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HomeMy WebLinkAbout6509 RESOLUTION NO. 6509 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, (i) APPROVING THE TAX RATE STATEMENT TO BE MAILED TO VOTERS IN THE CITY OF ARCADIA PURSUANT TO SECTION 9400 OF THE ELECTIONS CODE (APRIL 11,2006, SANTA ANITA AVENUE PUBLIC SAFETY/TRAFFIC IMPROVEMENT MEASURE), (ii) AUTHORIZING ITS MEMBERS TO FILE WRITTEN ARGUMENTS IN FAVOR OF CITY MEASURE, (iii) DIRECTING PREP ARA TION OF IMPARTIAL ANALYSIS FOR CITY MEASURE AND (iv) AUTHORIZING CERTAIN OF ITS MEMBERS TO FILE WRITTEN REBUTTALS FOR CITY MEASURE THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS: SECTION 1. Recitals. A. The City Council has introduced Ordinance No. 2214, calling an election in the City on the Santa Anita A venue Public Safety/Traffic Improvement Measure for the authorization of up to $8,000,000 of bonds; and B. Pursuant to Section 9400, et seq., of the Elections Code, the City is required to prepare a tax statement which shall be included in the election notices sent to the voters in the City. SECTION 2. Best Estimate of Tax Rate. That the best estimate of the tax rate for the issuance of bonds (i) during the first fiscal year after the first sale of the bonds, and (ii) with respect to the highest tax rate in a fiscal year, will be as set forth in Exhibit "A" attached hereto and made a part hereof. SECTION 3. Authorizing Argument for City Measure. That this City Council, being the legislative body of the City, hereby authorizes any and all members of the City Council to file a written argument in favor of or against the Santa Anita A venue Public Safety/Traffic Improvement Measure set forth in the recitals hereof in accordance with Article 4, Chapter 3, Division 9 of the Elections Code of the State of California and to change the argument until and including January 17, 2006, the date fixed by the City Clerk after which no arguments for or against the City measure may be submitted to the City Clerk. SECT10N 4. Impartial Analysis. That this City Council, being the legislative body of the City, hereby directs the elections officer to transmit a copy of the foregoing measure to the City Attorney for the City, and directs the City Attorney to prepare and submit to the City Clerk an impartial analysis of the foregoing City measure, all pursuant to California Elections Code Section 9280. 2 6509 SECTION 5. Authorizing Rebuttal Argument. That this City Council, being the legislative body of the City, adopts Subdivision (a) of Section 9285 of the California Elections Code and hereby authorizes those persons filing the direct argument in favor of the foregoing City measure to, if deemed advisable in their sole discretion, prepare and submit a rebuttal argument not exceeding 250 words and to file such rebuttal argument with the elections official not later than January 27, 2006 in accordance with Article 4, Chapter 3, Division 9 of the Elections Code of the State of California. SECTION 6. Certification. The City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this ~ day of January ,2006. M or of the City of Arcadia ATTEST: q ~ IJfL City Clerk --- ~ - APPROVED AS TO FORM: . ~~.~ City Attorney 3 6509 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) SS: CITY OF ARCADIA ) I, JAMES H. BARROWS, City Clerk of the City of Arcadia, hereby certifies that the foregoing Resolution No. 6509 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said Council held on the 3rd day of January, 2006 and that said Resolution was adopted by the following vote, to wit: A YES: Council Member Chandler, Kovacic, Marshall, Segal and Wuo NOES: None ABSENT: None c.;----> (J-(5 ~ ity Clerk of the City of Arcadia 4 6509 EXHIBIT A TAX RATE STATEMENT CITY OF ARCADIA An election will be held in the City of Arcadia (the "City") on April 11, 2006, to authorize the sale of up to $8,000,000 in bonds of the City to finance a grade separation for Santa Anita A venue at the intersection of Santa Anita A venue and the Metropolitan Transportation Authority Gold Line. extension right-of-way, as described in the measure. If the bonds are approved, the City expects to sell the bonds in a single series of bonds in fiscal year 2006-07. Principal and interest on the bonds will be payable from the proceeds of tax levies made upon the taxable property in the City. The following information is provided in compliance with Sections 9400-9404 of the Elections Code of the State of California. 1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the first series of bonds, based on estimated assessed valuations available at the time of filing of this statement, is $.00697 per S I 00 of assessed valuation in fiscal year 2006-07. 2. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is $.00697 per $100 of assessed valuation in fiscal year 2006-07. Based on these estimated tax rates, the average annual tax over the life of the bonds would be $6.97 for $100,000 of assessed valuation for single family homes. Voters should note that these estimated tax rates are based on the assessed value of taxable property in the City as shown on the official tax rolls of the County, not on the property's market value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner's exemption, will be taxed at a lower effective tax rate than described above. Certain taxpayers may also be eligible to postpone the payment of taxes. Property owners should consult their own property tax bills and tax advisors to determine their property's assessed value and any applicable tax exemptions. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of the bond sale, the amount of bonds sold and market interest rates at the time of the sale, and actual assessed valuations over the term of repayment of the bonds. The estimates are based upon the City's projections and are not binding upon the City. The date of sale and the amount of bonds sold at any given time will be determined by the City based on the need for construction funds and other factors. The actual interest rates at which the bonds will be sold will depend on the bond market at the time of the sale. Actual future assessed valuation will depend upon the amount and value of taxable property within the City as determined by the County Assessor in the annual assessment and the equalization process. Dated: January l, 2006 APPROVED BY THE CITY COUNCIL