R 3611
RESOLUTION NO. 3611
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 (NOVEMBER 5, 2002, BOND
ELECTION)
WHEREAS, the City Council of the City of Arroyo Grande has adopted Ordinance
No. 532, calling a special election in the City to be consolidated with the General
Municipal Election as called for by Resolution No. 3605, for the authorization of
$1,900,000 of bonds; and,
WHEREAS, pursuant to Section 9400, et seq., of the Elections Code, the City Council
is required to prepare a tax statement which shall be included in the election notices
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; (ij) during the first fiscal year after the
last sale of the bonds, if the bonds are proposed to be sold in series; and, (iii) 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 Administrative Services/Deputy 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 Ferrara, seconded by Council Member Lubin, and on the
following roll-call vote, to wit:
AYES: Council Members Ferrara, Lubin, Dickens, Runels, and Mayor Lady
NOES: None
ABSENT: None
the foregoing Resolution was passed and adopted this 9th day of July, 2002.
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RESOLUTION NO. 3611
PAGE 2
MICH~
APPROVED AS TO CONTENT:
1~~~~
ST EN ADAMS, CITY MANAGER
APPROVED AS TO FORM:
ATTORNEY
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RESOLUTION NO. 3611
PAGE 3
EXHIBIT A
TAX STATEMENT IN COMPLIANCE WITH SECTION 9401
OF THE ELECTIONS CODE
Pursuant to Section 9401 of the Elections Code, the City Council of the
City of Arroyo Grande has estimated the following tax rates which would be required to
be levied to pay the principal and interest on the $1,900,000 of bonds to be issued for
the purposes as set forth on the ballot measure accompanying this statement. The City
Council estimates that $1,900,000 of the bonds will be sold in calendar year 2003 in a
single series. The tax estimate is based on the bonds bearing a net interest rate of
approximately 5.25% per annum maturing over a period of 20 years. The City Council
may sell the bonds at different times and in different amounts. The City Council cannot
predict the interest rate that the bonds will bear at the time of sale.
1. The best estimate of the tax rate which would be required to
be levied to funq the bond issue during the first fiscal year
after the first salE! of bonds bc;lsed on assessed ~Iuations
available at this time as projected to the fiscal year 2003-
2004 is $0.01166 per $100 of assessed valuation. Because
all of the bonds are expected to be sold in calendar year
2003 in a single series, this estimate also applies to the best
estimate of the tax rate for the issue of bonds during the first
fiscal year after the last sale of the bonds.
2. The best estimate of the highest tax rate which would be
required to be levied to fund the bond issue based on
assessed valuations as projected would be $0.01166 per
$100 of assessed valuation during the fiscal year 2003-
2004.
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, RESOLUTION NO. 3611
OFFICIAL CERTIFICATION
I, KELLY WETMORE, Director of Administrative Services/Deputy City Clerk of
the City of Arroyo Grande, County of San Luis Obispo, State of California, do
. .
hereby certify under penalty of perjury, that Resolution No. 3611 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 July, 2002.
WITNESS my hand and the Seal of the City of Arroyo Grande affixed this 12th
day of July, 2002. .
I
RE, DIRECTOR OF ADMINISTRATIVE SERVICESI
. DEPUTY CITY CLERK .
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