CC Resolution 13021 - Resolution Authorizing Ad Valorem Tax Levy FY 2023-24RESOLUTION NO. 13021
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 2023-24
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 2023-24 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 $17.50 per $100,000 (0.0175%) with respect to the City,
based upon the final debt service schedules for the Bonds, and to levy a tax in fiscal year 2023-
24 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. 13021 was adopted
at a regular meeting of the Campbell City Council on July 18, 2023, by the following vote:
AYES: Councilmembers: Lopez, Scozzola, Furtado, Landry, Bybee
NOES: Councilmembers: None
ABSENT: Councilmembers: None
ATTEST:
�.
Andrea San s, City Clerk
APPROVED:
Anne Bybee, Mayor
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