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O2467City Council Meeting 8 -12 -14 Santa Monica, California ORDINANCE NUMBER 2467 (CCS) (City Council Series) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA SETTING THE 2014/15 TAX RATE FOR THE LIBRARY GENERAL OBLIGATION BONDS WHEREAS, at the November 3, 1998 general election, by a favorable vote of more than two thirds of all the voters voting on the proposition, the issuance of General Obligation Bonds (the "2002 Bonds') in the principal amount of $25 million was authorized for the purposes of construction, improvement, and remodeling of the Main Library and branch libraries; and WHEREAS, on July 23, 2002, the City Council adopted Resolution Number 9785 (CCS) (the "2002 Bond Resolution "), authorizing the issuance of such Bonds and such issuance and sale of the 2002 Bonds occurred in August 2002; and WHEREAS, on May 8, 2012, the City Council adopted Resolution Number 10674 (CCS) (the "2012 Bond Resolution ") authorizing issuance of City of Santa Monica General Obligation Refunding Bonds, Series 2012 (Library Improvements Project) (the 2012 Bonds ") to refund the 2002 bonds in full; and WHEREAS, the City Council of the City of Santa Monica is empowered and obligated to levy ad valorem taxes for the payment of the 2012 Bonds and the interest thereon, upon all property within the City subject to taxation by the City; and WHEREAS, in accordance with the 2012 Bond Resolution, the City Council is required to fix, levy and collect annually until all of the 2012 Bonds are paid or until there is a sum in the City Treasury set apart for that purpose sufficient to meet all sums coming due for principal and interest on said Bonds, a tax sufficient to pay the annual interest on the 2012 Bonds and such part of principal as the same shall become due; and WHEREAS, the taxes required to be levied and collected by the 2012 Bond Resolution shall be in addition to all other taxes levied for City purposes, shall be collected at the time and in the manner as other City ad valorem taxes are collected, and shall be used for no purpose other than payment of the 2012 Bonds and accrued interest thereon. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES ORDAIN AS FOLLOWS: SECTION 1. The City Council hereby sets the Fiscal Year 2014/15 ad valorem Tax Rate for the City of Santa Monica General Obligation Refunding Bonds, Series 2012 (Library Improvements Project) at $.004916 per $100.00 of assessed value for property located within the City of Santa Monica. 2 SECTION 2. Any provision of the Santa Monica Municipal Code or appendices thereto inconsistent with the provisions of this Ordinance, to the extent of such inconsistencies and no further, is hereby repealed or modified to that extent necessary to effect the provisions of this Ordinance. SECTION 3. If any section, subsection, sentence, clause, or phrase of this Ordinance is for any reason held to be invalid or unconstitutional by a decision of any court of competent jurisdiction, such decision shall not affect the validity of the remaining portions of this Ordinance. The City Council hereby declares that it would have passed this Ordinance and each and every section, subsection, sentence, clause, or phrase not declared invalid or unconstitutional without regard to whether any portion of the Ordinance would be subsequently declared invalid or unconstitutional. SECTION 4. The Mayor shall sign and the City Clerk shall attest to the passage of this Ordinance. The City Clerk shall cause the same to be published once in the official newspaper within 15 days after its adoption. This Ordinance shall take effect upon adoption pursuant to Santa Monica Charter Section 619(c). APPROVED AS TO FORM: M SHA P E OUT I City Attorney, 3 ATTACHMENT A CALCULATION OF TAX RATES Calculation of the FY 2014 -15 property tax rates are as follows: FY 2012 Bonds $1,404,613 ($49,429) Less $1,355,184 $1,355,184 $27,567,360,798 ** /$100 Net Requirements for FY 2014 -15 Projected Unsecured Property Tax revenues for FY 2014 -15* Projected net debt service requirements to be financed by a levy on secured property for FY 2014 -15 * Unsecured revenues are calculated applying the prior year secured tax rate to current year assessed valuation of unsecured property. ** Per Proposition 87, the assessed value used to calculate the tax rate is different depending on whether the bonds were approved by voters before or after January 1, 1989, so that redevelopment agencies do not receive revenues resulting from these tax override rates to pay debt service on General Obligation bonds approved by the voters. For bonds, such as the 2012 bonds approved by voters after January 1, 1989, total assessed value in the City is used to calculate the tax rate. Assessed values are based on preliminary information from the Los Angeles County Assessor and have been adjusted to reflect projected delinquent parcels. Approved and adopted this 12th day of August, 2014. State of California ) County of Los Angeles) ss. City of Santa Monica ) Robert Holbrook, Acting Chair I, Sarah Gorman, City Clerk of the City of Santa Monica, do hereby certify that the foregoing Ordinance No. 2467 (CCS) had its introduction and adoption at the Santa Monica City Council meeting held on August 12, 2013, by the following vote: Ayes: Councilmembers: Noes: Councilmembers: Absent: Councilmember: Abstain: Councilmember: Davis, McKeown, Vazquez, Winterer None Mayor HFo Tem O'Day, Mayor O'Connor Acting Chair Holbrook ATTEST: Sarah Gorman, City Clerk A summary of Ordinance No. 2467 (CCS) was duly published pursuant to California Government Code Section 40806.