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Ordinance 1988-11ORDINANCE NO. 88 - I1 ORDINANCE OF THE CITY OF GILROY FIXING THE AD VALOREM ASSESSMENT FOR THE CURRENT FISCAL YEAR 1988-]989 NECESSARY TO PAY BONDED INDEBTEDNESS OF THE CITY OF GILROY AND THE CITY OF GILROY PARKING DISTRICT NO. ] - FIRST DIVISION. WHEREAS? the City Councii has adopted Ordinance No. 88 - 10 fixing the amount of revenue from property taxes necessary in the current year 1988-]989 to pay the bonded and other indebtedness of the City or any portion or d~strict of the C~ty; and WHEREAS, Section 51511 of the Government Code requires that the City Legislative body annually before September ]st, fix the rate of taxes or rates of taxes if different portions or d~stricts require different rates, designated ~n the number of cents, using as a basis the value of the property as assessed and equalized, which rates shall be sufficient to raise the amount f~xed by ordinance or resolution and the expenses of collection; and WHEREAS, the City Council has also adopted ~n said Ordinance No. 88 - ]0 the fixed amount of revenue, in the amount of $5,638.00 required by the City of G~]roy Parking District No. ] - First Division to pay its bonded indebtedness, and to raise said sum will require a tax rate for the current fiscal year of $0.1557 per $100.; assessed valuation within said district which is Code Area No. 2-007, on land only, assessed and equalized and said rate should be adopted as the tax rate for said current fiscal year. NOW, THEREFORE~ BE IT ORDAINED that the tax rates for the fiscal year 1988-1989 for the City of Gilroy shall be as follows: Section 1. Assessment Levy. An ad valorem assessment in the amount of $0.1557 per $100. assessed valuation upon all land (exclusive of public property in use in the performance of a public function) w~th~n the special assessment district, Code Area No. 2-007, formed in the proceedings pursuant to Resolution No. 837 of Preliminary Determination and of Intention - First Division for the proposed -1- RESOLUTION NO. 88 - 1] acquisition and construction of parking facilities and the formation of Parking District No. 1- First Division is hereby levied for tbe payment of the principal and interest on the indebtedness incurred in said proceedings and due on Bond Plan D, City of Gilroy Parking Bonds of ]965 - First Division. Said assessment shall be collected in the same manner and be subject to the same penalties, costs and interests, and may be redeemed, and the property for non-payment thereof, and title shall pass to the purchaser, as provided for City taxes, except that the period of redemption shall be one year ~nstead of five. Section 2. That there shall be immediately transmitted to the County Auditor or County official performing the duties of a County Auditor, a statement of the tax rates as herein fixed. Section 3. For the reason that Article VI of the Gilroy Charter provides that an ordinance declaring the amount of money necessary to be raised for taxation or fixing the rate of taxation or levying the annual property tax, need not be published and can be made effective immediately upon adoption, this ordinance shall take effect from and after its adoption and approval, but the City Clerk shall cause at least the title and summary of this ordinance to be published once in the official newspaper of the City within fifteen (]5) days after its adoption. PASSED AND ADOPTED this 15th day of August, ]988, by the following vote: AYES: NOES: ABSENT: COUNCILMEMBERS: COUNCILMEMBERS: HALE~ KLOECKER, MUSSALLEM, PALMERLEE, VALDEZ and }IUGHAN. None COUNCILMEMBERS: GAGE ATTE ST: ~ ~ APPROVED: -2- RESOLUTION NO. 88 - 1] I, SUSANNE E. STEINMETZ, City Clerk of the City of Gilroy, do hereby certify that the attached Ordinance No. 88-1] is an original ordinance, duly adopted by the Council of the City of Gilroy at a regular meeting of said Council held on the 15th day of August, ]9 88 , 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 19 88. //'City Clerk o~ "th~ City of ~ilroy(~ (Seal) ]6th day of August