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Resolution 2012-22RESOLUTION NO. 2012-22 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF GILROY SETTING TAX RATE FOR FISCAL YEAR 2012 -2013 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 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 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, 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, 2013 and August 1, 2013, it is necessary to levy a tax upon all taxable property in the City at the rate of 0.0365% of assessed valuation, based on the estimated assessed values for all rolls (secured, unsecured and utility) for fiscal year 2012 -2013; 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 RESOLUTION NO. 2012-22 February 1, 2013 and August 1, 2013, is 0.0365% 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 2012 -2013 property tax bill and collected by the County. 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. vote: PASSED AND ADOPTED this 21st day of May, 2012 by the following roll call AYES: COUNCILMEMBERS: ARELLANO, BRACCO, DILLON, TUCKER, WOODWARD AND PINHEIRO NOES: COUNCILMEMBERS: ABSENT: COUNCILMEMBERS: LEROE -MUNOZ A' Fre&s; City Clerk APPROVED: ert finheiro, Mayor RESOLUTION NO. 2012-22 I, SHAWNA FREELS, City Clerk of the City of Gilroy, do hereby certify that the attached Resolution No. 2012 -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 regular meeting of said Council held on the 21" day of May, 2012, 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 29`h day of May, 2012. Sl´┐Żawna Freels, CWC ' City Clerk of the C of Gilroy (Seal)