CC Resolution 12863 - Authorizing an AD Valorem Tax Levy Based on A Debt serviceRESOLUTION NO. 12863
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 2022-23
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; and
WHEREAS, on June 22, 2022, the City issued a subsequent andfinal series of the Bonds
pursuant to the authority of the Bond Measure (the "Bonds"), which will require a tax to be placed
on the 2022-23 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") wishes to inform the County
of Santa Clara (the "County") of the necessity to levy a tax for the two series of bonds authorized
under the Bond Measure; 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 $20 per $100,000 (0.0200%) with respect to the City,
which takes into account the Bonds sold during fiscal year 2021-22, based upon debt service
schedules prepared by officers of the City, together with the City's municipal advisor, and to levy
a tax in fiscal year 2022-23 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. 12861 was adopted
at a regular meeting of the Campbell City Council on July 5, 2022, by the following vote:
AYES: Councilmembers: Bybee, Gibbons, Landry, Lopez
NOES: Councilmembers: None
ABSENT: Councilmembers: None
RECUSED: Councilmembers: Resnikoff
APPROVED:
Anne Bybee, Vice Mayor
ATTEST:
Andrea S ers, Interim City Clerk