HomeMy WebLinkAboutResolution No. 2024-29 | Library Bond Tax Rate GO Bond | Adopted 06/03/2024RESOLUTION NO. 2024-29
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GILROY SETTING THE TAX RATE FOR FISCAL YEAR
2024-2025 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, 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, 2025, and August
1, 2025, it is necessary to levy a tax upon all taxable property in the City at the rate of 0.0130% of
assessed valuation, based on the estimated assessed values for all rolls (secured, unsecured and
utility) for fiscal year 2024-2025.
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, 2025, and
August 1, 2025, is 0.0130% 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 2024-2025 property tax bill and collected by
the County.
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Resolution No. 2024-9
Setting Tax Rate for FY 2024-2025
City Council Regular Meeting | June 3, 2024
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 3rd day of June 2024 by the following roll call vote:
AYES:
NOES:
ABSTAIN:
ABSENT:
COUNCIL MEMBERS:%5$&&2$50(1'$5,=0$548(6 +,/721&/,1(729$5%/$1./(<
COUNCIL MEMBERS:
COUNCIL MEMBERS:
COUNCIL MEMBERS:
APPROVED:
Marie Blankley, Mayor
ATTEST:
_______________________
Beth Minor, Interim City Clerk
DocuSign Envelope ID: 30AD2D49-F77D-4A41-8F06-310F803AC78A
Resolution No. 2024-29
Ogarita Carranza
City Council Regular Meeting | May 6, 2024
Page 2 of 2
CERTIFICATE OF THE CLERK
I, BETH MINOR, Interim City Clerk of the City of Gilroy, do hereby certify that the
attached Resolution No. 2024-26 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 3, 2024, with a quorum present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official
Seal of the City of Gilroy this 4th day of June, 2024.
____________________________________
Beth Minor
Interim City Clerk of the City of Gilroy
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