File #: 2016-2890   
Type: Consent Calendar Item
Body: City Council
On agenda: 6/7/2016
Title: Adoption of Resolution Requesting and Authorizing the County of Alameda to Levy a Tax on All Real and Personal Property in the City of Alameda as a Voter Approved Levy for the General Obligation Bonds Issued Pursuant to a General Election Held November 7, 2000 for the Alameda Library. (Finance 421.1)
Attachments: 1. Resolution
Title
Adoption of Resolution Requesting and Authorizing the County of Alameda to Levy a Tax on All Real and Personal Property in the City of Alameda as a Voter Approved Levy for the General Obligation Bonds Issued Pursuant to a General Election Held November 7, 2000 for the Alameda Library. (Finance 421.1)
Body
To: Honorable Mayor and Members of the City Council

From: Jill Keimach, City Manager

Re: Adoption of Resolution Requesting and Authorizing the County of Alameda to Levy a Tax on All Real and Personal Property in the City of Alameda as a Voter Approved Levy for the General Obligation Bonds Issued Pursuant to a General Election Held November 7, 2000 for the Alameda Library

BACKGROUND

On November 7, 2000, the voters of Alameda passed Measure "O", authorizing the issuance of bonds in an amount not to exceed $10,600,000 (the "Bonds") to finance the acquisition, construction, and completion of a new Main Library facility and make improvements to two branch library facilities in the City of Alameda (the "Project"). The issuance of the bonds was predicated upon receiving a grant for library construction from the State. The City received the final grant award in December 2002 in the amount of $15,487,952. In March 2003, the City sold the full amount of the Bonds.

On September 17, 2013, the City issued $9,010,000 of 2013 General Obligation Bonds proceeds which were used to refund the outstanding Bonds (the "Refunding Bonds").

DISCUSSION

Measure "O" set the maximum tax rate at $15.98/$100,000 of assessed valuation over 30 years. The required tax rate for Fiscal Year 2016-17 is $5.50/$100,000 of assessed valuation. This is 15% lower than the rate for the prior fiscal year. The new rate will continue to produce sufficient revenues to pay the required debt service during the fiscal year.

FINANCIAL IMPACT

There is no impact to the General Fund. Debt service for the Refunding Bonds will be paid from this tax levy on all real and per...

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