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HomeMy WebLinkAbout7042RESOLUTION NO. 7042 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DETERMINING THE AMOUNT OF REVENUE TO BE RAISED FROM PROPERTY TAXES FOR FISCAL YEAR 2014 -15 TO PAY FOR THE DEBT SERVICE ON THE 2011 AND 2012 GENERAL OBLIGATION BONDS WHEREAS, City of Arcadia voters approved the issuance of General Obligation Bonds Series 2001 in the principal of $8 million for the construction of a police facility in a special election held on November 2, 1999, and the 2001 Bonds were defeased by the issuance of General Obligation Bonds Series 2012 on November 6, 2012. Property taxes are to be raised for the principal and interest payments of the indebtedness through tax levy; and WHEREAS, City of Arcadia voters approved the issuance of General Obligation Bonds Series 2011 in the principal of $8 million for the construction of a grade separation, which will be located at the intersection of Santa Anita Avenue and the proposed Foothill Extension of the Metropolitan Transit Authority Gold Line, in the general municipal election held on April 11, 2006. Property taxes are to be raised for the principal and interest payments of the indebtedness through tax levy. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA, CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS FOLLOWS. SECTION 1. The following is the amount of revenue necessary during Fiscal Year 2014 -15 to pay for the authorized debt service on the above described Bonds: Series 2011 General Obligation Bonds: $637,955 Series 2012 General Obligation Bonds: $398,087 1 SECTION 2. The City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 5th day of August, 2014. ATTEST: City lerk APPROVED AS TO FORM: �I Stephen P. Deitsch City Attorney 2 May,& of the City of Arcadia STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES) SS: CITY OF ARCADIA ) I, GENE GLASCO, City Clerk of the City of Arcadia, hereby certifies that the foregoing Resolution No. 7042 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 5th day of August, 2014 and that said Resolution was adopted by the following vote, to wit: AYES: Council Member Beck, Chandler, Kovacic, Tay and Wuo NOES: None ABSENT: None 3 Clerk of th City of Arcadia