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HomeMy WebLinkAbout7520Mo d r F,'e..d -94- `the �1s�23 RESOLUTION NO. 7520 Cc Ma -h hg 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 2023-24 TO PAY FOR THE DEBT SERVICE ON THE 2021 GENERAL OBLIGATION REFUNDING BONDS (SERIES BOND MEASURE A AND SERIES POLICE STATION PROJECT) WH EAS, in a special election held on November 2, 1999, City of Arcadia voters approved the is ance 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; the 2012 Bonds were defeased by the issuance of General Obligation Refunding Bonds (Series Police Station Project) on November 23, 2021 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; the 2011 Bonds were defeased by the issuance of General Obligation Refunding Bonds (Series Bond Measure A) on November '23, 2021 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 CIT OF ARCADIA, CALIFORNIA, DOES HEREBY FIND, DETERMINE AND RESOLVE AS LLOWS. SECTION 1. The following is the amount of revenue necessary during Fiscal Year 2023-24 to pay for the authorized debt service on the above-described Bonds: 1 Series 2021 General Obligation Refunding Bonds (Series Police Station): $618,100 Series 2021 General Obligation Refunding Bonds (Series Measure A): $417,700 SECTION 2. The City Clerk shall certify to the adoption of this Resolution. Passed, approved and adopted this 15th day of August, 2023. ATTEST - APPROVED AS TO FORM. 4/4"W�- Michael J. Maurer City Attorney K Mayor of the City opAr�adia 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. 7520 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 15th day of August, 2023 and that said Resolution was adopted by the following vote, to wit: AYES: Cao, Kwan, Wang, Verlato, and Cheng NOES: None ABSENT: None 3 Clerk of Ke City of Arcadia