HomeMy WebLinkAboutCC Resolution 26-13418 - Authorization of FY 2026-27 Measure O Tax RateRESOLUTION NO. 26-13418
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 2026-27
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 2026-27 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 2026-27 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.
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I, Andrea Sanders, hereby certifies that the foregoing Resolution No. 26-13418
was adopted at a regular meeting of the Campbell City Council on July 7, 2026, by the
following vote:
AYES: Councilmembers: Lopez, Hines, Scozzola, Bybee, Furtado
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
Q
Andrea Sa d'ers, City Clerk
APPROVED:
Daniel E. Furtado, Mayor
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