HomeMy WebLinkAboutCity Council Resolution 22-024, Establishing FY 2023 Tax Levy Rate for the Library Series 2011 General Obligation BondsRESOLUTION NO.22-024
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FISCAL YEAR 2023 TAX LEVY RATE FOR THE LIBRARY
SERIES 2011 GENERAL OBLIGATION BONDS DEBT SERVICE
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 General Obligation 2011 Library Bonds property tax levy rate be established at $0.0044 per
$100 of assessed valuation for Fiscal Year 2023 as calculated in Exhibit A.
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:
NOES:
ABSENT:
ABSTAIN
COUNCIL MEMBERS BERNALD, KUMAR, ZHAO, VICE MAYOR
FITZSIMMONS, MAYOR WALIA
NONE
NONE
NONE
Tina Walia, Mayor
ATTE
Britt Avrit, MMC, City Clerk
Resolution No. 22-024
Page 2
Exhibit A
City of Saratoga
Library Series 2011 General Obligation Bonds
Fiscal Year2023 (FY23) Property Tax Levy
A. Series 2011 General Obligation (GO) Bonds FY23 debt service requirements:
Principal $ 580,000
Interest $ 258,185
Paying Agent fees $ 1,000
Other costs $ 1,000
Total Requirements $ 840,185
B. City of Saratoga Total Secured Assessed Value $ 18,981,266,493
C. Total Secured Assessed Value per $100 of valuation $ 189,812,665
NO
Library Series 2011 General Obligation Bonds
0.0044
Per $100 of secured assessed value $
A. Series 2011 GO Bond debt service schedule
B. County Assessor's FY23 Assessed Valuation (As of May 31, 2022 CAWF)
C. FY23 secured assessed value (B) divided by $100
D. Calculation (A.B.) rounded to 4 digits