HomeMy WebLinkAboutResolution 2025-20 - Library Bond Levy.pdf
RESOLUTION 2025-20
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
GILROY SETTING THE TAX RATE FOR FISCAL YEAR 2025-
2026 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,
2026, and August 1, 2026, it is necessary to levy a tax upon all taxable property in the
City at the rate of 0.0125% of assessed valuation, based on the estimated assessed
values for all rolls (secured, unsecured and utility) for fiscal year 2025-2026; and
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, 2026, and August 1, 2026, is 0.0125% 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 2025-2026 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.
Docusign Envelope ID: E1371079-DE06-4446-B620-DCC1F865063F
Resolution No. 2025-20
Setting Tax Rate for FY2025-2026
City Council Regular Meeting | June 2, 2025
Page 2 of 3
Section 4. Effective Date. This Resolution shall take effect from and after the
date of its passage and adoption.
PASSED AND ADOPTED by the City Council of the City of Gilroy at a regular
meeting duly held on the 2nd day of June 2025 by the following roll call vote:
AYES: COUNCIL MEMBERS: Bracco; Cline; Fugazzi; Hilton; Marques;
Ramirez; Mayor Bozzo
NOES: COUNCIL MEMBERS:
ABSTAIN: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS:
APPROVED:
______________________________
Greg Bozzo, Mayor
ATTEST:
Bryce Atkins, Acting City Clerk
Docusign Envelope ID: E1371079-DE06-4446-B620-DCC1F865063F
Resolution No. 2025-20
Setting Tax Rate for FY2025-2026
City Council Regular Meeting | June 2, 2025
Page 3 of 3
CERTIFICATE OF THE CLERK
I, BRYCE ATKINS, Acting City Clerk of the City of Gilroy, do hereby certify that
the attached Resolution No. 2025-20 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 Monday, June 2, 2025, with a quorum present.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the Official
Seal of the City of Gilroy this June 10, 2025.
____________________________________
Bryce Atkins
Acting City Clerk of the City of Gilroy
Docusign Envelope ID: E1371079-DE06-4446-B620-DCC1F865063F