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Resolution No. 2023-33 | Setting Tax Rate for FY 2023-2024 | Adopted 06/05/2023RESOLUTION NO. 2023-33 RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY SETTING THE TAX RATE FOR FISCAL YEAR 2023-2024 WITH RESPECT TO GENERAL OBLIGATION BONDS FOR THE GILROY COMMUNITY LIBRARY PROJECT WHEREAS, more than two-thirds of the electors voting at a special municipal election held on November 4, 2008, voted for a proposition authorizing the issuance by the City of general obligation bonds in the aggre gate principal amount of $37,000,000 (the “Bonds”) for the purpose of providing funds for the acquisition, construction, and improvement of public library facilities; and WHEREAS, the City previously issued the initial series of the Bonds in the aggregate principal amount of $10,500,000 on May 5, 2009, and the second series of the Bonds in the aggregate principal amount of $23,500,000 on August 3, 2010; and WHEREAS, the City approved the refinancing of the two series of bonds on May 20, 2019 (providing for a reduction in bond debt service starting in tax collection year 2019/20) with the issuance of the 2019 Refunding General Obligation Bonds; and WHEREAS, pursuant to Section 43632 of the California Government Code, the City Council is required annually to levy and collect a tax sufficient to pay the principal of and interest on the Bonds coming due and payable before the proceeds of a tax levied at the next general tax levy will be available; and WHEREAS, the City has determined that in order to provide sufficient funds to pay the principal of and interest on the Bonds coming due and payable on February 1, 2024, and August 1, 2024, it is necessary to levy a tax upon all taxable property in the City at the rate of 0.0150% of assessed valuation, based on the estimated assessed values for all rolls (secured, unsecured and utility) for fiscal year 2023-2024. NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Gilroy as follows: Section 1. Levy of Tax. The City Council hereby determines that the tax rate necessary to pay the principal of and interest on the Bonds coming due and payable on February 1, 2024, and August 1, 2024, is 0.0150% of the assessed valuation, and such tax rate shall be and is hereby levied in accordance with all applicable requirements of law. Section 2. Collection of Tax. The Finance Director is hereby directed to forward a copy of this Resolution to the Auditor-Controller of Santa Clara County and to the Board of Supervisors of the County and to take such actions and execute such documents as may be required to cause the tax rate set forth in Section 1 to be placed on the 2023- 2024 property tax bill and collected by the County. Resolution No. 2023-33 Setting Tax Rate for FY 2023-2024 City Council Regular Meeting | June 5, 2023 Page 2 of 2 Section 3. Application of Tax. As provided in Section 43634 of the California Government Code, all taxes levied pursuant to this Resolution shall be used only for payment of the Bonds and the interest thereon. Section 4. Effective Date. This Resolution shall take effect from and after the date of its passage and adoption. PASSED AND ADOPTED at a Regular Meeting of the City Council of the City of Gilroy on this 5th day of June 2023 by the following roll call vote: AYES: COUNCIL MEMBERS: ARMENDARIZ, BRACCO, CLINE, HILTON, MARQUES, TOVAR, BLANKLEY NOES: COUNCIL MEMBERS: NONE ABSTAIN: COUNCIL MEMBERS: NONE ABSENT: COUNCIL MEMBERS: NONE APPROVED: Marie Blankley, Mayor ATTEST: _______________________ Thai Nam Pham, City Clerk Marie Blankley (Jun 7, 2023 10:01 PDT) Marie Blankley CERTIFICATE OF THE CLERK I, THAI NAM PHAM, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 2023-33 is an original resolution, or true and correct copy of a city Resolution, duly adopted by the Council of the City of Gilroy at a Regular Meeting of said held on Council held Monday, June 5, 2023, at which meeting a quorum was present. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official Seal of the City of Gilroy this Monday, June 5, 2023. ____________________________________ Thai Nam Pham, CMC, CPMC City Clerk of the City of Gilroy (Seal)