Resolution 2010-22
RESOLUTION NO. 2010-22
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF GILROY SETTING TAX RATE FOR
FISCAL YEAR 2010-2011 WITH RESPECT TO
GENERAL OBLIGATION BONDS
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 aggregate 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 has previously issued an initial series of the Bonds in the
aggregate principal amount of $10,500,000, and the City intends to issue a second series
of the Bonds in the aggregate principal amount of not to exceed $26,500,000, such series
to be issued in or around August, 20 I 0; 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,
2011 and August 1, 2011, it is necessary to levy a tax upon all taxable property in the
City at the rate of 0.0375% of assessed valuation, based on the estimated assessed values
for all rolls (secured, unsecured and utility) for fiscal year 2010-2011;
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 1,2011 and August 1,2011, is 0.0375% of 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 2010-2011 property tax bill and collected by the County.
Resolution No. 2010-22
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 this 14th day of June, 2010, by the following vote:
AYES:
COUNCILMEMBERS:
ARELLANO, BRACCO, DILLON,
GARTMAN, TUCKER,
WOODWARD and PINHEIRO
NOES:
COUNCILMEMBERS:
NONE
ABSENT:
COUNCILMEMBERS:
NONE
APPROVED:
~-
Albert Pinheiro, Mayor
Resolution No. 2010-22
I, SHA WNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2010-22 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 special meeting of said Council
held on the 14th day of June, 2010, 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 15th day of June, 2010.
S awna Freels, CMC
Ci'ty Clerk of the City of Gilroy
(Seal)