HomeMy WebLinkAbout7177 RESOLUTION NO. 7177
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 2017-18 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 locates at the intersection of Santa Anita Avenue and the 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 2017-18 to pay for the authorized debt service on the above described Bonds:
Series 2011 General Obligation Bonds: $568,600
Series 2012 General Obligation Bonds: $398,700
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SECTION 2. The City Clerk shall certify to the adoption of this Resolution.
Passed, approved and adopted this '_st day of Agpast , 2017.
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ray•r of t e City of Arcadia_
ATTEST:
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Cit Clerk
APPROVED AS TO FORM:
StcFL -eta-0,-4,C
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. 7177 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 special meeting of said
Council held on the 1st day of August, 2017 and that said Resolution was adopted by the
following vote, to wit:
AYES: Beck, Chandler, Tay, Verlato, and Amundson
NOES: None
ABSENT: None
Ci y Clerk of he City of Arcadia
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