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| CITY COUNCIL AGENDA ITEM NO. 12
Meeting Date: September 10, 2002
Subject/Title: Approve a resolution submitting the General Obligation Bond Tax Rate to Contra Costa County for the 2002-03 tax roll
Submitted by: Pamela Ehler, Director of Finance and Information Systems
Approved by: John Stevenson, City Manager
Approve a resolution submitting the General Obligation Bond Tax Rate to Contra Costa County for the 2002/03 tax roll.
On February 12, 2002, the City Council passed Resolution No. 2468, authorizing issuance and sale of not to exceed $6,000,000 principal amount of bonds, approving the form of the paying agent agreement, authorizing the execution and delivery of a bond purchase agreement by and among the City of Brentwood, the Brentwood Infrastructure Financing Authority and RBC Dain Rauscher and approving the form and distribution of any official statement and authorizing certain actions in connection with the issuance, sale and delivery of such bonds.
On November 6, 2001, voters passed Measure J authorizing the City of Brentwood to issue General Obligation Bonds in the amount of six million dollars principal amount to finance the construction, acquisition, and improvement of a new police station, and all costs incident thereto.
The Bond Official Statement states that the City Council of the City has the power and is obligated to annually levy ad valorem taxes for payment of principal and accreted value of and interest of the Bonds upon all property with the City subject to taxation by the City (except certain personal property which is taxable at limited rates), without limitation of rate of amounts. It further states that the annual tax rate will be based on the assessed value of taxable property in the City. Fluctuations in the annual debt service on the Bonds and the assessed value of taxable property in the City may cause the annual tax rate to fluctuate.
Based on the estimated debt service requirements for fiscal year 2002/03 and the assessed value certification provided by Contra Costa County, a tax rate of .0095% will need to be assessed against all taxable property in the City of Brentwood. Contra Costa County requires the City Council to pass a resolution annually setting the tax rate for the General Obligation Bond.
The estimated amount required to pay the debt service for fiscal year 2002/03 is $261,000 which this levy is expected to generate.
RESOLUTION NO. ________________
APPROVE A RESOLUTION SUBMITTING THE GENERAL OBLIGATION BOND TAX RATE TO CONTRA COSTA COUNTY FOR THE 2002-03 TAX ROLL
WHEREAS, the voters of the City of Brentwood have approved the issuance of General Obligation Bonds for a new police station on November 6, 2001; and
WHEREAS, the City Council passed Resolution No. 2468, authorizing issuance and sale of not to exceed $6,000,000 principal amount of bonds on February 12, 2002; and
WHEREAS, based on the estimated debt service requirements for fiscal year 2002/03 and the assessed value certification provided by Contra Costa County a tax rate of .0095% will need to be assessed against all taxable property in the City of Brentwood;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Brentwood, hereby approves the tax rate of .0095% to be levied against all taxable property with the City for the 2002/03 General Obligation Bond debt service.
PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held September 10, 2002 by the following vote:
Michael A. McPoland, Sr.
Karen Diaz, CMC
City of Brentwood City Council
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Brentwood, CA 94513
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