CC Resolution 12740RESOLUTION NO. 12740
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 SOLD AND UNSOLD GENERAL OBLIGATION BONDS
FOR FISCAL YEAR 2021-22 1 AND INCREASING THE REVENUE
ESTIMATE IN FUND 348 (MEASURE O BOND) TO ACCOUNT FOR
ANTCIPATED MEAUURE O PROPERTY TAX LEVY REVENUE IN
FISCAL YEAR 2021-22
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 (the "Bonds") for the purpose
of providing funds for certain municipal improvements; and
WHEREAS, on August 19, 2020, the City issued an initial series of general obligation
bonds pursuant to the authority of the Bond Measure in the aggregate principal amount of
$20,000,000 (the "2020 Bonds") and anticipates issuing the second and final series of Bonds in
the summer of 2022; and
WHEREAS, the 2020 Bonds require a tax to be placed on the fiscal year 2021-22 tax roll
to provide for payments of any principal or interest coming due on said 2020 Bonds; and
WHEREAS, the City Council wishes to inform the County of Santa Clara (the "County") of
the necessity to levy a tax for the 2020 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 by July 23, 2021.
Section 3. Request to County to Levy Tax. The Board of Supervisors of the County is
hereby requested to adopt a tax rate of $17.50 per $100,000 (0.0175%) with respect to the City,
based upon the 2020 Bonds debt service schedule prepared by officers of the City, together with
the City's municipal advisor, and to levy a tax in fiscal year 2021-22 on all taxable property in the
City sufficient to pay the estimated debt service.
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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. Revenue Estimate. This Resolution hereby authorizes the increase of the
fiscal year 2021-22 revenue estimate in City account 348.535.4011 by $935,000 in accordance
with the anticipated property tax levies for the payment of the Bonds in fiscal year 2021-22.
Section 6. Effective Date. This resolution shall take effect immediately upon its adoption;
and
I, Dusty Christopherson, hereby certify that the foregoing Resolution No. 12740 was
adopted at a regular meeting of the Campbell City Council on July 20, 2021, by the following vote:
AYES: Councilmembers: Bybee, Landry, Lopez, Gibbons
NOES: Councilmembers: None
ABSENT: Councilmembers: None
RECUSED: Councilmembers: Resnikoff
ATTEST:
Dusty Christopherson, City Clerk
,Etzabeth "Liz" Gibbons, Mayor
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