6 72' 19,243 16:954 36,198 111,870 - 560,476 .04344 6.050P/o 30,250 16,954 14,527 31,481 111,731 - 4S01226 2044:45 6.050% 35;105 14,527 11,952 26,479 111,584 - 395,L1 2045:46 6.OSC°io 90;254 11,952 9,222 21,175 111,429 304,567 2046 47 6.050% 95.715 9,222 6,327 15,549 111,264 - 209,152 204748 6.050°io 101.505 6,327 3.256 9,583 111,088 107,647 2043 49 6.050% 107.647 3.256 0 3.256 110903 0 TOTALS 1.646.729 989.619 947.205 L936.S-74 3.583553 S52119 Total BotidAin cipd S 2,493,S13 Taal Bond Interest 1.936.824 Taal Cost ojBond S 4.435.672