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HomeMy WebLinkAbout7271 RESOLUTION NO. 7271 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 2019-20 TO PAY FOR THE DEBT SERVICE ON THE 2011 AND 2012 GENERAL OBLIGATION BONDS WHEREAS, in a special election held on November 2, 1999, 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; the 2001 Bonds were defeased by the issuance of General Obligation Bonds Series 2012 on November 6, 2012; and property taxes are to be raised for the principal and interest payments of the indebtedness through tax levy; and WHEREAS, in the general municipal election held on April 11, 2006, 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 is located at the intersection of Santa Anita Avenue and the Foothill Extension of the Metropolitan Transit Authority Gold Line; and 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 2019-20 to pay for the authorized debt service on the above described Bonds: Series 2011 General Obligation Bonds: $588,000 Series 2012 General Obligation Bonds: $413,500 1 SECTION 2. The City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 6th day of August, 2019. 4E4 le/A Xlier .or of the City of Arcadia ATTEST: 4if Cit Clerk APPROVED AS TO FORM: StC,. 4,,t,tie Stephen P. Deitsch City Attorney 2 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. 7271 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 6th day of August, 2019 and that said Resolution was adopted by the following vote, to wit: AYES: Amundson, Beck, Chandler, Tay, and Verlato NOES: None ABSENT: None C. y Cle .f the City of Arcadia 3