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Current Council Agenda and Past Meeting Information

 

CITY COUNCIL AGENDA ITEM NO. 6

Meeting Date: August 28, 2007

Subject/Title: Adopt a resolution approving the General Obligation Bond Tax Rate for the 2007/08 tax roll and directing submittal to Contra Costa County

Prepared by: Denise Davies, Chief Financial Operations Officer

Submitted by: Pamela Ehler, City Treasurer/Director of Finance and Information Systems

RECOMMENDATION
Adopt a Resolution approving the General Obligation Bond Tax Rate for the 2007/08 tax roll and directing submittal to Contra Costa County.

PREVIOUS ACTION
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 September 12, 2006, the City Council passed Resolution No. 2006-212 approving the submittal of the General Obligation Bond Tax Rate of .0038% to Contra Costa County for the 2006/07 tax roll.

BACKGROUND
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 within 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 2007/08 and the assessed value certification provided by Contra Costa County, a tax rate of .0032% 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.

FISCAL IMPACT
The estimated amount required to pay the debt service for fiscal year 2007/08 is $272,676 which this levy is expected to generate.

Attachment:
Resolution

RESOLUTION NO.


A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD APPROVING THE GENERAL OBLIGATION BOND TAX RATE FOR THE 2007/08 TAX ROLL AND DIRECTING SUBMITTAL TO CONTRA COSTA COUNTY.

WHEREAS, the voters of the City of Brentwood 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, for fiscal year 2006/07 a tax rate of .0038% was assessed; and

WHEREAS, based on the estimated debt service requirements for fiscal year 2007/08 and the assessed value certification provided by Contra Costa County a tax rate of .0032% will need to be assessed against all taxable property in the City of Brentwood.

NOW, THEREFORE BE IT RESOLVED that the City Council of the City of Brentwood, hereby approves the tax rate of .0032% to be levied against all taxable property within the City for the 2007/08 General Obligation Bond debt service, and authorizes submittal of this resolution to Contra Costa County.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held on the 28th day of August 2007 by the following vote:

 

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