HomeMy WebLinkAbout7086 RESOLUTION NO. 7086
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 2015-16 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 locate 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 2015-16 to pay for the authorized debt services on the above described Bonds:
Series 2011 General Obligation Bonds: $537,880
Series 2012 General Obligation Bonds: $378,887
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SECTION 2. The City Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted this 4th day of August , 2015.
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ATTEST: I yor • the City .f Arcadia
Ale .„410/7,
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APPROVED AS TO FORM:
3-0C7CA
Stephen P. Deitsch
City Attorney
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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. 7086 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 4th day of August, 2015 and that said Resolution was adopted by the
following vote, to wit:
AYES: Council Member Beck, Chandler, Tay and Wuo
NOES: None
ABSENT: Mayor Kovacic
Cit'lerk of t City of Arcadia
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