CC Resolution 13320 - Authorizing Ad Valorem Tax Levy FY25-26RESOLUTION NO. 13320
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL
AUTHORIZING AN AD VALOREM TAX LEVY BASED ON A DEBT
SERVICE ESTIMATE TO BE PROVIDED TO SANTA CLARA COUNTY
RESPECTING UNSOLD GENERAL OBLIGATION BONDS
FOR FISCAL YEAR 2025-26
WHEREAS, more than two-thirds of the electors voting at an election duly and regularly held in
the City of Campbell (the "City") on November 6, 2018, voted in favor of a bond measure known
as Measure O (the "Bond Measure"), authorizing the issuance by the City of general obligation
bonds in the aggregate principal amount of $50,000,000 for the purpose of providing funds for
certain municipal improvements; and
WHEREAS, on August 5, 2021, the City issued an initial series of bonds pursuant to the authority
of the Bond Measure in an aggregate principal amount of $20,000,000 (the "Series A Bonds");
and
WHEREAS, on June 22, 2022, the City issued a subsequent and final series of the Bonds
pursuant to the authority of the Bond Measure in an aggregate principal amount of $30,000,000
(the "Series B Bonds" and, together with the Series A Bonds, the "Bonds"); and
WHEREAS, the City requires a tax to be placed on the 2025-26 tax roll to provide for payments
of any principal or interest coming due on the Bonds; and
WHEREAS, the City Council of the City (the "City Council") wishes to inform the County of Santa
Clara (the "County") of the necessity to levy a tax for the Bonds; and
WHEREAS, the City Council wishes at this time to separately authorize the City Manager and the
Finance Director to make certain communications with the County respecting the foregoing.
THEREFORE, BE IT RESOLVED that the City Council hereby finds, determines, declares and
resolves as follows:
Section 1. Recitals. The City Council hereby finds and determines that the foregoing
recitals are true and correct.
Section 2. Information to County. The Mayor, the City Manager, the Finance Director
and the City Clerk are each hereby separately authorized to (a) file a certified copy of this
Resolution with the Clerk of the Board of Supervisors and such other County officials as the
County shall require to facilitate such levy, and (b) provide, or cause to be provided, an estimate
of debt service for the Bonds to the Auditor -Controller of the County.
Section 3. Request to County to Levy Tax. The Board of Supervisors of the County is
hereby requested to adopt a tax rate of $17.00 per $100,000 (0.0170%) with respect to the City,
based upon the final debt service schedules for the Bonds, and to levy a tax in fiscal year 2025-
26 on all taxable property in the City sufficient to pay the estimated debt service.
Section 4. 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 5. Effective Date. This resolution shall take effect immediately upon its adoption.
***************
I, Andrea Sanders, hereby certify that the foregoing Resolution No. 13320 was adopted at
a regular meeting of the Campbell City Council on July 1, 2025, by the following roll call vote:
AYES: Councilmembers: Bybee, Hines, Scozzola, Furtado, Lopez
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
114,44 > jm
Andrea San &
rs, City Clerk
APPROVED:
Sergio ayor
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