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HomeMy WebLinkAbout6128 RESOLUTION NO. 6128 APPROVAL OF TAX STATEMENTS - NOVEMBER 2, 1999 BOND ELECTION A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, APPROVING THE TAX STATEMENTS TO BE MAILED TO VOTERS IN THE CITY OF ARCADIA PURSUANT TO SECTION 9400 OF THE ELECTIONS CODE (NOVEMBER 2, 1999, POLICE STATION BOND ELECTION) WHEREAS, the City'Oouncil has . adopted Ordinance No. 2111, calling a special election in the City for the authorization of $8,000,000 of bonds; and WHEREAS, pursuant to Section 9400, et seq., of the Elections Code, the I . City Council is ,required to prepare a tax statement which shall be included in the 'j I, election notices sent to the voters iri the City. . . . r I' NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY FIND DETERMINE AND RESOLVE AS FOLLOWS:, SECTION 1. That the best estimate of the tax rate for each issue of bonds: (i) during the first fiscal year after the first sale of the bonds; (ii) during the first fiscal year after the last sale ,of the bonds, if the bonds are proposed to be sold in 665234.2\24217.0002 -1- 6128 series; and, (iii) the highest tax rate in a fiscal year, will be as set forth in Exhibit "A" attached hereto and made a part hereof. SECTION 2. That the City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 3rd day of August ,1999. Ma~~ ATTEST: ~CI,~h ~ APPROVED AS TO FORM: 71}~ AI ~ City Attorney v -2- 6128 STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) SS: CITY OF ARCADIA ) I, JUNE D, ALFORD, City Clerk of the City of Arcadia, hereby certify that the foregoing Resolution No. 6128 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 August, 1999 and that said Resolution was adopted by the following vote, to wit: AYES: Councilmember Marshall, Roncelli and Chandler NOES: None ABSENT: Councilmember Harbicht and Kovacic Al 3 6128 EXHIBIT A TAX STATEMENT IN COMPLIANCE WITH SECTION 9401 OF THE ELECTIONS CODE Pursuant to Section 9401 of the Elections Code, the City Council of the City of Arcadia has estimated the following tax rates which would be required to be levied to pay the principal and interest on the $8,000,000 of bonds to be issued for the purposes as set forth on the ballot proposition accompanying this statement. The City Council estimates that $8,000,000 of the bonds will be sold in calendar year 2000 in a single series. The tax estimate is based on the bonds bearing a net interest rate of approximately five and six tenths (5.60%) per annum maturing over a period of thirty (30) years. The City Council may sell the bonds at different times and in different amounts. The City Council cannot predict the interest rate that the bonds will bear at the time of sale. I, The best estimate of the tax rate which would be required to be levied to fund the bond issue during the first fiscal year after the first sale of bonds based on assessed valuations available at this time as projected to the fiscal year 2000/2001 . is $0.011282 per $100.00 of assessed valuation. 2. The best estimate of the highest tax rate which would be required to be levied to fund the bond issue based on assessed valuations as projected would be $0.011282 per $100.00 of assessed valuation during the fiscal year 2000-2001. APROVED BY THE CITY COUNCIL OF THE CITY OF ARCADIA 665234.2\24217.0002 6128