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R 4253 RESOLUTION NO. 4253 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARROYO GRANDE APPROVING THE TAX RATE STATEMENT TO BE MAILED TO VOTERS IN THE CITY OF ARROYO GRANDE PURSUANT TO SECTION 9401 OF THE ELECTIONS CODE (JUNE 8, 2010, BOND ELECTION) WHEREAS, the City Council of the City of Arroyo Grande has adopted Ordinance No. 620, calling a special election in the City to be consolidated with the Statewide Primary Election as called for by Resolution No. 4252, for the authorization of $6,000,000 of bonds; and, WHEREAS, pursuant to Sections 9400, et seq., of the State Elections Code, the City Council is required to prepare a tax statement which shall be included in the voter information and sample ballot sent to the voters in the City. NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Arroyo Grande as follows: 1. That the above recitals are true and correct. 2. That the best estimate of the tax rate for the issue of bonds: (i) during the first fiscal year after the first sale of the bonds; and, (ii) the highest tax rate in a fiscal year, will be as set forth in "Exhibit A ", attached hereto and incorporated herein by this reference. 3. The Director of Legislative and Information Services /City Clerk shall certify the adoption of this Resolution, and cause a certified copy to be filed with the County Clerk- Registrar of Voters. On motion by Council Member Costello, seconded by Council Member Arnold, and on the following roll -call vote, to wit: AYES: Council Members Costello, Arnold, Guthrie, Fellows, and Mayor Ferrara NOES: None ABSENT: None the foregoing Resolution was passed and adopted this 9th day of February 2010. RESOLUTION NO. 4 1253 PAGE 2 N -aL"s TONY FER MAYOR ATTEST: JJ��� i i / / �� X- ��/Q/-c-- KELLY ET ORE, CITY CLERK APPROVED AS TO CONTENT: s / STEVEN ADAMS, CITY MANAGER APPROVED AS TO FORM: TIM HY J. EL, ATTORNEY EXHIBIT A Tax Rate Statement City of Arroyo Grande An election will be held in the City of Arroyo Grande (the "City ") on June 8, 2010, to authorize the sale of up to $6,000,000 in bonds of the City to finance construction of a new Police Station and refinance the 2003 Fire Station bonds as described in the proposition. If the bonds are approved, the City expects to sell the bonds in single series in calendar year [2010]. Principal of and interest on the bonds will be payable [in part] from the proceeds of tax levies made upon the taxable property in the City. The following information is provided in compliance with Sections 9400 -9405 of the Elections Code of the State of California. 1. The best estimate of the tax which would be required to be levied to fund this bond issue during the first fiscal year after the sale of the bonds, based on estimated assessed valuations available at the time of filing of this statement, is .00820 cents per $100 assessed valuation ($8.20 per $100,000) of assessed valuation in fiscal year 2011 -12. 2. The best estimate of the highest tax rate which would be required to be levied to fund this bond issue, based on estimated assessed valuations available at the time of filing of this statement, is .00820 cents per $100,000 assessed valuation ($8.20 per $100,000) of assessed valuation in fiscal year 2011 -12. [Voters should note that it is the intention of the City to pay of a portion of annual bond payments with revenues from the 2006 Local Sales Tax Measure so as to maintain the tax rate at or below the existing tax rate for the Fire Station Bonds.] Voters should note that the estimated tax rates are based on the assessed value of taxable property on the official tax roles of the city, not on the property's market value. In addition, taxpayers eligible for a property tax exemption, such as the homeowner's exemption, will be taxed at a lower effective tax rate than described above. Certain taxpayers may also be eligible to postpone payment of taxes. Property owners should consult their own property tax bills and tax advisors to determine their property's assessed value and any applicable tax exemptions. Attention of all voters is directed to the fact that the 'foregoing information is based on the City's projections and estimates only, which are not binding upon the City. The actual tax rates and the years in which they will apply may vary from those presently estimated, due to variations from these estimates in the timing of the bond sale, the amount of bonds sold, interest rates at the time of bond sale, and actual assessed valuations over the term of repayment of the bonds. The date of sale and the amount of bonds sold will be determined by the City based on need for construction funds and other factors. The actual interest rate at which the bonds will be sold, [not to exceed 5% per annum], will depend on the bond market at the time of sale. Actual future assessed valuations will depend upon the amount of taxable property within the City as determined by the County Assessor in the annual assessment and the equalization process. OFFICIAL CERTIFICATION I, KELLY WETMORE, City Clerk of the City of Arroyo Grande, County of San Luis Obispo, State of California, do hereby certify under penalty of perjury, that the attached Resolution No. 4253 is a true, full, and correct copy of said Resolution passed and adopted at a Regular meeting of the City Council of the City of Arroyo Grande on the 9th day of February 2010. WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 11 day of February 2010. e / / KELLY ET / ORE, CITY CLERK