HomeMy WebLinkAboutCity Council Resolution 23-058, FY 2023-24 Tax Levy Rate for Library Series Bonds RESOLUTION NO. 23-058
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
ESTABLISHING THE FISCAL YEAR 2023-24 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
reconstruction of the library; and
WHEREAS, the general obligation bonds were oi•iginally sold on April 24,2001; and
WHEREAS, the ociginal general obligation bonds were refunded on August 1, 201 I; and
WHEREAS, it is necessaiy for the City Council of the City of Saratoga to establish an annual
property tax levy rate to provide fimds for the debt service payments and related expenditures duj•ing the
fiscal year;
NOW, THEREFORE BE IT RESOLVED, by the City Council of the City of Saratoga that the
General Obligation 2011 Library Bonds propet�ty tax levy rate be established at $0.0042 per $100 of
assessed valuation for Fiscal Year 2023-24 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 21 st day of June 2023 by the following vote:
AYES: COUNCIL MEMBERS AFTAB, PAGE, WALIA, VICE MAYOR ZHAO,
MAYOR FITZSIMMONS
NOES: NONE
ABSENT: NONE
ABSTAIN: NONE
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�ookie Fitzsimmons, Mayor
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1�-.ritt Avrit, N1Mr, City Clerk
Resolution No. 23-058
Page 2
Exhibit A
Cityof Saratoga
Library Series 2011 General Obligation Bonds
Fiscal Year 2023-24 PropertyTax Levy
A Series 2011 General Obligation (GO) Bonds FY23 debt service requirements:
Principal $ 610,000
Interest $ 234,385
Paying Agent fees $ 1,000
Other costs $ 1,000
Total Requirements $ 846,385
B. City of Saratoga Total Secured Assessed Value 20,079,882,039'
C. Total Secured Assessed Value per$100 of valuation $ 200,798,820
D. Library Series 2011 General Obligation Bonds � 0.0042
Per $100 of secured assessed value