CC Resolution 12622 RESOLUTION NO. 12622
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 2020-21 AND INCREASING THE REVENUE
ESTIMATE IN FUND 348 (MEASURE 0 BOND) TO ACCOUNT FOR
ANTCIPATED MEAUSRE 0 PROPERTY TAX LEVY REVENUE IN
FISCAL YEAR 2020-21
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 0 (the "Bond Measure"), authorizing the issuance by the City of general
obligation bonds in the aggregate principal amount of$50,000,000 (the"Bonds") for the purpose
of providing funds for certain municipal improvements; and
WHEREAS, the City expects that it will issue an initial series of the Bonds pursuant to the
authority of the Bond Measure in or around September 2020 (the "Bonds"), which will require a
tax to be placed on the 2020-21 tax roll to provide for payments of any principal or interest coming
due on said Bonds; and
WHEREAS, the City Council of the City (the "City Council") expects and determines that
the Bonds will be sold following the date established by the County of Santa Clara (the"County"),
for submitting debt service requirements to be placed on the fiscal year 2020-21 tax roll; and
WHEREAS,the City Council wishes to inform the County of its intention to sell such bonds
prior to the next tax levy; 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.
NOW, 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. Intention to Issue Bonds. The City Council hereby expresses its current
expectation to cause the sale and issuance of approximately $20 million aggregate principal
amount of the Bonds during fiscal year 2020-21 pursuant to the Bond Measure. The Bonds are
currently expected to be issued in or around September of 2020, which follows the deadline for
filing with the County debt service requirements for general obligation bonds, such that tax rates
can be set by the County. It is expected that the financing will require a tax levy to be included
on the 2020-21 tax roll for the purpose of amortizing a portion of the Bonds in fiscal year 2020-
21.
Section 3. 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
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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 4. Request to County to Levy Tax. The Board of Supervisors of the County is
hereby requested to adopt a tax rate of $10 per $100,000 (0.0100%) with respect to the City,
which takes into account the Bonds expected to be sold during fiscal year 2020-21, based upon
estimated debt service schedules prepared by officers of the City, together with the City's
municipal advisor, and to levy a tax in fiscal year 2020-21 on all taxable property in the City
sufficient to pay the estimated debt service.
Section. 5. 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 6. Effective Date. This resolution shall take effect immediately upon its adoption;
and
BE IT FURTHER RESOLVED that the City Council authorizes increase the FY 2020-21
revenue estimate in account 348.535.4001 by $1,140,000 to account for anticipated Measure 0
Property Tax Levy revenue in Fiscal Year 2020-21.
I, Andrea Sanders, hereby certify that the foregoing Resolution No. 12622 was adopted
at a regular meeting of the Campbell City Council on July 21, 2020, by the following vote:
AYES: Councilmembers: Waterman, Bybee, Gibbons, Landry
NOES: Councilmembers: None
ABSENT: Councilmembers: Resnikoff
APPROVED:
roi
Susan M. Land ayor
ATTEST:
( 4461(e
,Wele/0
Andrea San r , Acting City Clerk
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